Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02140824 2023-01-01 2023-12-31 02140824 2022-01-01 2022-12-31 02140824 2023-12-31 02140824 2022-12-31 02140824 c:Director1 2023-01-01 2023-12-31 02140824 d:MotorVehicles 2023-01-01 2023-12-31 02140824 d:MotorVehicles 2023-12-31 02140824 d:MotorVehicles 2022-12-31 02140824 d:CurrentFinancialInstruments 2023-12-31 02140824 d:CurrentFinancialInstruments 2022-12-31 02140824 d:Non-currentFinancialInstruments 2023-12-31 02140824 d:Non-currentFinancialInstruments 2022-12-31 02140824 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02140824 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02140824 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02140824 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02140824 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 02140824 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 02140824 d:ShareCapital 2023-12-31 02140824 d:ShareCapital 2022-12-31 02140824 d:RevaluationReserve 2023-01-01 2023-12-31 02140824 d:RevaluationReserve 2023-12-31 02140824 d:RevaluationReserve 2022-12-31 02140824 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02140824 d:RetainedEarningsAccumulatedLosses 2023-12-31 02140824 d:RetainedEarningsAccumulatedLosses 2022-12-31 02140824 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 02140824 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 02140824 c:FRS102 2023-01-01 2023-12-31 02140824 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02140824 c:FullAccounts 2023-01-01 2023-12-31 02140824 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02140824 5 2023-01-01 2023-12-31 02140824 6 2023-01-01 2023-12-31 02140824 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02140824










SIRCH DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SIRCH DEVELOPMENTS LIMITED
REGISTERED NUMBER: 02140824

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
275,000
275,000

  
275,000
275,000

Current assets
  

Debtors: amounts falling due within one year
 6 
182,507
170,159

Cash at bank and in hand
 7 
11,299
17,461

  
193,806
187,620

Creditors: amounts falling due within one year
 8 
(45,021)
(49,910)

Net current assets
  
 
 
148,785
 
 
137,710

Total assets less current liabilities
  
423,785
412,710

Creditors: amounts falling due after more than one year
 9 
(5,758)
(7,887)

  

Net assets
  
418,027
404,823


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Revaluation reserve
 12 
142,948
142,948

Profit and loss account
 12 
274,079
260,875

  
418,027
404,823


Page 1

 
SIRCH DEVELOPMENTS LIMITED
REGISTERED NUMBER: 02140824
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr C J Allen
Director

Date: 24 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SIRCH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no. 02140824). The address of the registered office is 26a New Lane, Aughton, Ormskirk, Lancashire, L39 4UD.
These financial statements present information about the company as an individual undertaking; it is not a member of a group of companies. The principal activity of the company is that of property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
SIRCH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
SIRCH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
SIRCH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 January 2023
16,040



At 31 December 2023

16,040



Depreciation


At 1 January 2023
16,040



At 31 December 2023

16,040



Net book value



At 31 December 2023
-



At 31 December 2022
-

Page 6

 
SIRCH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 January 2023
275,000



At 31 December 2023
275,000





6.


Debtors

2023
2022
£
£


Other debtors
182,507
170,159

182,507
170,159



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,299
17,461

Less: bank overdrafts
(6,841)
(7,256)

4,458
10,205



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
6,841
7,256

Bank loans
3,539
4,860

Other taxation and social security
1,001
1,358

Other creditors
-
1,394

Accruals and deferred income
33,640
35,042

45,021
49,910


Page 7

 
SIRCH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
5,758
7,887

5,758
7,887



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
3,539
4,860


Amounts falling due 2-5 years

Bank loans
5,758
7,887


9,297
12,747



11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
11,299
17,461




Financial assets measured at fair value through profit or loss comprise of cash at bank.


12.


Reserves

Revaluation reserve

Relates to the revaluation of the freehold investment property in prior periods.

Profit & loss account

Retained earnings includes all current and prior period retained profits and losses less dividends paid.

Page 8

 
SIRCH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Controlling party

The company is under the control of it's directors.

 
Page 9