Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-04-01No description of principal activity11falsetruefalse 10695873 2023-04-01 2024-03-31 10695873 2022-04-01 2023-03-31 10695873 2024-03-31 10695873 2023-03-31 10695873 c:Director1 2023-04-01 2024-03-31 10695873 d:FreeholdInvestmentProperty 2024-03-31 10695873 d:FreeholdInvestmentProperty 2023-03-31 10695873 d:CurrentFinancialInstruments 2024-03-31 10695873 d:CurrentFinancialInstruments 2023-03-31 10695873 d:Non-currentFinancialInstruments 2024-03-31 10695873 d:Non-currentFinancialInstruments 2023-03-31 10695873 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10695873 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10695873 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 10695873 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10695873 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 10695873 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 10695873 d:ShareCapital 2024-03-31 10695873 d:ShareCapital 2023-03-31 10695873 d:InvestmentPropertiesRevaluationReserve 2023-04-01 2024-03-31 10695873 d:InvestmentPropertiesRevaluationReserve 2024-03-31 10695873 d:InvestmentPropertiesRevaluationReserve 2023-03-31 10695873 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10695873 d:RetainedEarningsAccumulatedLosses 2024-03-31 10695873 d:RetainedEarningsAccumulatedLosses 2023-03-31 10695873 c:FRS102 2023-04-01 2024-03-31 10695873 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10695873 c:FullAccounts 2023-04-01 2024-03-31 10695873 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10695873 2 2023-04-01 2024-03-31 10695873 6 2023-04-01 2024-03-31 10695873 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 10695873









IMPROVE (PROPERTIES) LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
IMPROVE (PROPERTIES) LTD
REGISTERED NUMBER: 10695873

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
-
2

Investment property
 5 
134,000
134,000

  
134,000
134,002

Current assets
  

Debtors: amounts falling due within one year
 6 
94,736
27,905

Cash at bank and in hand
 7 
18,739
125,404

  
113,475
153,309

Creditors: amounts falling due within one year
 8 
(1,866)
(15,103)

Net current assets
  
 
 
111,609
 
 
138,206

Total assets less current liabilities
  
245,609
272,208

Creditors: amounts falling due after more than one year
 9 
(105,120)
(105,120)

  

Net assets
  
140,489
167,088


Capital and reserves
  

Called up share capital 
  
120
120

Investment property reserve
 11 
(19,309)
(19,309)

Profit and loss account
 11 
159,678
186,277

  
140,489
167,088


Page 1

 
IMPROVE (PROPERTIES) LTD
REGISTERED NUMBER: 10695873
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 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 income statement 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: 




................................................
Mr Paul F Disley
Director

Date: 18 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The legal form of the entity is a private company limited by share capital. The company is registered in England and Wales and the registered address is situated at Unit 3 Bradburys Court, Lyon Road, Harrow, HA1 2BY.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period 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 end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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 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.


 
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 profit or loss.

 
2.8

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 Income Statement 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.

 
2.9

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.

Page 4

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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 1 (2023 - 1).


4.


Fixed asset investments





Investments in subsidiary companies

£





At 1 April 2023
2


Additions
(2)



At 31 March 2024
-




Page 5

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
134,000



At 31 March 2024
134,000


Comprising


Cost
153,309

Annual revaluation surplus/(deficit):


2022
(19,309)

At 31 March 2024
134,000

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

2024
2023
£
£

Revaluation reserves


At 1 April 2023
(19,309)
(19,309)

At 31 March 2024
(19,309)
(19,309)



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
153,309
153,309

153,309
153,309

If the investment properties were accounted for under the historic cost convention then the directors would not have depreciated the assets on the basis that they have very high residual value, long useful life and the amount of depreciation would be immaterial and would caused the financial statement not to give a true and fair view.

Page 6

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Other debtors
94,736
27,905

94,736
27,905



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
18,739
125,404

18,739
125,404



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
-
13,567

Other creditors
240
-

Accruals and deferred income
1,626
1,536

1,866
15,103


Page 7

 
IMPROVE (PROPERTIES) LTD
 
 
 
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
105,120
105,120

105,120
105,120


The following liabilities were secured:

2024
2023
£
£



Bank Loans
105,120
105,120

105,120
105,120

Details of security provided:

The bank loans are secured agaist specific investment properties and contain negative pledge.

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

2024
2023
£
£


Repayable other than by instalments
105,120
105,120

105,120
105,120

The amount is an interest only term loan where the whole principal amount is repayable at the end of the term and currently paying interest at a fixed rate of 3.49%.

Page 8

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
-
13,567


-
13,567



Amounts falling due after more than 5 years

Bank loans
105,120
105,120

105,120
105,120

105,120
118,687



11.


Reserves

Investment property revaluation reserve

Investment property revaluation reserve represents unrealised surplus/deficit on valuation of investment properties net of attributable deferred tax charged to income statement.

Profit and loss account

Profit and loss reserves represents the company’s profits available for distribution in accordance with section 830 of the Companies Act 2006 as its accumulated realised profits, so far as not previously utilised by distribution or capitalisation less its accumulated realised losses, so far as not previously written off in a reduction or capitalisation.

 
Page 9