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Registered number: 01240746









POPLAR PROPERTIES (WREXHAM) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
POPLAR PROPERTIES (WREXHAM) LIMITED
REGISTERED NUMBER: 01240746

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,254,162
2,275,552

Investment property
 5 
6,548,760
4,793,560

  
9,802,922
7,069,112

Current assets
  

Stocks
  
6,778
6,838

Debtors: amounts falling due within one year
 6 
166,169
314,292

Cash at bank and in hand
 7 
500,698
121,197

  
673,645
442,327

Creditors: amounts falling due within one year
 8 
(1,710,671)
(953,428)

Net current liabilities
  
 
 
(1,037,026)
 
 
(511,101)

Total assets less current liabilities
  
8,765,896
6,558,011

Creditors: amounts falling due after more than one year
 9 
(71,311)
(950,434)

Provisions for liabilities
  

Deferred tax
 10 
(1,101,268)
(453,082)

  
 
 
(1,101,268)
 
 
(453,082)

Net assets
  
7,593,317
5,154,495


Capital and reserves
  

Called up share capital 
 11 
96,670
96,670

Revaluation reserve
  
3,932,803
1,933,048

Profit and loss account
  
3,563,844
3,124,777

  
7,593,317
5,154,495


Page 1

 
POPLAR PROPERTIES (WREXHAM) LIMITED
REGISTERED NUMBER: 01240746
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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 profit and loss account 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 S D Jones
Director

Date: 8 January 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
POPLAR PROPERTIES (WREXHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Poplar Properties (Wrexham) Limited is a private limited company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Meadow View, Rhossddu Industrial Estate, Wrexham, Clwyd, LL11 4YL. 

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 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

 
POPLAR PROPERTIES (WREXHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
POPLAR PROPERTIES (WREXHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

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.


 
2.9

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% on reducing balance
Motor vehicles
-
20% on reducing balance
Fixtures and fittings
-
15% on reducing balance

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 5

 
POPLAR PROPERTIES (WREXHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

 
2.14

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.

 
2.15

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 6

 
POPLAR PROPERTIES (WREXHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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 6 (2023 - 6).

Page 7

 
POPLAR PROPERTIES (WREXHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
1,312,330
2,229,575
140,325
46,883
3,729,113


Additions
-
318,059
19,600
-
337,659


Disposals
(144,000)
(11,595)
(26,778)
-
(182,373)


Revaluations
993,285
-
-
-
993,285



At 30 June 2024

2,161,615
2,536,039
133,147
46,883
4,877,684



Depreciation


At 1 July 2023
-
1,369,383
45,315
38,863
1,453,561


Charge for the year on owned assets
-
165,562
24,693
1,203
191,458


Disposals
-
(1,739)
(19,758)
-
(21,497)



At 30 June 2024

-
1,533,206
50,250
40,066
1,623,522



Net book value



At 30 June 2024
2,161,615
1,002,833
82,897
6,817
3,254,162



At 30 June 2023
1,312,330
860,192
95,010
8,020
2,275,552

The 2024 valuations were performed by Fisher German LLP, a firm of independent, professionally qualified third-party property valuers.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Historic cost
1,015,534
1,151,534

Net book value
1,015,534
1,151,534

Page 8

 
POPLAR PROPERTIES (WREXHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
4,793,560


Additions at cost
136,000


Surplus on revaluation
1,619,200



At 30 June 2024
6,548,760

The 2024 valuations were performed by independent, professionally qualified third-party property valuers.



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
2,934,315
2,798,315

2,934,315
2,798,315

Page 9

 
POPLAR PROPERTIES (WREXHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Trade debtors
161,253
134,099

Other debtors
-
176,799

Prepayments and accrued income
4,916
3,394

166,169
314,292



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
500,698
121,197

500,698
121,197



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
905,807
72,000

Other loans
60
20

Trade creditors
102,558
14,894

Corporation tax
150,923
159,038

Other taxation and social security
89,272
72,177

Obligations under finance lease and hire purchase contracts
138,739
149,848

Other creditors
318,892
472,701

Accruals and deferred income
4,420
12,750

1,710,671
953,428


Creditors above include bank loans and hire purchase liabilities totalling £1,044,546 (2023: £221,848) which are secured by various charges over the property of the company or against the assets to which they relate.

Page 10

 
POPLAR PROPERTIES (WREXHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
905,695

Net obligations under finance leases and hire purchase contracts
71,311
44,739

71,311
950,434


Creditors above include bank loans and hire purchase liabilities totalling £71,311 (2023: £950,434) which are secured by various charges against the assets to which they relate.


10.


Deferred taxation




2024


£






At beginning of year
(453,082)


Charged to profit or loss
(648,186)



At end of year
(1,101,268)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(273,546)
(230,090)

Revaluation reserve
(827,722)
(222,992)

(1,101,268)
(453,082)

Page 11

 
POPLAR PROPERTIES (WREXHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



Nil (2023 - 96,670) Ordinary shares of £1.00 each
-
96,670
14,501 (2023 - nil) Ordinary A shares of £1.00 each
14,501
-
14,501 (2023 - nil) Ordinary B shares of £1.00 each
14,501
-
14,500 (2023 - nil) Ordinary C shares of £1.00 each
14,500
-
14,501 (2023 - nil) Ordinary D shares of £1.00 each
14,501
-
19,333 (2023 - nil) Ordinary E shares of £1.00 each
19,333
-
19,334 (2023 - nil) Ordinary F shares of £1.00 each
19,334
-

96,670

96,670



12.


Pension commitments

The Company operates a defined pension scheme. The assets of the scheme are held separately from
those of the Company in an independently administered fund. The pension cost charge represents
contributions payable by the Company to the fund and amounted to £12,245 (2023: £11,082).

 
Page 12