Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-07-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01315670 2023-07-01 2024-06-30 01315670 2022-07-01 2023-06-30 01315670 2024-06-30 01315670 2023-06-30 01315670 2022-07-01 01315670 c:Director1 2023-07-01 2024-06-30 01315670 d:OfficeEquipment 2023-07-01 2024-06-30 01315670 d:OfficeEquipment 2024-06-30 01315670 d:OfficeEquipment 2023-06-30 01315670 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01315670 d:FreeholdInvestmentProperty 2024-06-30 01315670 d:FreeholdInvestmentProperty 2023-06-30 01315670 d:CurrentFinancialInstruments 2024-06-30 01315670 d:CurrentFinancialInstruments 2023-06-30 01315670 d:Non-currentFinancialInstruments 2024-06-30 01315670 d:Non-currentFinancialInstruments 2023-06-30 01315670 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 01315670 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 01315670 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 01315670 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 01315670 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 01315670 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 01315670 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 01315670 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 01315670 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-06-30 01315670 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 01315670 d:ShareCapital 2024-06-30 01315670 d:ShareCapital 2023-06-30 01315670 d:InvestmentPropertiesRevaluationReserve 2023-07-01 2024-06-30 01315670 d:OtherMiscellaneousReserve 2024-06-30 01315670 d:OtherMiscellaneousReserve 2023-06-30 01315670 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 01315670 d:RetainedEarningsAccumulatedLosses 2024-06-30 01315670 d:RetainedEarningsAccumulatedLosses 2023-06-30 01315670 c:FRS102 2023-07-01 2024-06-30 01315670 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 01315670 c:FullAccounts 2023-07-01 2024-06-30 01315670 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01315670 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 01315670 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 01315670 d:OtherDeferredTax 2024-06-30 01315670 d:OtherDeferredTax 2023-06-30 01315670 2 2023-07-01 2024-06-30 01315670 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 01315670










Cobbetts Developments Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 June 2024

 
Cobbetts Developments Limited
Registered number: 01315670

Balance sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
503
671

Investment property
 6 
5,758,905
5,758,905

  
5,759,408
5,759,576

Current assets
  

Debtors: amounts falling due within one year
 7 
85,821
90,982

Cash at bank and in hand
  
180,739
223,892

  
266,560
314,874

Creditors: amounts falling due within one year
 8 
(254,501)
(251,924)

Net current assets
  
 
 
12,059
 
 
62,950

Total assets less current liabilities
  
5,771,467
5,822,526

Creditors: amounts falling due after more than one year
 9 
(125,086)
(235,295)

Provisions for liabilities
  

Deferred tax
 11 
(514,029)
(514,071)

  
 
 
(514,029)
 
 
(514,071)

Net assets
  
5,132,352
5,073,160


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
 12 
3,783,822
3,783,822

Profit and loss account
 12 
1,348,430
1,289,238

  
5,132,352
5,073,160


Page 1

 
Cobbetts Developments Limited
Registered number: 01315670

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: 



................................................
W D Thornton
Director
Date: 25 January 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
Cobbetts Developments Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

1.


General information

The company is a private company limited by share capital incorporated in England and Wales. The company's registration number is 01315670. The address of its registered office is 32 St Albans Avenue,  London, W4 5JP.

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.

These financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rent receivable
Turnover comprises of rent receivable from the Company's investment properties.

Page 3

 
Cobbetts Developments Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.3

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:

Office equipment
-
25%
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.

 
2.4

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit or loss. The surpluses of such properties, less any provision for deferred tax, are transferred to the Investment property reserve.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 4

 
Cobbetts Developments Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Interest income

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

 
2.11

Borrowing costs

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

 
2.12

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.



3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to determining the fair value of the investment properties, which are sensitive to fluctuations in the property market.

Page 5

 
Cobbetts Developments Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

4.


Employees

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


5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 July 2023
2,965



At 30 June 2024

2,965



Depreciation


At 1 July 2023
2,294


Charge for the year on owned assets
168



At 30 June 2024

2,462



Net book value



At 30 June 2024
503



At 30 June 2023
671

Page 6

 
Cobbetts Developments Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
5,758,905



At 30 June 2024
5,758,905

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
1,378,437
1,378,437

1,378,437
1,378,437


7.


Debtors

2024
2023
£
£


Trade debtors
33,740
39,584

Amounts owed by group undertakings
14,559
13,490

Other debtors
1,384
1,005

Prepayments and accrued income
36,138
36,903

85,821
90,982



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
22,247
19,764

Corporation tax
60,453
51,275

Other taxation and social security
20,711
12,939

Other creditors
109,613
134,698

Accruals and deferred income
41,477
33,248

254,501
251,924


Page 7

 
Cobbetts Developments 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
125,086
235,295

125,086
235,295



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Amounts falling due within one year
22,247
19,764

Amounts falling due 1-2 years
22,247
20,544

Amounts falling due 2-5 years
66,739
90,300

Amounts falling due after more than 5 years
36,100
124,451

147,333
255,059


Bank loans of £147,333 (2023 - £255,059) are secured over the properties of the Company by way of fixed and floating charges.

Page 8

 
Cobbetts Developments Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(514,071)
(532,412)


Charged to profit or loss
42
18,341



At end of year
(514,029)
(514,071)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax on revalued investment property
(513,903)
(513,903)

Fixed asset timing differences
(126)
(168)

(514,029)
(514,071)


12.


Reserves

Investment property revaluation reserve

To assist with the identification of profits available for distribution, this reserve represents changes in the fair value of the Company’s investment properties to the extent that they are not considered to be distributable to the Company’s shareholders, less any related provision for deferred tax.

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the Company’s shareholders.


13.


Pension commitments

The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £30,000 (2023 - £30,000). The amount outstanding at the year end was £Nil (2023 - £Nil)

Page 9

 
Cobbetts Developments Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

14.


Related party transactions

During the year the company made the following related party transactions:
E D Thornton
(Director)
During the year the director continued to provide an interest-free loan to the company, which is repayable on demand. At the balance sheet date the amount due to E D Thornton was £94,177 (2023 - £129,377).
W D Thornton
(Director)
During the year the director continued to provide an interest-free loan to the company, which is repayable on demand. At the balance sheet date the amount due to W D Thornton was £3,834 (2023 - £2,818).


15.


Controlling party

The parent and ultimate parent company is Cobbetts Investments Limited, which is registered in England and Wales. The directors of this company are also the directors and shareholders of Cobbetts Investments Limited. 


Page 10