Caseware UK (AP4) 2023.0.135 2023.0.135 2023-02-01true2falseNo description of principal activity2falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI070023 2023-02-01 2024-01-31 NI070023 2022-02-01 2023-01-31 NI070023 2024-01-31 NI070023 2023-01-31 NI070023 2022-02-01 NI070023 c:CompanySecretary1 2023-02-01 2024-01-31 NI070023 c:Director1 2023-02-01 2024-01-31 NI070023 c:Director2 2023-02-01 2024-01-31 NI070023 c:RegisteredOffice 2023-02-01 2024-01-31 NI070023 c:Agent1 2023-02-01 2024-01-31 NI070023 d:FreeholdInvestmentProperty 2024-01-31 NI070023 d:FreeholdInvestmentProperty 2023-01-31 NI070023 d:CurrentFinancialInstruments 2024-01-31 NI070023 d:CurrentFinancialInstruments 2023-01-31 NI070023 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 NI070023 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 NI070023 d:ShareCapital 2024-01-31 NI070023 d:ShareCapital 2023-01-31 NI070023 d:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 NI070023 d:RetainedEarningsAccumulatedLosses 2024-01-31 NI070023 d:RetainedEarningsAccumulatedLosses 2023-01-31 NI070023 c:OrdinaryShareClass2 2023-02-01 2024-01-31 NI070023 c:OrdinaryShareClass2 2024-01-31 NI070023 c:OrdinaryShareClass2 2023-01-31 NI070023 c:OrdinaryShareClass3 2023-02-01 2024-01-31 NI070023 c:OrdinaryShareClass3 2024-01-31 NI070023 c:OrdinaryShareClass3 2023-01-31 NI070023 c:FRS102 2023-02-01 2024-01-31 NI070023 c:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI070023 c:FullAccounts 2023-02-01 2024-01-31 NI070023 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI070023 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-02-01 2024-01-31 NI070023 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-01-31 NI070023 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 NI070023 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 NI070023 2 2023-02-01 2024-01-31 NI070023 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Unaudited Financial Statements
Goose Lane Property Limited
For the year ended 31 January 2024





































Registered number: NI070023

 
Goose Lane Property Limited
 

Company Information


Directors
L F Bannon 
A Bannon 




Company secretary
D Bannon



Registered number
NI070023



Registered office
Murray House
4/5 Murray Street

Belfast

BT1 6DN




Accountants
Grant Thornton (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Ulster Bank Limited
202-206 York Street

Belfast

BT15 1HY




Solicitors
Carson & McDowell
Murray House

Murray Street

Belfast

BT1 6HS





 
Goose Lane Property Limited
 

Contents



Page
Accountant's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9


  
img6b43.png
Independent Accountant's Report to the directors of the unaudited financial statements of Goose Lane Property Limited for the year ended 31 January 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Goose Lane Property Limited for the year ended 31 January 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Goose Lane Property Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Goose Lane Property Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Goose Lane Property Limited and its directors, as a body, for our work or for this report.


We have carried out this engagement in accordance with the technical guidance issued by Chartered Accountants Ireland ("the Institute") and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 January 2024 and you have acknowledged on the Balance sheet as at 31 January 2024 your duty to ensure that Goose Lane Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Goose Lane Property Limited is exempt from the statutory audit requirement for the year ended 31 January 2024.

We have not been instructed to carry out an audit or review the financial statements of Goose Lane Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. 




  


Grant Thornton (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   10 October 2024
Page 1

 
Goose Lane Property Limited
Registered number:NI070023

Balance sheet
As at 31 January 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 6 
3,745,000
3,745,000

  
3,745,000
3,745,000

Current assets
  

Debtors: amounts falling due within one year
 7 
247,092
153,997

Cash at bank and in hand
 8 
2,453,117
2,366,935

  
2,700,209
2,520,932

Creditors: amounts falling due within one year
 9 
(257,257)
(194,515)

Net current assets
  
 
 
2,442,952
 
 
2,326,417

Total assets less current liabilities
  
6,187,952
6,071,417

Provisions for liabilities
  

Deferred tax
 10 
(781,963)
(781,963)

  
 
 
(781,963)
 
 
(781,963)

Net assets
  
5,405,989
5,289,454


Capital and reserves
  

Called up share capital 
 11 
40,000
40,000

Profit and loss account
 12 
5,365,989
5,249,454

  
5,405,989
5,289,454


Page 2

 
Goose Lane Property Limited
Registered number:NI070023

Balance sheet (continued)
As at 31 January 2024

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 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 10 October 2024.


L F Bannon
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
Goose Lane Property Limited
 
 
Notes to the financial statements
For the year ended 31 January 2024

1.


General information

Goose Lane Property Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is Murray House, 4/5 Murray Street, Belfast, BT1 6DN. 
The principal activity of the company is letting of owned real estate.

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 (see note 3).

The financial statements are presented in Sterling (£). 

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business
for a minimum of 12 months from the date of signing the financial statements. For this reason the
financial statements have been prepared on a going concern basis which presumes the realisation of
assets and liabilities in the normal course of business.

 
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.

Page 4

 
Goose Lane Property Limited
 

Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

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.

 
2.8

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 5

 
Goose Lane Property Limited
 

Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)

 
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

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

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.

Page 6

 
Goose Lane Property Limited
 
 
Notes to the financial statements
For the year ended 31 January 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Market value of investment properties
Estimates are made in respect of the market value of investment properties. When assessing the market value of these assets, factors including current rent receivable and available data on current market yields and activity are considered.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Dividends

2024
2023
£
£


Dividends
130,000
130,000

130,000
130,000


6.


Investment property


Freehold investment property

£



Valuation


At 1 February 2023
3,745,000



At 31 January 2024
3,745,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.




Page 7

 
Goose Lane Property Limited
 
 
Notes to the financial statements
For the year ended 31 January 2024

7.


Debtors

2024
2023
£
£


Trade debtors
247,092
153,997

247,092
153,997



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,453,117
2,366,935

2,453,117
2,366,935



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
81,170
31,539

Other taxation and social security
14,649
11,139

Other creditors
157,188
147,587

Accruals and deferred income
4,250
4,250

257,257
194,515


Page 8

 
Goose Lane Property Limited
 
 
Notes to the financial statements
For the year ended 31 January 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
781,963
781,963



At end of year
781,963
781,963

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Capital gains and losses
781,963
781,963

781,963
781,963


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20,000 (2023 - 20,000) A1 Ordinary shares of £1.00 each
20,000
20,000
20,000 (2023 - 20,000) B1 Ordinary shares of £1.00 each
20,000
20,000

40,000

40,000



12.


Reserves

Profit and loss account

This includes all current and prior period retained profits and losses. Includes unrealised revaluation of  investment property, net of deferred tax.


13.


Related party transactions

At the balance sheet date the amount owed to shareholders was £130,000 (2023:£130,000). The loan is unsecured, interest free and repayable on demand.


14.


Comparative information

Certain line items in the P&L have been reclassified in order to confirm with current year presentation. There
has been no impact on pre-tax profit as a result of these reclassifications


Page 9