Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30false42023-05-01falseproperty investment companyincluding the provision of property management services.4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00272382 2024-04-30 00272382 2023-05-01 2024-04-30 00272382 2022-05-01 2023-04-30 00272382 2023-04-30 00272382 c:Director1 2023-05-01 2024-04-30 00272382 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 00272382 d:Buildings d:LongLeaseholdAssets 2024-04-30 00272382 d:Buildings d:LongLeaseholdAssets 2023-04-30 00272382 d:FurnitureFittings 2023-05-01 2024-04-30 00272382 d:FurnitureFittings 2024-04-30 00272382 d:FurnitureFittings 2023-04-30 00272382 d:FreeholdInvestmentProperty 2024-04-30 00272382 d:FreeholdInvestmentProperty 2023-04-30 00272382 d:CurrentFinancialInstruments 2024-04-30 00272382 d:CurrentFinancialInstruments 2023-04-30 00272382 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 00272382 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 00272382 d:ShareCapital 2024-04-30 00272382 d:ShareCapital 2023-04-30 00272382 d:RevaluationReserve 2024-04-30 00272382 d:RevaluationReserve 2023-04-30 00272382 d:OtherMiscellaneousReserve 2024-04-30 00272382 d:OtherMiscellaneousReserve 2023-04-30 00272382 d:RetainedEarningsAccumulatedLosses 2024-04-30 00272382 d:RetainedEarningsAccumulatedLosses 2023-04-30 00272382 c:FRS102 2023-05-01 2024-04-30 00272382 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 00272382 c:FullAccounts 2023-05-01 2024-04-30 00272382 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00272382 5 2023-05-01 2024-04-30 00272382 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 00272382










CARROLL AND PRICHARD LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
CARROLL AND PRICHARD LIMITED
REGISTERED NUMBER: 00272382

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6
6

Investment property
 5 
150,000
150,000

  
150,006
150,006

Current assets
  

Cash at bank and in hand
  
6,485
7,862

  
6,485
7,862

Creditors: amounts falling due within one year
 6 
(29,870)
(43,477)

Net current liabilities
  
(23,385)
(35,615)

Total assets less current liabilities
  
 
 
126,621
 
 
114,391

Provisions for liabilities
  

Deferred tax
  
(18,405)
(14,060)

  
(18,405)
(14,060)

Net assets
  
108,216
100,331


Capital and reserves
  

Called up share capital 
  
500
500

Revaluation reserve
  
97,510
97,510

Other reserves
  
2,000
2,000

Profit and loss account
  
8,206
321

  
108,216
100,331


Page 1

 
CARROLL AND PRICHARD LIMITED
REGISTERED NUMBER: 00272382
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 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 by: 




Michael Huw Williams
Director

Date: 14 October 2024

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

Page 2

 
CARROLL AND PRICHARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Carroll and Prichard Limited is a private company, limited by shares, registered in England and Wales. The companies registered number is 00272382 and the address of the registered office is 47-48 Church Street, Abertillery, Gwent, NP13 1DB.

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 presentation currency of the financial statements is the Pound Sterling (£) and has been rounded to the nearest pound.

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

Going concern

The company has net assets at the balance sheet date, however it has net current liabilities. The directors have assessed the balance sheet and likely future cash flow of the company at the date of approving the financial statements. 
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

 
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 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

 
CARROLL AND PRICHARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.5

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.

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:

Improvements to property
-
10%
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.

Page 4

 
CARROLL AND PRICHARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses 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. Surpluses or deficits on revaluation are then transferred from Retained Earnings to a separate non-distributable reserve.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention
Page 5

 
CARROLL AND PRICHARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 instruments 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 receipts 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 6

 
CARROLL AND PRICHARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Tangible fixed assets





Improve-ments to property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 May 2023
8,000
15,388
23,388



At 30 April 2024

8,000
15,388
23,388



Depreciation


At 1 May 2023
8,000
15,382
23,382



At 30 April 2024

8,000
15,382
23,382



Net book value



At 30 April 2024
-
6
6



At 30 April 2023
-
6
6

Page 7

 
CARROLL AND PRICHARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Investment property


Investment property

£



Valuation


At 1 May 2023
150,000



At 30 April 2024
150,000


Comprising


Cost
38,353

Annual revaluation surplus/(deficit):


2022
111,647

At 30 April 2024
150,000

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



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
38,353
38,353

38,353
38,353

Page 8

 
CARROLL AND PRICHARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to other participating interests
-
12,492

Other taxation and social security
20
20

Other creditors
1,433
6,072

Accruals and deferred income
28,417
24,893

29,870
43,477



7.
Reserves


Retained earnings - Non distributable

£

At 1 May 2023 and 30 April 2024
97,510


8.


Transactions with directors

At the balance sheet date, the company owed its directors £1,433 (2023 - £6,072). The directors' loans are interest free, unsecured and are repayable on demand.

 
Page 9