Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09928830 2023-05-01 2024-04-30 09928830 2022-05-01 2023-04-30 09928830 2024-04-30 09928830 2023-04-30 09928830 c:Director2 2023-05-01 2024-04-30 09928830 d:FurnitureFittings 2023-05-01 2024-04-30 09928830 d:FurnitureFittings 2024-04-30 09928830 d:FurnitureFittings 2023-04-30 09928830 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 09928830 d:FreeholdInvestmentProperty 2024-04-30 09928830 d:FreeholdInvestmentProperty 2023-04-30 09928830 d:CurrentFinancialInstruments 2024-04-30 09928830 d:CurrentFinancialInstruments 2023-04-30 09928830 d:Non-currentFinancialInstruments 2024-04-30 09928830 d:Non-currentFinancialInstruments 2023-04-30 09928830 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 09928830 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 09928830 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 09928830 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 09928830 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 09928830 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 09928830 d:ShareCapital 2024-04-30 09928830 d:ShareCapital 2023-04-30 09928830 d:RetainedEarningsAccumulatedLosses 2024-04-30 09928830 d:RetainedEarningsAccumulatedLosses 2023-04-30 09928830 c:FRS102 2023-05-01 2024-04-30 09928830 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 09928830 c:FullAccounts 2023-05-01 2024-04-30 09928830 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09928830 6 2023-05-01 2024-04-30 09928830 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 09928830









PROPERTYCOE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
PROPERTYCOE LIMITED
REGISTERED NUMBER: 09928830

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
519

Investments
 6 
5,325,344
4,811,691

Investment property
 7 
5,368,512
5,368,512

  
10,693,856
10,180,722

Current assets
  

Debtors: amounts falling due within one year
 8 
2,974,934
3,031,539

Cash at bank and in hand
 9 
207,622
230,961

  
3,182,556
3,262,500

Creditors: amounts falling due within one year
 10 
(12,902,101)
(13,274,353)

Net current liabilities
  
 
 
(9,719,545)
 
 
(10,011,853)

Total assets less current liabilities
  
974,311
168,869

Creditors: amounts falling due after more than one year
 11 
(603,507)
(265,254)

  

Net assets/(liabilities)
  
370,804
(96,385)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
369,804
(97,385)

  
370,804
(96,385)


Page 1

 
PROPERTYCOE LIMITED
REGISTERED NUMBER: 09928830
    
STATEMENT OF FINANCIAL POSITION (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 on 29 January 2025.




J Coe
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
PROPERTYCOE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Propertycoe Limited is a private company, limited by shares and incoporated in England and Wales, United Kingdom, with a registration number 09928830. The address of the registered office is 53 Redbridge Lane East, Ilford, Essex, United Kingdom, IG4 5EY. The nature of the company's operations and principal activities are property investment and portfolio investment.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
PROPERTYCOE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
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:

Rental and Investment Income
Rental income from operating leases (net of any incentives given ot the lessee) is recognised on a straight line basis over the term of the lease. Investment income is relates to dividends received from listed investments. 

 
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 year 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 reporting date in the countries where the Company operates and generates income.


 
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.

Page 4

 
PROPERTYCOE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.7
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
-
20% straight line

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

Investment property

Investment property is carried at fair value determined annually by directors 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 the Statement of Comprehensive Income.

 
2.9

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 reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income 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 reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

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.

 
2.11

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.

Page 5

 
PROPERTYCOE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Financial instruments

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors 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

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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
Page 6

 
PROPERTYCOE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2

Page 7

 
PROPERTYCOE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Income from investments

2024
2023
£
£

Income from fixed asset investments
(43,663)
-

(43,663)
-


Income from current asset investments
(64,549)
(73,332)

(64,549)
(73,332)


Profit/loss on disposal of investments
117
(126,447)

117
(126,447)



5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 May 2023
54,363



At 30 April 2024

54,363



Depreciation


At 1 May 2023
53,844


Charge for the year on owned assets
519



At 30 April 2024

54,363



Net book value



At 30 April 2024
-



At 30 April 2023
519

Page 8

 
PROPERTYCOE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 May 2023
4,811,691


Additions
2,507,136


Disposals
(2,277,667)


Revaluations
284,184



At 30 April 2024
5,325,344





7.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
5,368,512



At 30 April 2024
5,368,512

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







 

Page 9

 
PROPERTYCOE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Debtors

2024
2023
£
£


Trade debtors
11,775
56,841

Other debtors
2,949,438
2,968,926

Prepayments and accrued income
7,344
5,772

Tax recoverable
6,377
-

2,974,934
3,031,539



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
207,622
230,961

207,622
230,961



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
59,747
59,747

Trade creditors
14,966
11,513

Corporation tax
31,829
40,924

Other taxation and social security
14,732
18,833

Other creditors
12,745,807
13,081,504

Accruals and deferred income
35,020
61,832

12,902,101
13,274,353



11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
603,507
265,254

603,507
265,254


Page 10

 
PROPERTYCOE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
59,747
59,747


59,747
59,747

Amounts falling due 1-2 years

Other loans
603,507
265,254


603,507
265,254



663,254
325,001



13.


Related party transactions

The following balances were due (to)/from the company at the year end:


2024
2023
£
£

Key management personnel
(12,705,653)
(13,042,970)
(12,705,653)
(13,042,970)


14.


Controlling party

The ultimate controlling party is J M Coe by virtue of his majority shareholding. 
 
Page 11