Caseware UK (AP4) 2024.0.164 2024.0.164 false2023-07-01falseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11987255 2023-07-01 2024-06-30 11987255 2022-07-01 2023-06-30 11987255 2024-06-30 11987255 2023-06-30 11987255 c:Director1 2023-07-01 2024-06-30 11987255 d:FreeholdInvestmentProperty 2023-07-01 2024-06-30 11987255 d:FreeholdInvestmentProperty 2024-06-30 11987255 d:FreeholdInvestmentProperty 2023-06-30 11987255 d:CurrentFinancialInstruments 2024-06-30 11987255 d:CurrentFinancialInstruments 2023-06-30 11987255 d:Non-currentFinancialInstruments 2024-06-30 11987255 d:Non-currentFinancialInstruments 2023-06-30 11987255 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 11987255 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11987255 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 11987255 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 11987255 d:ShareCapital 2024-06-30 11987255 d:ShareCapital 2023-06-30 11987255 d:InvestmentPropertiesRevaluationReserve 2024-06-30 11987255 d:InvestmentPropertiesRevaluationReserve 2023-06-30 11987255 d:RetainedEarningsAccumulatedLosses 2024-06-30 11987255 d:RetainedEarningsAccumulatedLosses 2023-06-30 11987255 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 11987255 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 11987255 c:FRS102 2023-07-01 2024-06-30 11987255 c:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 11987255 c:FullAccounts 2023-07-01 2024-06-30 11987255 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11987255 d:WithinOneYear 2024-06-30 11987255 d:WithinOneYear 2023-06-30 11987255 d:BetweenOneFiveYears 2024-06-30 11987255 d:BetweenOneFiveYears 2023-06-30 11987255 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 11987255










Bethel Assets Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 June 2024

 
Bethel Assets Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Bethel Assets Limited for the year ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bethel Assets Limited for the year ended 30 June 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Bethel Assets Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Bethel Assets Limited and state those matters that we have agreed to state to the Board of directors of Bethel Assets Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bethel Assets Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Bethel Assets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bethel Assets Limited. You consider that Bethel Assets Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Bethel Assets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Maritime Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ
26 March 2025
Page 1

 
Bethel Assets Limited
Registered number: 11987255

Balance sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
  
3,201,405
2,503,728

  
3,201,405
2,503,728

Current assets
  

Debtors: amounts falling due within one year
 5 
4,437
298,372

Cash at bank and in hand
  
60,346
148,488

  
64,783
446,860

Creditors: amounts falling due within one year
 6 
(1,533,981)
(1,313,096)

Net current liabilities
  
 
 
(1,469,198)
 
 
(866,236)

Total assets less current liabilities
  
1,732,207
1,637,492

Creditors: amounts falling due after more than one year
 7 
(1,623,317)
(1,601,707)

Provisions for liabilities
  

Deferred tax
 8 
-
(14,655)

  
 
 
-
 
 
(14,655)

Net assets
  
108,890
21,130


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
  
(10,549)
(10,549)

Profit and loss account
  
119,339
31,579

  
108,890
21,130


Page 2

 
Bethel Assets Limited
Registered number: 11987255

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 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 26 March 2025.



James Adebayo
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Bethel Assets Limited
 

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

1.


General information

Bethel Assets Limited is a private company limited by shares and is incorporated in England and Wales with the registration number 11987255. The addresss of the registered office and principal place of business is 2 Veridion Way, Erith, Kent, DA18 4AL.

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 recognition

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:

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.

 
2.3

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.

 
2.4

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.

 
2.5

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 4

 
Bethel Assets Limited
 

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

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its 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 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.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual 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.

Page 5

 
Bethel Assets Limited
 

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

2.Accounting policies (continued)


2.6
Financial instruments (continued)

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.

 
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.

 
2.9

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.

Page 6

 
Bethel Assets Limited
 

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

2.Accounting policies (continued)

 
2.10

Borrowing costs

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

 
2.11

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.

 
2.12

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.


Employees

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

Page 7

 
Bethel Assets Limited
 

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

4.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
2,503,728


Additions at cost
697,677



At 30 June 2024
3,201,405

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
3,211,952
2,514,276

Accumulated depreciation and impairments
(109,550)
(64,797)

3,102,402
2,449,479


5.


Debtors

2024
2023
£
£


Prepayments and accrued income
1,800
298,372

Deferred taxation
2,637
-



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
1

Bank loans
75,155
94,700

Amounts owed to group undertakings
1,431,742
1,206,067

Corporation tax
23,490
10,378

Accruals and deferred income
3,594
1,950

1,533,981
1,313,096


Page 8

 
Bethel Assets Limited
 

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

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,623,317
1,601,707


The following liabilities were secured:

2024
2023
£
£



Bank loan
1,677,719
1,665,662

Details of security provided:

The bank loans are secured by fixed and floating charges over the assets of the company by Lloyds Bank Plc, Keystone Property Finance Limited, and a fixed charge by West One Secured Loans Limited. 
The company is party to a composite cross guarantee fixed charge and negative pledge given to Lloyds Bank Plc, covering the bank loan of the companies within the Quortune Limited group of companies. 
The company also has a debenture given to Lloyds Bank Plc, secured by fixed and floating charge, and negative pledge over all of the assets and undertakings of the company. 

Page 9

 
Bethel Assets Limited
 

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

8.


Deferred taxation




2024


£






At beginning of year
(14,655)


Charged to profit or loss
17,292



At end of year
2,637

The deferred taxation balance is made up as follows:

2024
2023
£
£


Revaluation surplus
2,637
(14,655)

2,637
(14,655)


9.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
16,200
21,600

Later than 1 year and not later than 5 years
-
16,200

16,200
37,800


10.


Related party transactions

All transactions that arose with related parties during the current and prior years, were done so under normal market conditions.


11.


Controlling party

The ultimate parent undertaking of the company is Quortune Limited, a company incorporated in England and Wales, where the ultimate controlling party is J Adebayo and E Ajakaye by virtue of shareholding. 


Page 10