Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-312023-09-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The principal activity of the company during the year continued to be that of property development.22truetruefalse 04488797 2023-09-01 2024-08-31 04488797 2022-09-01 2023-08-31 04488797 2024-08-31 04488797 2023-08-31 04488797 c:Director1 2023-09-01 2024-08-31 04488797 d:CurrentFinancialInstruments 2024-08-31 04488797 d:CurrentFinancialInstruments 2023-08-31 04488797 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 04488797 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 04488797 d:ShareCapital 2024-08-31 04488797 d:ShareCapital 2023-08-31 04488797 d:RetainedEarningsAccumulatedLosses 2024-08-31 04488797 d:RetainedEarningsAccumulatedLosses 2023-08-31 04488797 c:OrdinaryShareClass1 2023-09-01 2024-08-31 04488797 c:OrdinaryShareClass1 2024-08-31 04488797 c:OrdinaryShareClass1 2023-08-31 04488797 c:FRS102 2023-09-01 2024-08-31 04488797 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 04488797 c:FullAccounts 2023-09-01 2024-08-31 04488797 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04488797 2 2023-09-01 2024-08-31 04488797 e:PoundSterling 2023-09-01 2024-08-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04488797









PROPEQUITY (CANTERBURY) LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
PROPEQUITY (CANTERBURY) LIMITED
REGISTERED NUMBER: 04488797

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Current assets
  

Stocks
 4 
165,000
165,000

Debtors: amounts falling due within one year
 5 
396,436
392,503

Cash at bank and in hand
  
29,958
30,124

  
591,394
587,627

Creditors: amounts falling due within one year
 6 
(665,627)
(665,953)

Net liabilities
  
 
 
(74,233)
 
 
(78,326)


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
(74,333)
(78,426)

  
(74,233)
(78,326)


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 income and retained earnings 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: 



P J M Williams
Director
Date: 6 March 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
PROPEQUITY (CANTERBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Propequity (Canterbury) Limited is a private company, limited by shares, incorporated in England and
Wales. The address of its registered office is 26-28 Neal Street, Covent Garden, London, WC2H 9QQ.
The functional and presentational currency of the company is considered to be pounds sterling (£) being the currency of the primary economic in which the company operates.

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

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operation for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. The immediate parent company, Universal Consolidated Group Limited, has confirmed that it will continue to maintain its financial support of the company alongside a fellow subsidary company which has confirmed its support, by deferment of the amounts due to it.
The directors are therefore satisfied that the company will have sufficient resources to enable it to continue normal operations for the foreseeable future and that it is therefore appropriate to prepare the financial statements on a going concern basis.

 
2.3

Turnover

Turnover represents proceeds from property sales, and rental income, and is stated net of value added tax where appropriate.
Rental income is accrued on a time apportioned basis under the term of the lease.

 
2.4

Interest income

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

 
2.5

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 corporation 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 2

 
PROPEQUITY (CANTERBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.6

Stocks

Stock, which comprises development properties held for resale, is valued at the lower of cost and net realisable value. Cost includes property purchase costs and all subsequent development costs. Interest payable arising on loans for the acquisition of specific property developments is written off as incurred.  Net realisable value is based on the estimated sales price of each property development less all costs expected to be incurred to the date of disposal.

Property acquisitions and disposals are accounted for when legally binding contracts which are irrevocable and effectively unconditional are exchanged and, in the case of disposals, where completion has taken place prior to the date on which the financial statements are approved.

 
2.7

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.

 
2.8

Financial instruments

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 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.

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.
 

Page 3

 
PROPEQUITY (CANTERBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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 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 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 2 (2023 - 2).


4.


Stocks

2024
2023
£
£

Development properties
165,000
165,000


Page 4

 
PROPEQUITY (CANTERBURY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Debtors

2024
2023
£
£

Trade debtors
9,168
1,157

Amounts owed by group undertakings
385,096
385,130

Other debtors
363
5,035

Prepayments and accrued income
1,809
1,181

396,436
392,503



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
318
438

Amounts owed to group undertakings
661,368
661,368

Corporation tax
1,082
196

Accruals and deferred income
2,859
3,951

665,627
665,953



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



8.


Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.


9.


Controlling party

The immediate parent company is Universal Consolidated Group Limited, a company registered in England and Wales. The address of its registered office is 26-28 Neal Street, London, WC2H 9QQ.
The ultimate parent company is Universal Consolidated Group Holdings Limited, a company registered in England and Wales. 


Page 5