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Registered number: 10583218









CORRIDY PROPERTY MANAGEMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
CORRIDY PROPERTY MANAGEMENT LIMITED
REGISTERED NUMBER: 10583218

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
4,910
5,910

Current assets
  

Debtors: amounts falling due within one year
 5 
167,187
106,686

Cash at bank and in hand
 6 
108,570
112,140

  
275,757
218,826

Creditors: amounts falling due within one year
 7 
(70,075)
(51,495)

Net current assets
  
 
 
205,682
 
 
167,331

Total assets less current liabilities
  
210,592
173,241

Provisions for liabilities
  

Deferred tax
 8 
(1,227)
(1,478)

Net assets
  
209,365
171,763


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
209,265
171,663

  
209,365
171,763

Page 1

 
CORRIDY PROPERTY MANAGEMENT LIMITED
REGISTERED NUMBER: 10583218
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 her 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 comprehensive income 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 8 October 2024.




T S C Bryan
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CORRIDY PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Corridy Property Management Limited is a company limited by shares, incorporated in England and Wales. The registered address of the company is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, United Kingdom, UB8 2FX. 
The company specialises in management of real estate on a fee or contract basis.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director notes that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the Statement of financial position date. As such, the director believes that there are no significant uncertainties in her assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

 
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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Page 3

 
CORRIDY PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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 reporting 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 reporting 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 reporting date.

 
2.8

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.

Page 4

 
CORRIDY PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% straight line
Office equipment
-
20% straight line

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 the Statement of comprehensive income.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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 5 (2023 - 5).

Page 5

 
CORRIDY PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 April 2023
6,457
4,922
11,379


Additions
350
-
350



At 31 March 2024

6,807
4,922
11,729



Depreciation


At 1 April 2023
547
4,922
5,469


Charge for the year on owned assets
1,350
-
1,350



At 31 March 2024

1,897
4,922
6,819



Net book value



At 31 March 2024
4,910
-
4,910



At 31 March 2023
5,910
-
5,910


5.


Debtors

2024
2023
£
£


Trade debtors
6,600
1,008

Other debtors
157,587
102,678

Prepayments and accrued income
3,000
3,000

167,187
106,686



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
108,570
112,140

108,570
112,140


Page 6

 
CORRIDY PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
8,798
5,807

Corporation tax
37,182
25,038

Other taxation and social security
20,611
17,299

Other creditors
784
651

Accruals and deferred income
2,700
2,700

70,075
51,495



8.


Deferred taxation




2024
2023


£

£






At beginning of year
1,478
44


(Credited)/charged to the Statement of comprehensive income
(251)
1,434



At end of year
1,227
1,478

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,227
1,478

1,227
1,478


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100


Page 7

 
CORRIDY PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,891 (2023 - £9,004). Contributions totaling £784 (2023 - £651) were outstanding at the year end.


11.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
12,000
12,000

Later than 1 year and not later than 5 years
5,000
17,000

17,000
29,000


12.


Transactions with directors

Included within other debtors is an amount of £127,971 (2023 - £72,719) due from the director of the company. The loan has no interest and no repayment terms.


13.


Controlling party

The ultimate controlling party is the director by virtue of her 100% shareholding in the company.
 
Page 8