Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsetrue2023-04-01No description of principal activity22falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04059730 2023-04-01 2024-03-31 04059730 2022-04-01 2023-03-31 04059730 2024-03-31 04059730 2023-03-31 04059730 c:Director1 2023-04-01 2024-03-31 04059730 d:Buildings 2023-04-01 2024-03-31 04059730 d:Buildings 2024-03-31 04059730 d:Buildings 2023-03-31 04059730 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04059730 d:MotorVehicles 2023-04-01 2024-03-31 04059730 d:MotorVehicles 2024-03-31 04059730 d:MotorVehicles 2023-03-31 04059730 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04059730 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 04059730 d:OtherPropertyPlantEquipment 2024-03-31 04059730 d:OtherPropertyPlantEquipment 2023-03-31 04059730 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04059730 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04059730 d:FreeholdInvestmentProperty 2024-03-31 04059730 d:FreeholdInvestmentProperty 2023-03-31 04059730 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 04059730 d:CurrentFinancialInstruments 2024-03-31 04059730 d:CurrentFinancialInstruments 2023-03-31 04059730 d:Non-currentFinancialInstruments 2024-03-31 04059730 d:Non-currentFinancialInstruments 2023-03-31 04059730 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04059730 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04059730 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 04059730 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04059730 d:ShareCapital 2024-03-31 04059730 d:ShareCapital 2023-03-31 04059730 d:InvestmentPropertiesRevaluationReserve 2024-03-31 04059730 d:InvestmentPropertiesRevaluationReserve 2023-03-31 04059730 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 04059730 d:RetainedEarningsAccumulatedLosses 2024-03-31 04059730 d:RetainedEarningsAccumulatedLosses 2023-03-31 04059730 c:FRS102 2023-04-01 2024-03-31 04059730 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04059730 c:FullAccounts 2023-04-01 2024-03-31 04059730 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04059730 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 04059730 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 04059730 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 04059730 2 2023-04-01 2024-03-31 04059730 6 2023-04-01 2024-03-31 04059730 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 04059730










THE RETREAT PROPERTY COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
THE RETREAT PROPERTY COMPANY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE RETREAT PROPERTY COMPANY LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Retreat Property Company Limited for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of The Retreat Property Company Limited, as a body, in accordance with the terms of our engagement letter dated 6 August 2019Our work has been undertaken solely to prepare for your approval the financial statements of The Retreat Property Company Limited and state those matters that we have agreed to state to the Board of directors of The Retreat Property Company Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Retreat Property Company Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that The Retreat Property Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Retreat Property Company Limited. You consider that The Retreat Property Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of The Retreat Property Company 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
24 October 2024
Page 1

 
THE RETREAT PROPERTY COMPANY LIMITED
REGISTERED NUMBER: 04059730

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
34,860
37,548

Investment property
 5 
2,190,000
2,205,000

  
2,224,860
2,242,548

Current assets
  

Debtors: amounts falling due within one year
 6 
371,166
362,121

Cash at bank and in hand
  
23,030
6,071

  
394,196
368,192

Creditors: amounts falling due within one year
 7 
(61,768)
(59,963)

Net current assets
  
 
 
332,428
 
 
308,229

Total assets less current liabilities
  
2,557,288
2,550,777

Creditors: amounts falling due after more than one year
 8 
(671,948)
(669,980)

Provisions for liabilities
  

Deferred tax
  
(181,653)
(141,342)

Net assets
  
1,703,687
1,739,455


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Investment property reserve
 9 
736,919
790,574

Profit and loss account
 9 
965,768
947,881

  
1,703,687
1,739,455


Page 2

 
THE RETREAT PROPERTY COMPANY LIMITED
REGISTERED NUMBER: 04059730
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 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 24 October 2024.




M Bailey
Director

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

Page 3

 
THE RETREAT PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a United Kingdom company limited by shares. It is incorporated and domiciled in England and Wales. The registered office address is 7 The Close, Norwich, NR1 4DJ.
The Company's principal activity is that of property letting and its principal place of business is Norfolk, UK.

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.

 
2.3

Interest income

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

 
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 4

 
THE RETREAT PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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.


 
2.6

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 and reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
10%
Straight line
Motor vehicles
-
25%
Reducing balance
Other fixed assets
-
15%
Reducing balance

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.

Page 5

 
THE RETREAT PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by the director 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 the Profit and loss account.

 
2.8

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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 2 (2023 - 2).

Page 6

 
THE RETREAT PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Motor vehicles
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 April 2023
16,135
38,594
25,415
80,144


Additions
6,090
-
-
6,090



At 31 March 2024

22,225
38,594
25,415
86,234



Depreciation


At 1 April 2023
15,738
13,548
13,310
42,596


Charge for the year on owned assets
700
6,262
1,816
8,778



At 31 March 2024

16,438
19,810
15,126
51,374



Net book value



At 31 March 2024
5,787
18,784
10,289
34,860



At 31 March 2023
397
25,046
12,105
37,548


5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
2,205,000


Surplus on revaluation
(15,000)



At 31 March 2024
2,190,000

The 2024 valuations were made by M Bailey, a Chartered Surveyor and director of the company, on an open market value for existing use basis.




Page 7

 
THE RETREAT PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
9,589
8,860

Other debtors
361,577
353,261

371,166
362,121



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
15,000
25,000

Trade creditors
5,068
1,302

Other taxation and social security
36,870
29,102

Other creditors
1,000
1,000

Accruals and deferred income
3,830
3,559

61,768
59,963



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
671,948
669,980

671,948
669,980


Bank loans of £686,948 (2023: £694,980), are secured by way of charges against the Company's business and investment properties.


9.


Reserves

Other reserves

The fair value reserve represents the cumulative value of revaluations of the Company's investment properties and listed investments to fair value, net of deferred tax.  The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Page 8

 
THE RETREAT PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Transactions with directors

As at 1 April 2023, the balance owed by the director was £331,026. During the year the company paid personal expenses of £144,222 on behalf of the director who reimbursed the company with £209,228. Interest was charged at a rate of 2.25% per annum on the overdrawn balance and amounted to £6,717 for the year.
As a result the balance owed by the director was 
£272,737 at the year end. The loan is repayable on demand.

 
Page 9