Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-3112023-08-09falsetruefalseNo description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 15059577 2023-08-08 15059577 2023-08-09 2024-08-31 15059577 2022-08-01 2023-08-08 15059577 2024-08-31 15059577 c:Director1 2023-08-09 2024-08-31 15059577 d:PlantMachinery 2023-08-09 2024-08-31 15059577 d:PlantMachinery 2024-08-31 15059577 d:FurnitureFittings 2023-08-09 2024-08-31 15059577 d:FurnitureFittings 2024-08-31 15059577 d:FreeholdInvestmentProperty 2023-08-09 2024-08-31 15059577 d:FreeholdInvestmentProperty 2024-08-31 15059577 d:CurrentFinancialInstruments 2024-08-31 15059577 d:Non-currentFinancialInstruments 2024-08-31 15059577 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 15059577 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 15059577 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-08-31 15059577 d:ShareCapital 2024-08-31 15059577 d:RetainedEarningsAccumulatedLosses 2024-08-31 15059577 c:OrdinaryShareClass1 2023-08-09 2024-08-31 15059577 c:OrdinaryShareClass1 2024-08-31 15059577 c:FRS102 2023-08-09 2024-08-31 15059577 c:AuditExempt-NoAccountantsReport 2023-08-09 2024-08-31 15059577 c:FullAccounts 2023-08-09 2024-08-31 15059577 c:PrivateLimitedCompanyLtd 2023-08-09 2024-08-31 15059577 6 2023-08-09 2024-08-31 15059577 e:PoundSterling 2023-08-09 2024-08-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 15059577









BEARS PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 AUGUST 2024

 
BEARS PROPERTIES LIMITED
REGISTERED NUMBER: 15059577

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
Note
£

Fixed assets
  

Tangible assets
 5 
55,000

Investment property
  
1,320,000

Current assets
  

Debtors: amounts falling due within one year
 8 
318

Cash at bank and in hand
 9 
38,621

  
38,939

Creditors: amounts falling due within one year
 10 
(802,923)

Net current (liabilities)/assets
  
 
 
(763,984)

Total assets less current liabilities
  
611,016

Creditors: amounts falling due after more than one year
  
(192,317)

Net assets
  
418,699


Capital and reserves
  

Called up share capital 
  
399,102

Profit and loss account
  
19,597

  
418,699


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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her 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.
 
Page 1

 
BEARS PROPERTIES LIMITED
REGISTERED NUMBER: 15059577
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2024.




Diane Bearfield
Director

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

Page 2

 
BEARS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

1.


General information

Bears Properties Limited ("the Company") is a private limited company by shares and it is incorporated in England and Wales. The Company's principal activity is that of property investment and letting. The address of it's registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Rental income is recognised in the period to which it relates.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
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 period 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 balance sheet date in the countries where the Company operates and generates income.


Page 3

 
BEARS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

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:

Plant and machinery
-
10%
Fixtures and fittings
-
20%

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.

 
2.8

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Investment property

Investment property is carried at fair value determined annually by the directors. No depreciation is provided. Chnages in fair value are recognised in the Statement of comprehensive income.

 
2.10

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 balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings 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 balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 4

 
BEARS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.11

Debtors

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

 
2.12

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.

 
2.13

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
a) Critical judgments in applying accounting policies
(i) Valuation of investment properties
The valuation of investment properties has been made by the directors based on thier personal expertise and knowledge of the market.
b) Critical accounting estimates and assumptions
The Company does not consider there to be any critical estimates and assumptions in applying accounting policies.


4.


Employees

The average monthly number of employees, including directors, during the year was 1.

Page 5

 
BEARS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


Additions
53,800
1,200
55,000



At 31 August 2024

53,800
1,200
55,000



Net book value



At 31 August 2024
53,800
1,200
55,000


6.


Fixed asset investments





Investments in subsidiary companies

£





Additions
953,200


Disposals
(554,498)


Amounts written off
(398,702)



At 31 August 2024
-




During the year the company was part of a re-organisation with related entities. See note 13 for further information. 

Page 6

 
BEARS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

7.


Investment property


Freehold investment property

£



Valuation


Additions at cost
1,320,000



At 31 August 2024
1,320,000

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




8.


Debtors

2024
£

Trade debtors
318

318



9.


Cash and cash equivalents

2024
£

Cash at bank and in hand
38,621



10.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
2,766

Corporation tax
19,201

Other creditors
780,956

802,923


Page 7

 
BEARS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

11.


Creditors: Amounts falling due after more than one year

2024
£

Bank loans
192,317

192,317



12.


Loans


Analysis of the maturity of loans is given below:


2024
£


Bank loans
192,317

192,317


Bank loans represent interest only mortgages are secured against the property to which they relate. 


13.


Share capital

2024
£
Allotted, called up and fully paid


399,102 Ordinary B shares of £1.00 each
399,102


On incorporation 400 £1 Ordinary shares were issued at par. 
During the period a further 953,200 £1 Ordinary shares were issued in exchange for the share capital of £400 held in a trading company. 
The shares were then redominated into 554,498 Ordinary A shares and 399,102 Ordinary B shares. The Ordinary A shares were given rights over the investment in the subsidiary and the Ordinary B shares were given rights over all other remaining assets. 
The Ordinary A shares were then cancelled in exchange for the investment in subsidiary.


14.


Lease of assets

The Company has aggregate rentals receivable in relation to short term operating leases of £135,362.
At the period end, the Company held fixed assets used in operating leases at a cost of £1,320,000. There is no related depreciation.  

Page 8

 
BEARS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

15.


Related party transactions

At the period end the company owed the director £777,276. 
See note 13 for further information on transactions during the year that involved a company formally under common control. 


16.


Controlling party

The company regards Diane Bearfield as it's controlling party.

 
Page 9