Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-31false12023-08-01falsecontinues to be that of residential property development and rental.1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09694950 2023-08-01 2024-07-31 09694950 2022-08-01 2023-07-31 09694950 2024-07-31 09694950 2023-07-31 09694950 c:Director1 2023-08-01 2024-07-31 09694950 d:MotorVehicles 2023-08-01 2024-07-31 09694950 d:MotorVehicles 2024-07-31 09694950 d:MotorVehicles 2023-07-31 09694950 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 09694950 d:FreeholdInvestmentProperty 2024-07-31 09694950 d:FreeholdInvestmentProperty 2023-07-31 09694950 d:CurrentFinancialInstruments 2024-07-31 09694950 d:CurrentFinancialInstruments 2023-07-31 09694950 d:Non-currentFinancialInstruments 2024-07-31 09694950 d:Non-currentFinancialInstruments 2023-07-31 09694950 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 09694950 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 09694950 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 09694950 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 09694950 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-07-31 09694950 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-07-31 09694950 d:ShareCapital 2024-07-31 09694950 d:ShareCapital 2023-07-31 09694950 d:RetainedEarningsAccumulatedLosses 2024-07-31 09694950 d:RetainedEarningsAccumulatedLosses 2023-07-31 09694950 c:OrdinaryShareClass1 2023-08-01 2024-07-31 09694950 c:OrdinaryShareClass1 2024-07-31 09694950 c:OrdinaryShareClass1 2023-07-31 09694950 c:FRS102 2023-08-01 2024-07-31 09694950 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 09694950 c:FullAccounts 2023-08-01 2024-07-31 09694950 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09694950 e:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09694950









R W PROPERTY PROGRESS LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
R W PROPERTY PROGRESS LIMITED
REGISTERED NUMBER: 09694950

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
862
1,078

Investment property
 5 
123,623
123,623

  
124,485
124,701

Current assets
  

Debtors: amounts falling due within one year
 6 
379
362

Cash at bank and in hand
  
9,963
10,200

  
10,342
10,562

Creditors: amounts falling due within one year
 7 
(10,292)
(15,359)

Net current assets/(liabilities)
  
 
 
50
 
 
(4,797)

Total assets less current liabilities
  
124,535
119,904

Creditors: amounts falling due after more than one year
 8 
(100,000)
(103,322)

  

Net assets
  
24,535
16,582


Capital and reserves
  

Called up share capital 
 10 
200
200

Profit and loss account
  
24,335
16,382

  
24,535
16,582


Page 1

 
R W PROPERTY PROGRESS LIMITED
REGISTERED NUMBER: 09694950
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 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 his 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 on 15 April 2025.




Raymond Stanley Williams
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
R W PROPERTY PROGRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The company is registered in England and Wales. Its registered office is Stanley House, 27 Wellington Road, Bilston, West Midlands, WV14 6AH and its trading address is 11 Elmwood Close, Gnosall, Stafford, ST20 0RR. The company's principal activity continues to be that of residential property development and rental.

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

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:

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

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 3

 
R W PROPERTY PROGRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
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 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.


 
2.6

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:

Motor vehicles
-
20% reducing balance basis

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.

 
2.7

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.

 
2.8

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.

 
2.9

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

 
R W PROPERTY PROGRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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 average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
R W PROPERTY PROGRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 August 2023
6,063



At 31 July 2024

6,063



Depreciation


At 1 August 2023
4,985


Charge for the year on financed assets
216



At 31 July 2024

5,201



Net book value



At 31 July 2024
862



At 31 July 2023
1,078

Page 6

 
R W PROPERTY PROGRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 August 2023
123,623



At 31 July 2024
123,623

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



At 31 July 2024



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
123,623
123,623

123,623
123,623


6.


Debtors

2024
2023
£
£


Prepayments and accrued income
379
362

379
362



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
2,148
1,893

Other creditors
6,644
11,586

Accruals and deferred income
1,500
1,880

10,292
15,359


Page 7

 
R W PROPERTY PROGRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
-
53,322

Other creditors
100,000
50,000

100,000
103,322



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Other loans
-
53,322

-
53,322

-
53,322



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 (2023 - 200) ordinary shares of £1.00 each
200
200


 
Page 8