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Registered number: 10637625










PENDINE (APARTMENTS) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
PENDINE (APARTMENTS) LIMITED
REGISTERED NUMBER: 10637625

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,110,000
1,110,000

  
1,110,000
1,110,000

Current assets
  

Debtors: amounts falling due within one year
 5 
-
5,191

  
-
5,191

Creditors: amounts falling due within one year
 6 
(576,717)
(306,026)

Net current liabilities
  
 
 
(576,717)
 
 
(300,835)

Total assets less current liabilities
  
533,283
809,165

Creditors: amounts falling due after more than one year
 7 
(250,798)
(534,013)

Provisions for liabilities
  

Deferred tax
  
(77,921)
(59,220)

  
 
 
(77,921)
 
 
(59,220)

Net assets
  
204,564
215,932


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
233,762
252,463

Profit and loss account
  
(29,298)
(36,631)

  
204,564
215,932


Page 1

 
PENDINE (APARTMENTS) LIMITED
REGISTERED NUMBER: 10637625
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 profit and loss account 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 on 27 September 2024.




D Thomas
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PENDINE (APARTMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Pendine (Apartments) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page. 

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 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

Going concern

Regarding the impact of COVID-19, the directors have taken all reasonable and necessary measures to safeguard the business and the stakeholders. The directors are aware that the situation is continually evolving and are prepared to adapt with the latest developments and recommendations. 
The accounts are prepared on the going concern basis, this basis is deemed appropiate due to the continuing support of the director. 

 
2.3

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.

 
2.4

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.

Page 3

 
PENDINE (APARTMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

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 balance sheet 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.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
PENDINE (APARTMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


4.


Investment property


Short term leasehold investment property

£



Valuation


At 1 March 2022
1,110,000



At 28 February 2023
1,110,000


Comprising


Cost
798,317

Annual revaluation surplus/(deficit):


2021
311,683

At 28 February 2023
1,110,000







5.


Debtors

2023
2022
£
£


Other debtors
-
5,191

-
5,191


Page 5

 
PENDINE (APARTMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
312,848
14,689

Bank loans
19,305
19,305

Trade creditors
5,400
5,400

Amounts owed to group undertakings
233,838
264,832

Accruals and deferred income
5,326
1,800

576,717
306,026



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
250,798
534,013

250,798
534,013


Page 6

 
PENDINE (APARTMENTS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
19,305
19,305


19,305
19,305

Amounts falling due 1-2 years

Bank loans
19,305
19,305


19,305
19,305

Amounts falling due 2-5 years

Bank loans
55,664
55,664


55,664
55,664

Amounts falling due after more than 5 years

Bank loans
175,829
459,044

175,829
459,044

270,103
553,318



9.


Director's advances, credits and guarantees

2023
2022
£
£
Mrs C E Thomas
Balance outstanding at start of year

-

536
 
Amounts advanced

-

(5,989)
 
Amounts repaid

-

262
 
Amounts written off

-

-
 
Amounts waived

-

-
 
Balance outstanding at end of year
-

(5,191)
 



 
Page 7