Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-302024-03-30false52023-03-31No description of principal activity5falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00728862 2023-03-31 2024-03-30 00728862 2022-03-31 2023-03-30 00728862 2024-03-30 00728862 2023-03-30 00728862 c:Director3 2023-03-31 2024-03-30 00728862 d:PlantMachinery 2023-03-31 2024-03-30 00728862 d:PlantMachinery 2024-03-30 00728862 d:PlantMachinery 2023-03-30 00728862 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-31 2024-03-30 00728862 d:FreeholdInvestmentProperty 2023-03-31 2024-03-30 00728862 d:FreeholdInvestmentProperty 2024-03-30 00728862 d:FreeholdInvestmentProperty 2023-03-30 00728862 d:FreeholdInvestmentProperty 2 2023-03-31 2024-03-30 00728862 d:CurrentFinancialInstruments 2024-03-30 00728862 d:CurrentFinancialInstruments 2023-03-30 00728862 d:Non-currentFinancialInstruments 2024-03-30 00728862 d:Non-currentFinancialInstruments 2023-03-30 00728862 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-30 00728862 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-30 00728862 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-30 00728862 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-30 00728862 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-30 00728862 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-30 00728862 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-30 00728862 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-30 00728862 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-30 00728862 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-30 00728862 d:ShareCapital 2024-03-30 00728862 d:ShareCapital 2023-03-30 00728862 d:RevaluationReserve 2023-03-31 2024-03-30 00728862 d:RevaluationReserve 2024-03-30 00728862 d:RevaluationReserve 2023-03-30 00728862 d:OtherMiscellaneousReserve 2023-03-31 2024-03-30 00728862 d:OtherMiscellaneousReserve 2024-03-30 00728862 d:OtherMiscellaneousReserve 2023-03-30 00728862 d:RetainedEarningsAccumulatedLosses 2023-03-31 2024-03-30 00728862 d:RetainedEarningsAccumulatedLosses 2024-03-30 00728862 d:RetainedEarningsAccumulatedLosses 2023-03-30 00728862 d:AcceleratedTaxDepreciationDeferredTax 2024-03-30 00728862 d:AcceleratedTaxDepreciationDeferredTax 2023-03-30 00728862 c:OrdinaryShareClass1 2023-03-31 2024-03-30 00728862 c:OrdinaryShareClass1 2024-03-30 00728862 c:OrdinaryShareClass1 2023-03-30 00728862 c:OrdinaryShareClass2 2023-03-31 2024-03-30 00728862 c:OrdinaryShareClass2 2024-03-30 00728862 c:OrdinaryShareClass2 2023-03-30 00728862 c:FRS102 2023-03-31 2024-03-30 00728862 c:AuditExempt-NoAccountantsReport 2023-03-31 2024-03-30 00728862 c:FullAccounts 2023-03-31 2024-03-30 00728862 c:PrivateLimitedCompanyLtd 2023-03-31 2024-03-30 00728862 6 2023-03-31 2024-03-30 00728862 f:PoundSterling 2023-03-31 2024-03-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00728862









SELLWELL PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 MARCH 2024

 
SELLWELL PROPERTIES LIMITED
REGISTERED NUMBER: 00728862

BALANCE SHEET
AS AT 30 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
172
483

Investments
 5 
34,100
34,100

Investment property
 6 
1,134,816
1,397,260

  
1,169,088
1,431,843

Current assets
  

Debtors: amounts falling due within one year
 7 
15,336
12,591

Cash at bank and in hand
 8 
334,570
159,649

  
349,906
172,240

Creditors: amounts falling due within one year
 9 
(72,576)
(52,158)

Net current assets
  
 
 
277,330
 
 
120,082

Total assets less current liabilities
  
1,446,418
1,551,925

Creditors: amounts falling due after more than one year
 10 
(135,156)
(151,622)

Provisions for liabilities
  

Deferred tax
  
(95,714)
(144,145)

  
 
 
(95,714)
 
 
(144,145)

Net assets
  
1,215,548
1,256,158


Capital and reserves
  

Called up share capital 
 13 
100
100

Revaluation reserve
 14 
566,070
776,333

Other reserves
 14 
-
19,414

Profit and loss account
 14 
649,378
460,311

  
1,215,548
1,256,158


Page 1

 
SELLWELL PROPERTIES LIMITED
REGISTERED NUMBER: 00728862
    
BALANCE SHEET (CONTINUED)
AS AT 30 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 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 18 November 2024.




B M Rapp
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SELLWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

1.


General information

Sellwell Properties Limited ("the Company") is a company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, England, E11 1GA.
The company's principal activity is that of property investment.

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 measured at the fair value of consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.
The company's source of revenue is from rental income from investment properties. Revenue is recognised in the accounting period in which the services are rendered.

 
2.3

Finance costs

Finance costs are charged to the Statement of income and retained earnings 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.

 
2.4

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

Page 3

 
SELLWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 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 the Statement of income and retained earnings 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 method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%

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 income and retained earnings.

 
2.7

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 the Statement of income and retained earnings.

Page 4

 
SELLWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
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

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.

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.

Page 5

 
SELLWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)


2.13
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.

 
2.14

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 6

 
SELLWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

4.


Tangible fixed assets





Plant and machinery

£



Cost


At 31 March 2023
5,270


Additions
202



At 30 March 2024

5,472



Depreciation


At 31 March 2023
4,787


Charge for the year on owned assets
513



At 30 March 2024

5,300



Net book value



At 30 March 2024
172



At 30 March 2023
483


5.


Fixed asset investments





Other investments

£



Cost or valuation


At 31 March 2023
34,100



At 30 March 2024
34,100




Page 7

 
SELLWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

6.


Investment property


Investment property

£



Valuation


At 31 March 2023
1,397,260


Disposals
(100,000)


Loss on revaluation
(162,444)



At 30 March 2024
1,134,816

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







7.


Debtors

2024
2023
£
£


Trade debtors
13,865
11,120

Other debtors
1,471
1,471

15,336
12,591



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
334,570
159,649


Page 8

 
SELLWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
15,454
15,454

Corporation tax
31,397
11,448

Other creditors
9,284
9,062

Accruals and deferred income
16,441
16,194

72,576
52,158



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
135,156
151,622


Bank loans amounting to £150,610 (2023 - £167,076) are secured by way of fixed and floating charges over the company's assets.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
15,454
15,454

Amounts falling due 1-2 years

Bank loans
15,454
15,454

Amounts falling due 2-5 years

Bank loans
46,363
46,363

Amounts falling due after more than 5 years

Bank loans
73,339
89,805

150,610
167,076



12.


Deferred taxation

Page 9

 
SELLWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
 
12.Deferred taxation (continued)




2024


£






At beginning of year
(144,145)


Charged to profit or loss
48,431



At end of year
(95,714)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


On revaluation of investment property
(95,714)
(144,145)

(95,714)
(144,145)


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



98 (2023 - 98) Class A shares of £1.00 each
98
98
2 (2023 - 2) Class B shares of £1.00 each
2
2

100

100



14.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative revaluations of the company's investment properties.

Other reserves

Other reserves represent the accumulated profits on disposal of properties.

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.

Page 10

 
SELLWELL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

15.


Related party transactions

Included within other creditors are amounts owed to directors totalling £313 (2023 - £91).

 
Page 11