Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true22023-01-01false2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09190593 2023-01-01 2023-12-31 09190593 2022-01-01 2022-12-31 09190593 2023-12-31 09190593 2022-12-31 09190593 c:Director1 2023-01-01 2023-12-31 09190593 d:CurrentFinancialInstruments 2023-12-31 09190593 d:CurrentFinancialInstruments 2022-12-31 09190593 d:Non-currentFinancialInstruments 2023-12-31 09190593 d:Non-currentFinancialInstruments 2022-12-31 09190593 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09190593 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09190593 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09190593 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09190593 d:ShareCapital 2023-12-31 09190593 d:ShareCapital 2022-12-31 09190593 d:RetainedEarningsAccumulatedLosses 2023-12-31 09190593 d:RetainedEarningsAccumulatedLosses 2022-12-31 09190593 c:FRS102 2023-01-01 2023-12-31 09190593 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09190593 c:FullAccounts 2023-01-01 2023-12-31 09190593 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09190593 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 09190593











BURLINGTON PROPERTIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
BURLINGTON PROPERTIES LIMITED
 

CONTENTS



Page
Balance sheet
 
 
1
Notes to the financial statements
 
 
2 - 6


 
BURLINGTON PROPERTIES LIMITED
REGISTERED NUMBER: 09190593

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
640,000
640,000

Debtors: amounts falling due after more than one year
 5 
5,089
-

Debtors: amounts falling due within one year
 5 
96
1,309

Cash at bank and in hand
  
5,898
6,872

  
651,083
648,181

Creditors: amounts falling due within one year
 6 
(296,365)
(304,607)

Net current assets
  
 
 
354,718
 
 
343,574

Creditors: amounts falling due after more than one year
 7 
(362,221)
(355,720)

  

Net liabilities
  
(7,503)
(12,146)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(7,603)
(12,246)

  
(7,503)
(12,146)


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: 

P Goodmaker
Director

Date: 24 November 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
BURLINGTON PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Burlington Properties Limited is a private company, limited by shares, and incorporated in England and Wales.The address of its registered office is 5 Miram House, 387 Cockfosters Road, Hadley Wood, Hertfordshire, EN4 0JS.
The functional and presentational currency of the company is pounds sterling (£).

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 Section 1A Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is dependent upon continuing financial support being made available to it by a third party entity. The directors understand that this entity will continue to provide financial support to the company by deferment of the balance owed to it, and by other means if necessary. In the opinion of the directors these facilities are sufficient to meet the company's ongoing financial needs.
In view of the above arrangements the directors are satisfied, for the forseeable future, being a period of at least twelve months from the date on which these financial statements are approved, that the company has sufficient resources to enable it to continue in operation as a going concern and meet its liabilities as they fall due for payment. They therefore consider it appropriate to prepare these financial statements on the going concern basis.

 
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.
Turnover represents rent receivable during the year from development properties in accordance with the company's lease agreements with its tenants.
Property acquisitions and disposals are accounted for when legally binding contracts which are irrevocable and effectively unconditional are exchanged and, in the case of disposals, where completion has taken place prior to the date on which financial statements are approved.

 
2.4

Stocks

Stocks, which comprises development properties held for resale, are valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less future costs expected to be incurred on disposal.



 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 2

 
BURLINGTON PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

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 debtors 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 instrument is 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.

Page 3

 
BURLINGTON PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

  
2.8

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 corporation 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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

4.


Stocks

2023
2022
£
£

Development property
640,000
640,000


The development properties with a carrying amount of £640,000 (2022 - £640,000) have been pledged to secure borrowings of the company.

Page 4

 
BURLINGTON PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Prepayments and accrued income
5,089
-

5,089
-


2023
2022
£
£

Due within one year

Prepayments and accrued income
96
1,309

96
1,309



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
360

Corporation tax
121
121

Other creditors
289,737
300,988

Accruals and deferred income
6,507
3,138

296,365
304,607


Page 5

 
BURLINGTON PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
362,221
355,720

362,221
355,720


The following liabilities were secured:

2023
2022
£
£



Bank loans
362,221
355,720

Details of security provided:

The aggregate amount of creditors for which security has been given amounted to £362,221 (2022 -£355,720).

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Bank loans
362,221
355,720




8.


Related party transactions

The Directors have entered into a joint and several personal guarantee limited to £362,221 (2022 -£355,720) in support of the company's bank borrowings.


Page 6