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2023-03-31 12337465 c:PreviouslyStatedAmount 2022-04-01 iso4217:GBP xbrli:pure

Registered number: 12337465









SELWOOD PROPERTIES LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SELWOOD PROPERTIES LTD
REGISTERED NUMBER: 12337465

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
29,770
37,889

Investment property
 5 
6,889,284
6,148,335

  
6,919,054
6,186,224

Current assets
  

Debtors: amounts falling due within one year
 6 
3,050
385

Cash at bank and in hand
 7 
20,848
26,401

  
23,898
26,786

Creditors: amounts falling due within one year
 8 
(544,272)
(543,922)

Net current liabilities
  
 
 
(520,374)
 
 
(517,136)

Total assets less current liabilities
  
6,398,680
5,669,088

Creditors: amounts falling due after more than one year
 9 
(3,888,933)
(3,903,315)

Provisions for liabilities
  

Deferred tax
 11 
(192,680)
(7,199)

  
 
 
(192,680)
 
 
(7,199)

Net assets
  
2,317,067
1,758,574


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
  
1,748,478
1,748,478

Investment property reserve
  
555,712
-

Profit and loss account
  
12,777
9,996

  
2,317,067
1,758,574


Page 1

 
SELWOOD PROPERTIES LTD
REGISTERED NUMBER: 12337465
    
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 22 December 2024.




................................................
David John Selwood
Director

The notes on pages 6 to 15 form part of these financial statements.

Page 2

 
SELWOOD PROPERTIES LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2023 (as previously stated)
100
1,890,982
-
9,996
1,901,078

Prior year adjustment - correction of error
-
(142,504)
-
-
(142,504)

At 1 April 2023 (as restated)
100
1,748,478
-
9,996
1,758,574


Comprehensive income for the year

Profit for the year

-
-
-
2,781
2,781

Unrealised surplus on revaluation of freehold fixed asset investments
-
-
538,250
-
538,250

Unrealised surplus on revaluation of leasehold fixed asset investments
-
-
202,699
-
202,699

Movement of deferred tax relating to fixed assets investment
-
-
(185,237)
-
(185,237)


Other comprehensive income for the year
-
-
555,712
-
555,712


Total comprehensive income for the year
-
-
555,712
2,781
558,493


Total transactions with owners
-
-
-
-
-


At 31 March 2024
100
1,748,478
555,712
12,777
2,317,067


The notes on pages 6 to 15 form part of these financial statements.

Page 3

 
SELWOOD PROPERTIES LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022 (as previously stated)
100
1,890,982
1,518
1,892,600

Prior year adjustment - correction of error
-
(142,504)
-
(142,504)

At 1 April 2022 (as restated)
100
1,748,478
1,518
1,750,096


Comprehensive income for the year

Profit for the year

-
-
8,478
8,478


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
8,478
8,478


Total transactions with owners
-
-
-
-


At 31 March 2023
100
1,748,478
9,996
1,758,574


The notes on pages 6 to 15 form part of these financial statements.

Page 4

 
SELWOOD PROPERTIES LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

26,401

(5,553)

20,848

Debt due after 1 year

(3,903,315)

14,382

(3,888,933)

Debt due within 1 year

(43,584)

(10,137)

(53,721)


(3,920,498)
(1,308)
(3,921,806)

The notes on pages 6 to 15 form part of these financial statements.

Page 5

 
SELWOOD PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Selwood Property Limited is a private company, limited by shares, registered in England and Wales and. the registered office address 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 6

 
SELWOOD PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Borrowing costs

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

 
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

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 7

 
SELWOOD PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

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:

Fixtures and fittings
-
15%

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 profit or loss.

 
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

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.

 
2.9

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.

Page 8

 
SELWOOD PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2023
54,127



At 31 March 2024

54,127



Depreciation


At 1 April 2023
16,238


Charge for the year on owned assets
8,119



At 31 March 2024

24,357



Net book value



At 31 March 2024
29,770



At 31 March 2023
37,889

Page 9

 
SELWOOD PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 April 2023
3,496,750
2,651,585
6,148,335


Surplus on revaluation
538,250
202,699
740,949



At 31 March 2024
4,035,000
2,854,284
6,889,284


Comprising


Cost
3,496,750
2,651,585
6,148,335

Annual revaluation surplus/(deficit):



2024
538,250
202,699
740,949

At 31 March 2024
4,035,000
2,854,284
6,889,284

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

2024
2023
£
£

Revaluation reserves


Net surplus/(deficit) in movement on investment properties
555,712
-

At 31 March 2024
555,712
-



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
6,148,335
6,148,335

6,148,335
6,148,335

No depreciations would have been charged on the investment properties under the historic cost accounting convention because the properties have very long useful life, very high residual values and therefore the amount of depreciation would be immaterial.

Page 10

 
SELWOOD PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
3,050
385

3,050
385



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
20,848
26,401

20,848
26,401



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
17,300
14,749

Other creditors
526,972
529,173

544,272
543,922


The following liabilities were secured:

2024
2023
£
£



Bank Loan
17,300
14,747

17,300
14,747

Details of security provided:

The bank loans are secured against specific investment properties by way of fixed charge containing negative pledges.

Page 11

 
SELWOOD PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

As restated
2024
2023
£
£

Bank loans
3,888,933
3,903,315

3,888,933
3,903,315


The following liabilities were secured:

As restated
2024
2023
£
£



Bank Loan
3,888,933
3,903,315

3,888,933
3,903,315

Details of security provided:

The bank loans are secured against specific investment properties by way of fixed charge containing negative pledges.

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

2024
2023
£
£


Repayable by instalments
257,114
238,725

Repayable other than by instalments
3,600,312
3,614,360

3,857,426
3,853,085

The amounts repayable by instalment is part of a 25 year term loan. The amounts are repayable by monthly instalments over the remining term and have interest rates between 3% to 4%.
The amounts that are repayable other than by instalment is interest only loans and the whole amount becomes repayable at the end of the term which ranges from 10 to 25 years. The various loans have interest rates between 2% to 7%.

Page 12

 
SELWOOD 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:


As restated
2024
2023
£
£

Amounts falling due within one year

Bank loans
17,300
14,749


17,300
14,749

Amounts falling due 1-2 years

Bank loans
17,806
15,313


17,806
15,313

Amounts falling due 2-5 years

Bank loans
13,691
34,917


13,691
34,917

Amounts falling due after more than 5 years

Bank loans
3,857,436
3,853,085

3,857,436
3,853,085

3,906,233
3,918,064


Page 13

 
SELWOOD PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024


£






At beginning of year
(7,199)


Charged to profit or loss
(244)


Charged to other comprehensive income
(185,237)



At end of year
(192,680)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(7,443)
(7,199)

Fixed assets investment surplus
(185,237)
-

(192,680)
(7,199)

Page 14

 
SELWOOD PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Reserves

Share premium account

Share premium represents the excess amount received by the company over the nominal value of shares issued.
The share premium account is created to record the additional capital generated by issuing shares at a premium. This amount is not distributable as dividends and can be used for specific purposes outlined by company law.
When shares are issued at a premium, the nominal value is credited to share capital, and the excess amount received is credited to the share premium account. This ensures a clear distinction between the nominal value and the premium received.

Investment property revaluation reserve

The Investment Property Revaluation Reserve represents the cumulative revaluation surplus arising from the remeasurement of investment properties to their fair value at each reporting date. This reserve is presented separately in the statement of changes in equity to provide clarity regarding unrealised gains.
The reserve records fair value adjustments made to investment properties, calculated as the difference between their fair value at the reporting date and their previous carrying amount. Realised portions of the revaluation surplus are transferred to retained earnings when an investment property is disposed of or impaired.
Deferred tax liabilities arising from the revaluation of investment properties are recognised in accordance with FRS 102. Deferred tax is calculated based on enacted or substantively enacted tax rates that are expected to apply when the temporary differences reverse.

Profit and loss account

Profit and loss reserves represents the company’s profits available for distribution in accordance with 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 15