Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302024-11-3000false2023-12-01falseThe letting of owned or leased real estate.trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13743637 2023-12-01 2024-11-30 13743637 2022-12-01 2023-11-30 13743637 2024-11-30 13743637 2023-11-30 13743637 2022-12-01 13743637 2 2022-12-01 2023-11-30 13743637 d:Director1 2023-12-01 2024-11-30 13743637 e:FreeholdInvestmentProperty 2023-12-01 2024-11-30 13743637 e:FreeholdInvestmentProperty 2024-11-30 13743637 e:FreeholdInvestmentProperty 2023-11-30 13743637 e:CurrentFinancialInstruments 2024-11-30 13743637 e:CurrentFinancialInstruments 2023-11-30 13743637 e:Non-currentFinancialInstruments 2024-11-30 13743637 e:Non-currentFinancialInstruments 2023-11-30 13743637 e:CurrentFinancialInstruments e:WithinOneYear 2024-11-30 13743637 e:CurrentFinancialInstruments e:WithinOneYear 2023-11-30 13743637 e:Non-currentFinancialInstruments e:AfterOneYear 2024-11-30 13743637 e:Non-currentFinancialInstruments e:AfterOneYear 2023-11-30 13743637 e:ShareCapital 2024-11-30 13743637 e:ShareCapital 2023-11-30 13743637 e:ShareCapital 2022-12-01 13743637 e:InvestmentPropertiesRevaluationReserve 2024-11-30 13743637 e:InvestmentPropertiesRevaluationReserve 2023-11-30 13743637 e:InvestmentPropertiesRevaluationReserve 2022-12-01 13743637 e:InvestmentPropertiesRevaluationReserve 2 2022-12-01 2023-11-30 13743637 e:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 13743637 e:RetainedEarningsAccumulatedLosses 2024-11-30 13743637 e:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 13743637 e:RetainedEarningsAccumulatedLosses 2023-11-30 13743637 e:RetainedEarningsAccumulatedLosses 2022-12-01 13743637 e:RetainedEarningsAccumulatedLosses 2 2022-12-01 2023-11-30 13743637 e:OtherDeferredTax 2024-11-30 13743637 e:OtherDeferredTax 2023-11-30 13743637 d:OrdinaryShareClass1 2023-12-01 2024-11-30 13743637 d:OrdinaryShareClass1 2024-11-30 13743637 d:OrdinaryShareClass1 2023-11-30 13743637 d:FRS102 2023-12-01 2024-11-30 13743637 d:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 13743637 d:FullAccounts 2023-12-01 2024-11-30 13743637 d:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 13743637 e:ShareCapital 2 2022-12-01 2023-11-30 13743637 f:PoundSterling 2023-12-01 2024-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13743637









FM PROPERTY LETS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
FM PROPERTY LETS LIMITED
REGISTERED NUMBER: 13743637

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investment property
 4 
1,259,164
650,000

  
1,259,164
650,000

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
  
28,467
-

Debtors: amounts falling due within one year
  
6,404
-

Cash at bank and in hand
  
9,199
1,138

  
44,070
1,138

Creditors: amounts falling due within one year
 6 
(359,974)
(178,265)

NET CURRENT LIABILITIES
  
 
 
(315,904)
 
 
(177,127)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
943,260
472,873

Creditors: amounts falling due after more than one year
 7 
(878,450)
(420,063)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 8 
(13,169)
(13,169)

  
 
 
(13,169)
 
 
(13,169)

NET LIABILITIES
  
51,641
39,641


CAPITAL AND RESERVES
  

Called up share capital 
 9 
1
1

Investment property reserve
  
39,507
39,507

Profit and loss account
  
12,133
133

  
51,641
39,641


Page 1

 
FM PROPERTY LETS LIMITED
REGISTERED NUMBER: 13743637
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

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 year 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 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: 




F Mortlock
Director

Date: 11 March 2025

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
FM PROPERTY LETS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2022
1
-
(1,061)
(1,060)



Profit for the year
-
-
54,701
54,701

Dividends: Equity capital
-
-
(14,000)
(14,000)

Transfer for unrealised gains on investment property
-
39,507
(39,507)
-



At 1 December 2023
1
39,507
133
39,641



Profit for the year
-
-
13,000
13,000

Dividends: Equity capital
-
-
(1,000)
(1,000)


AT 30 NOVEMBER 2024
1
39,507
12,133
51,641


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
FM PROPERTY LETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


GENERAL INFORMATION

FM Property Lets Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is Salisbury House, Station Road, Cambridge, CB1 2LA.
The Company's functional and presentational currency is GBP.

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

TURNOVER

Turnover comprises rental revenue recognised by the Company exclusive of Value Added Tax.

 
2.3

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.

 
2.4

BORROWING COSTS

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

Page 4

 
FM PROPERTY LETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

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.


 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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 5

 
FM PROPERTY LETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

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 Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


4.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 December 2023
650,000


Additions at cost
609,164



AT 30 NOVEMBER 2024
1,259,164

The 2024 valuations were made by the director, on an open market value for existing use basis, based on professional advice received.




Page 6

 
FM PROPERTY LETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


DEBTORS

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Prepayments and accrued income
28,467
-

28,467
-


2024
2023
£
£

DUE WITHIN ONE YEAR

Other debtors
5,100
-

Prepayments and accrued income
1,304
-

6,404
-



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Corporation tax
3,049
3,315

Other creditors
343,684
159,840

Accruals and deferred income
13,241
15,110

359,974
178,265



7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Mortgages
878,450
420,063


Included in mortgages is an interest only mortgage from Precise Mortgages. This is secured by a fixed charge over the Company's freehold investment property. The loan facility is provided on an interest only basis at an initial fixed rate of  3.49% per annum and is to be repaid in full on 30 June 2057. 
Included in mortgages is an interest only mortgage from lendinvest. This is secured by a fixed charge over the Company's freehold investment property. The loan facility is provided on an interest only basis at an initial fixed rate of 3.84% per annum and is to be repaid in full on 25 September 2047.

Page 7

 
FM PROPERTY LETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


DEFERRED TAXATION




2024


£






At beginning of year
(13,169)



AT END OF YEAR
(13,169)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Unrealised investment property gains
(13,169)
(13,169)

(13,169)
(13,169)


9.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2023 - 1) Ordinary share of £1.00
1
1


 
Page 8