Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-05-01falseNo description of principal activity00truetruefalse 08496665 2023-05-01 2024-04-30 08496665 2022-05-01 2023-04-30 08496665 2024-04-30 08496665 2023-04-30 08496665 2022-05-01 08496665 c:Director1 2023-05-01 2024-04-30 08496665 d:FreeholdInvestmentProperty 2023-05-01 2024-04-30 08496665 d:FreeholdInvestmentProperty 2024-04-30 08496665 d:FreeholdInvestmentProperty 2023-04-30 08496665 d:FreeholdInvestmentProperty 2 2023-05-01 2024-04-30 08496665 d:CurrentFinancialInstruments 2024-04-30 08496665 d:CurrentFinancialInstruments 2023-04-30 08496665 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 08496665 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 08496665 d:ShareCapital 2023-05-01 2024-04-30 08496665 d:ShareCapital 2024-04-30 08496665 d:ShareCapital 2022-05-01 2023-04-30 08496665 d:ShareCapital 2023-04-30 08496665 d:ShareCapital 2022-05-01 08496665 d:OtherMiscellaneousReserve 2023-05-01 2024-04-30 08496665 d:OtherMiscellaneousReserve 2024-04-30 08496665 d:OtherMiscellaneousReserve 2022-05-01 2023-04-30 08496665 d:OtherMiscellaneousReserve 2023-04-30 08496665 d:OtherMiscellaneousReserve 2022-05-01 08496665 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 08496665 d:RetainedEarningsAccumulatedLosses 2024-04-30 08496665 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 08496665 d:RetainedEarningsAccumulatedLosses 2023-04-30 08496665 d:RetainedEarningsAccumulatedLosses 2022-05-01 08496665 d:OtherDeferredTax 2024-04-30 08496665 d:OtherDeferredTax 2023-04-30 08496665 c:FRS102 2023-05-01 2024-04-30 08496665 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 08496665 c:FullAccounts 2023-05-01 2024-04-30 08496665 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08496665 2 2023-05-01 2024-04-30 08496665 6 2023-05-01 2024-04-30 08496665 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 08496665










PROPERTY SALES & LETTINGS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
PROPERTY SALES & LETTINGS LIMITED
REGISTERED NUMBER: 08496665

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023 as restated
Note
£
£

Fixed assets
  

Investments
  
194,000
-

Investment property
 5 
400,000
565,000

  
594,000
565,000

Current assets
  

Debtors: amounts falling due within one year
 6 
564
564

Cash at bank and in hand
  
84,909
10,022

  
85,473
10,586

Creditors: amounts falling due within one year
 7 
(74,406)
(6,865)

Net current assets
  
 
 
11,067
 
 
3,721

Total assets less current liabilities
  
605,067
568,721

Provisions for liabilities
  

Deferred tax
 8 
(45,000)
(86,251)

  
 
 
(45,000)
 
 
(86,251)

Net assets
  
560,067
482,470


Capital and reserves
  

Called up share capital 
  
1
1

Investment property reserve
 9 
116,250
258,749

Profit and loss account
 9 
443,816
223,720

  
560,067
482,470


Page 1

 
PROPERTY SALES & LETTINGS LIMITED
REGISTERED NUMBER: 08496665
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

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 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 by: 






R Hammond
Director

Date: 22 November 2024

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

Page 2

 
PROPERTY SALES & LETTINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account as restated
Total equity as restated

£
£
£
£


At 1 May 2022
1
378,749
220,448
599,198


Comprehensive income for the year

Loss for the year
-
-
(102,728)
(102,728)
Total comprehensive income for the year
-
-
(102,728)
(102,728)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(14,000)
(14,000)

Transfer to/from profit and loss account
-
(120,000)
120,000
-



At 1 May 2023
1
258,749
223,720
482,470


Comprehensive income for the year

Profit for the year
-
-
82,697
82,697
Total comprehensive income for the year
-
-
82,697
82,697


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(5,100)
(5,100)

Transfer to/from profit and loss account
-
(142,499)
142,499
-


Total transactions with owners
-
(142,499)
137,399
(5,100)


At 30 April 2024
1
116,250
443,816
560,067


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

Page 3

 
PROPERTY SALES & LETTINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The company, which was incorporated and registered in England and Wales (registered number 08496665), is a privately owned company limited by shares. The registered office is Unit 15, Farnborough Aerospace Centre, Hercules Way, Farnborough, Hampshire, GU14 6UU.

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 in rental income and is recognised in the period in which the rental invoices are raised adjusted for any deferred or accrued income.

 
2.3

Interest income

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

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
PROPERTY SALES & LETTINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 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 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 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 reporting date.

  
2.6

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 profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting 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.

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

 
2.8

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.

Page 5

 
PROPERTY SALES & LETTINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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

2024
2023
£
£

Cost of defined contribution scheme
11,500
9,000

11,500
9,000


The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Page 6

 
PROPERTY SALES & LETTINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


Additions
200,000


Revaluations
(6,000)



At 30 April 2024
194,000





5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
565,000


Disposals
(190,000)


Surplus on revaluation
25,000



At 30 April 2024
400,000

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



At 30 April 2024


2024
2023
£
£


Historic cost
420,000
220,001

Accumulated depreciation and impairments
(30,800)
(26,400)

389,200
193,601

Page 7

 
PROPERTY SALES & LETTINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Other debtors
564
564



7.


Creditors: Amounts falling due within one year

2024
2023 as restated
£
£

Corporation tax
71,304
4,052

Other creditors
119
214

Accruals and deferred income
2,983
2,599

74,406
6,865



8.


Deferred taxation




2024


£






At beginning of year
(86,250)


Charged to profit or loss
41,250



At end of year
(45,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Unrealised gain on investment properties
45,000
86,250

Page 8

 
PROPERTY SALES & LETTINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Reserves

Investment property revaluation reserves

This is a non-distributable reserve containing unrealised gains on investment properties net of deferred tax thereon.

Profit and loss account

This is a distributable reserve containing accumulated results for the company net of dividends drawn.


10.


Prior year adjustment

On 30 June 2021 UK Inspection Systems Limited a company 80% controlled by Mr R Hammond waived the debt of £220,000 owed to it by Property Sales and Lettings Limited a company 100% controlled by Mr R Hammond. This transaction was not included in the accounts for the year ended 30 June 2021, this error was corrected in the current by a prior year adjustment, restating both the other creditors and reserves figures in the accounts. 

 
Page 9