Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31false2023-02-01falseNo description of principal activity00trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12429988 2023-02-01 2024-01-31 12429988 2022-02-01 2023-01-31 12429988 2024-01-31 12429988 2023-01-31 12429988 c:Director1 2023-02-01 2024-01-31 12429988 c:Director2 2023-02-01 2024-01-31 12429988 c:Director3 2023-02-01 2024-01-31 12429988 c:RegisteredOffice 2023-02-01 2024-01-31 12429988 d:FurnitureFittings 2023-02-01 2024-01-31 12429988 d:FurnitureFittings 2024-01-31 12429988 d:FurnitureFittings 2023-01-31 12429988 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 12429988 d:FreeholdInvestmentProperty 2023-02-01 2024-01-31 12429988 d:FreeholdInvestmentProperty 2024-01-31 12429988 d:FreeholdInvestmentProperty 2023-01-31 12429988 d:CurrentFinancialInstruments 2024-01-31 12429988 d:CurrentFinancialInstruments 2023-01-31 12429988 d:Non-currentFinancialInstruments 2024-01-31 12429988 d:Non-currentFinancialInstruments 2023-01-31 12429988 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 12429988 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 12429988 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 12429988 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 12429988 d:ShareCapital 2024-01-31 12429988 d:ShareCapital 2023-01-31 12429988 d:RetainedEarningsAccumulatedLosses 2024-01-31 12429988 d:RetainedEarningsAccumulatedLosses 2023-01-31 12429988 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 12429988 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 12429988 c:FRS102 2023-02-01 2024-01-31 12429988 c:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 12429988 c:FullAccounts 2023-02-01 2024-01-31 12429988 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 12429988 2 2023-02-01 2024-01-31 12429988 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 12429988









CLS PROP LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
CLS PROP LTD
 
 
COMPANY INFORMATION


Directors
C L Shropshire 
C H Shropshire 
G P Shropshire 




Registered number
12429988



Registered office
Hainey Farm
Barway

Ely

Cambridgeshire

CB7 5TZ




Accountants
Grant Thornton UK LLP
Chartered Accountants

Victoria House

199 Avebury Boulevard

Milton Keynes

MK9 1AU





 
CLS PROP LTD
 

CONTENTS



Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 11


  
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Report to the directors on the preparation of the unaudited statutory financial statements of CLS Prop Ltd for the year ended 31 January 2024 

We have compiled the accompanying financial statements of CLS Prop Ltd (the ‘company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of CLS Prop Ltd as at 31 January 2024, and a summary of significant accounting policies and other explanatory information. 

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standardsincluding Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Waleswe are subject to its ethical and other professional requirements which are detailed at www.icaew.com.

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 28 October 2024Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Company's directors, as a body, in this report in accordance with our engagement letter dated 28 October 2024. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors, as a body, for our work or for this report.




Grant Thornton UK LLP
 
Chartered Accountants
  
Milton Keynes

29 October 2024
Page 1

 
CLS PROP LTD
REGISTERED NUMBER: 12429988

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
253

Investment property
 5 
2,417,395
1,773,544

  
2,417,395
1,773,797

Current assets
  

Debtors: amounts falling due within one year
 6 
1,178,310
1,085,441

Cash and cash equivalents
  
63,512
48,785

  
1,241,822
1,134,226

  

Creditors: amounts falling due within one year
 7 
(1,170,595)
(1,060,677)

Net current assets
  
 
 
71,227
 
 
73,549

Total assets less current liabilities
  
2,488,622
1,847,346

  

Creditors: amounts falling due after more than one year
 8 
(2,406,954)
(1,771,954)

  

Net assets
  
81,668
75,392


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
81,667
75,391

  
81,668
75,392


Page 2

 
CLS PROP LTD
REGISTERED NUMBER: 12429988
    
STATEMENT OF FINANCIAL POSITION (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 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: 


C L Shropshire
Director

Date: 29 October 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
CLS PROP LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The company is a private company limited by shares, registered in England and Wales.
Registered number: 12429988.
Registered office:
Hainey Farm
Barway
Ely
Cambridgeshire
CB7 5TZ

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 directors have considered the overall net asset position of the company in their going concern assessment and consider the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements. As a result, the accounts have been prepared under the going concern basis.

 
2.3

Revenue

Revenue, in relation to rental income, 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. Revenue comprises income recognised by the company in respect of rent and charges receivable during the year.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

Page 4

 
CLS PROP LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
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 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.

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
-
25%

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.

 
2.9

Investment property

Investment property is carried at fair value determined annually either by the Directors or 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

 
CLS PROP LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
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

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.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 6

 
CLS PROP LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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 payments 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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
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 during the year was 0 (2023: 0).

Page 7

 
CLS PROP LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost 


At 1 February 2023
1,010



At 31 January 2024

1,010



Depreciation


At 1 February 2023
757


Charge for the year on owned assets
253



At 31 January 2024

1,010



Net book value



At 31 January 2024
-



At 31 January 2023
253

Page 8

 
CLS PROP LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Investment property


Investment property

£



Valuation


At 1 February 2023
1,773,544


Additions at cost
643,851



At 31 January 2024
2,417,395



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



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
£


Historic cost
2,417,395


 


6.


Debtors

2024
2023
£
£


Other debtors
1,000,000
1,000,000

Prepayments and accrued income
145,242
85,137

Deferred taxation
33,068
304

1,178,310
1,085,441


Other debtors of £1,000,000 (2023: £1,000,000) are secured via a debenture over the borrower's assets.

Page 9

 
CLS PROP LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Other loans payable
1,000,000
1,000,000

Corporation tax
29,490
13,052

Other creditors
25
25

Accruals and deferred income
141,080
47,600

1,170,595
1,060,677


Other loans payable are secured on the properties to which the loan relates, and interest is being charged at a rate equal to the Bank of England base rate up to a maximum of 3%..


8.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Other loans payable
2,406,954
1,771,954


Other loans payable are secured on the properties to which the loan relates, and interest is being charged at a rate equal to the Bank of England base rate up to a maximum of 3%.


9.


Deferred taxation




2024


£






At beginning of year
304


Charged to profit or loss
32,764



At end of year
33,068

The deferred tax asset is made up as follows:

2024
2023
£
£


Short term timing differences
33,068
304

33,068
304

Page 10

 
CLS PROP LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Related party transactions

Included within other creditors is £25 (2023: £25) which was owed to C L Shropshire via her director's loan account. The balance is interest free and repayable on demand.

Included within other loans payable is £3,406,954 (2023: 2,771,954) which is owed to Land 2015 which is a company related through a close family member of the director, C L Shropshire. This balance is secured on the properties to which the loan relates, and interest is being charged at a rate equal to the Bank of England base rate up to a maximum of 3%.
The company has taken advantage of the exemption conferred by FRS 102 Section 1A not to disclose transactions undertaken under normal market conditions.

Page 11