Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09533059 2023-05-01 2024-04-30 09533059 2022-05-01 2023-04-30 09533059 2024-04-30 09533059 2023-04-30 09533059 c:Director1 2023-05-01 2024-04-30 09533059 d:FreeholdInvestmentProperty 2023-05-01 2024-04-30 09533059 d:FreeholdInvestmentProperty 2024-04-30 09533059 d:FreeholdInvestmentProperty 2023-04-30 09533059 d:FreeholdInvestmentProperty 2 2023-05-01 2024-04-30 09533059 d:CurrentFinancialInstruments 2024-04-30 09533059 d:CurrentFinancialInstruments 2023-04-30 09533059 d:Non-currentFinancialInstruments 2024-04-30 09533059 d:Non-currentFinancialInstruments 2023-04-30 09533059 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 09533059 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 09533059 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 09533059 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 09533059 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 09533059 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 09533059 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-04-30 09533059 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-04-30 09533059 d:ShareCapital 2024-04-30 09533059 d:ShareCapital 2023-04-30 09533059 d:RevaluationReserve 2023-05-01 2024-04-30 09533059 d:RevaluationReserve 2024-04-30 09533059 d:RevaluationReserve 2023-04-30 09533059 d:RetainedEarningsAccumulatedLosses 2024-04-30 09533059 d:RetainedEarningsAccumulatedLosses 2023-04-30 09533059 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-04-30 09533059 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-30 09533059 c:FRS102 2023-05-01 2024-04-30 09533059 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 09533059 c:FullAccounts 2023-05-01 2024-04-30 09533059 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09533059 5 2023-05-01 2024-04-30 09533059 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 09533059









IPURCHASEHOUSES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
IPURCHASEHOUSES LIMITED
REGISTERED NUMBER: 09533059

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment Property
 4 
820,553
755,000

  
820,553
755,000

Current assets
  

Cash at bank and in hand
 5 
4,495
2,154

  
4,495
2,154

Creditors: amounts falling due within one year
 6 
(373,533)
(84,344)

Net current liabilities
  
 
 
(369,038)
 
 
(82,190)

Total assets less current liabilities
  
451,515
672,810

Creditors: amounts falling due after more than one year
 7 
(482,561)
(482,465)

  

Net (liabilities)/assets
  
(31,046)
190,345


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 10 
-
186,428

Profit and loss account
 10 
(31,146)
3,817

  
(31,046)
190,345


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 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: 


Page 1

 
IPURCHASEHOUSES LIMITED
REGISTERED NUMBER: 09533059
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

Joseph Kwan
Director

Date: 14 November 2024

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

Page 2

 
IPURCHASEHOUSES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Ipurchasehouses Limited (company number 09533059) is a private company limited by shares, registered in England and Wales. Its registered office is at Bushbury House, 435 Wilmslow Road, Withington, Manchester, M20 4AF.

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

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 3

 
IPURCHASEHOUSES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Borrowing costs

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

 
2.5

Taxation

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.

 
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 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.

 
2.7

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.

 
2.8

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.

 
2.9

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Page 4

 
IPURCHASEHOUSES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


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.

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

 
IPURCHASEHOUSES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


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.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
755,000


Additions at cost
251,981


Surplus on revaluation
(186,428)



At 30 April 2024
820,553






Page 6

 
IPURCHASEHOUSES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,495
2,154

4,495
2,154



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,362
2,362

Corporation tax
-
132

Other creditors
369,263
79,162

Accruals and deferred income
1,908
2,688

373,533
84,344



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
482,561
482,465

482,561
482,465


The bank loans are secured by a first legal charge over the company's investment property.
Included in bank loans after more than one year is an unsecured bounce back loan. Interest is charged at a rate of 2.5% per annum and is fully backed by the UK government under the BBLS rules.

Page 7

 
IPURCHASEHOUSES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
2,362
2,362


2,362
2,362

Amounts falling due 1-2 years

Bank loans
1,805
3,805


1,805
3,805


Amounts falling due after more than 5 years

Bank loans
480,756
478,660

480,756
478,660

484,923
484,827



9.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
4,495
2,154




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


10.


Reserves

Revaluation reserve

Revaluation reserve represents open market value of investment properties above cost.

 
Page 8