Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-313The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseNo description of principal activity3falsetruefalse 11761983 2023-04-01 2024-03-31 11761983 2022-04-01 2023-03-31 11761983 2024-03-31 11761983 2023-03-31 11761983 c:Director2 2023-04-01 2024-03-31 11761983 d:OfficeEquipment 2023-04-01 2024-03-31 11761983 d:OfficeEquipment 2024-03-31 11761983 d:OfficeEquipment 2023-03-31 11761983 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11761983 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 11761983 d:OtherPropertyPlantEquipment 2024-03-31 11761983 d:OtherPropertyPlantEquipment 2023-03-31 11761983 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11761983 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11761983 d:FreeholdInvestmentProperty 2024-03-31 11761983 d:FreeholdInvestmentProperty 2023-03-31 11761983 d:CurrentFinancialInstruments 2024-03-31 11761983 d:CurrentFinancialInstruments 2023-03-31 11761983 d:Non-currentFinancialInstruments 2024-03-31 11761983 d:Non-currentFinancialInstruments 2023-03-31 11761983 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11761983 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11761983 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 11761983 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11761983 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 11761983 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 11761983 d:ShareCapital 2024-03-31 11761983 d:ShareCapital 2023-03-31 11761983 d:OtherMiscellaneousReserve 2024-03-31 11761983 d:OtherMiscellaneousReserve 2023-03-31 11761983 d:RetainedEarningsAccumulatedLosses 2024-03-31 11761983 d:RetainedEarningsAccumulatedLosses 2023-03-31 11761983 c:OrdinaryShareClass1 2023-04-01 2024-03-31 11761983 c:OrdinaryShareClass1 2024-03-31 11761983 c:FRS102 2023-04-01 2024-03-31 11761983 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11761983 c:FullAccounts 2023-04-01 2024-03-31 11761983 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11761983 4 2023-04-01 2024-03-31 11761983 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 11761983 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 11761983 e:PoundSterling 2023-04-01 2024-03-31 11761983 d:EntityControlledByKeyManagementPersonnel1 2023-04-01 2024-03-31 11761983 d:EntityControlledByKeyManagementPersonnel1 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11761983









W12 PROPERTY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
W12 PROPERTY LIMITED
REGISTERED NUMBER: 11761983

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
20,860
20,300

Investment property
 5 
600,000
600,000

  
620,860
620,300

Current assets
  

Debtors: amounts falling due within one year
 6 
101
500,001

Cash at bank and in hand
 7 
5,214
6,176

  
5,315
506,177

Creditors: amounts falling due within one year
 8 
(278,065)
(629,393)

Net current liabilities
  
 
 
(272,750)
 
 
(123,216)

Total assets less current liabilities
  
348,110
497,084

Creditors: amounts falling due after more than one year
 9 
-
(253,792)

Provisions for liabilities
  

Deferred tax
 11 
(25,000)
(25,000)

  
 
 
(25,000)
 
 
(25,000)

Net assets
  
323,110
218,292


Capital and reserves
  

Called up share capital 
 12 
1
1

Investment property reserve
  
129,545
129,545

Profit and loss account
  
193,564
88,746

  
323,110
218,292


Page 1

 
W12 PROPERTY LIMITED
REGISTERED NUMBER: 11761983
    
STATEMENT OF FINANCIAL POSITION (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 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 25 November 2024.




M J Reid
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
W12 PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

W12 Property Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, United Kingdom, UB8 2FX.
The company specialises in letting and operating of own or leased 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 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 financial statements have been prepared on a going concern basis, notwithstanding the net current liabilities of £272,750 (2023 - £123,216) at the Statement of financial position date. The ultimate controlling parties have provided an undertaking that they will support the company for the foreseeable future to enable the company's liabilities to be met as they fall due, and specifically for a period of not less than twelve months from the date of signing of these financial statements. On this basis, the directors believe that the preparation of the accounts on a going concern basis is appropriate.

 
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 year 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 reporting date can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income 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

 
W12 PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.6

Current and deferred taxation

Tax is recognised in the Statement of comprehensive income 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, 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.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
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.

Page 4

 
W12 PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)


Depreciation is provided on the following basis:

Office equipment
-
10 years straight line method
Other fixed assets
-
No depreciation

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.
No depreciation is provided on other fixed assets. This is contrary to Companies Act 2006, which requires that fixed assets should be depreciated. In the opinion of the directors, this accounting treatment is necessary in order to show a true and fair position of the company.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.9

Investment property

Investment property is carried at fair value determined annually 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 comprehensive income.

 
2.10

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.

 
2.11

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.

 
2.12

Creditors

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.

Page 5

 
W12 PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets





Office equipment
Other fixed assets
Total

£
£
£



Cost


At 1 April 2023
-
20,300
20,300


Additions
622
-
622



At 31 March 2024

622
20,300
20,922



Depreciation


Charge for the year
62
-
62



At 31 March 2024

62
-
62



Net book value



At 31 March 2024
560
20,300
20,860



At 31 March 2023
-
20,300
20,300

Page 6

 
W12 PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
600,000



At 31 March 2024
600,000

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



Page 7

 
W12 PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
-
500,001

Prepayments and accrued income
101
-

101
500,001



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,214
6,176

5,214
6,176



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
19,509

Trade creditors
9,892
-

Amounts owed to group undertakings
-
599,155

Corporation tax
5,327
5,961

Other taxation and social security
866
2,538

Other creditors
259,904
-

Accruals and deferred income
2,076
2,230

278,065
629,393


Bank loans are secured against the assets to which they relate.

Page 8

 
W12 PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
253,792

-
253,792


Bank loans are secured against the assets to which they relate.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
19,509


-
19,509

Amounts falling due 1-2 years

Bank loans
-
253,792


-
253,792



-
273,301


Page 9

 
W12 PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024


£






At beginning of year
25,000



At end of year
25,000

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment property
25,000
25,000

25,000
25,000


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1



13.


Related party transactions

During the year, rent of £48,000 (2023 - £49,785) was charged to entities with common directors. Amounts of £99,154 (2023 - £Nil) owed to such entities were written off during the year.
 
At the year end, the net amount owed to such entities was £Nil (2023 - £99,154).
 
At the year end, an amount of £259,904 (2023 - £Nil) was owed to the directors of the company, including interest accruing on loans.


14.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking is W12 Property Holdings Limited, a company incorporated in England and Wales.
 
The ultimate controlling parties are directors by virtue of their controlling interest in the ultimate parent undertaking.

 
Page 10