Caseware UK (AP4) 2024.0.164 2024.0.164 false2023-08-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.property investment company44falsetruefalse 09785644 2023-08-01 2024-07-31 09785644 2022-08-01 2023-07-31 09785644 2024-07-31 09785644 2023-07-31 09785644 2022-08-01 09785644 c:Director1 2023-08-01 2024-07-31 09785644 d:FreeholdInvestmentProperty 2023-08-01 2024-07-31 09785644 d:FreeholdInvestmentProperty 2024-07-31 09785644 d:FreeholdInvestmentProperty 2023-07-31 09785644 d:CurrentFinancialInstruments 2024-07-31 09785644 d:CurrentFinancialInstruments 2023-07-31 09785644 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 09785644 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 09785644 d:ShareCapital 2024-07-31 09785644 d:ShareCapital 2023-07-31 09785644 d:ShareCapital 2022-08-01 09785644 d:RevaluationReserve 2024-07-31 09785644 d:RevaluationReserve 2023-07-31 09785644 d:RevaluationReserve 2022-08-01 09785644 d:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 09785644 d:RetainedEarningsAccumulatedLosses 2024-07-31 09785644 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 09785644 d:RetainedEarningsAccumulatedLosses 2023-07-31 09785644 d:RetainedEarningsAccumulatedLosses 2022-08-01 09785644 c:FRS102 2023-08-01 2024-07-31 09785644 c:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 09785644 c:FullAccounts 2023-08-01 2024-07-31 09785644 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09785644 2 2023-08-01 2024-07-31 09785644 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 09785644 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 09785644 d:TaxLossesCarry-forwardsDeferredTax 2024-07-31 09785644 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 09785644 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 09785644










Charles Muddle Properties Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 July 2024

 
Charles Muddle Properties Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Charles Muddle Properties Limited for the year ended 31 July 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 Charles Muddle Properties Limited for the year ended 31 July 2024 which comprise  the Balance sheet, the Statement of changes in equity 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 Charles Muddle Properties 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 Charles Muddle Properties Limited  and state those matters that we have agreed to state to the Board of directors of Charles Muddle Properties 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 Charles Muddle Properties Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Charles Muddle Properties 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 Charles Muddle Properties Limited. You consider that Charles Muddle Properties 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 Charles Muddle Properties 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
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
22 April 2025
Page 1

 
Charles Muddle Properties Limited
Registered number: 09785644

Balance sheet
As at 31 July 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
11,861,964
10,559,964

  
11,861,964
10,559,964

Current assets
  

Debtors: amounts falling due within one year
 5 
73,175
40,697

Cash at bank and in hand
  
4,468
78,859

  
77,643
119,556

Creditors: amounts falling due within one year
 6 
(10,360,168)
(9,101,537)

Net current liabilities
  
 
 
(10,282,525)
 
 
(8,981,981)

Total assets less current liabilities
  
1,579,439
1,577,983

Provisions for liabilities
  

Deferred tax
  
(349,551)
(349,187)

  
 
 
(349,551)
 
 
(349,187)

Net assets
  
1,229,888
1,228,796


Capital and reserves
  

Called up share capital 
  
75
75

Revaluation reserve
  
1,163,640
1,163,640

Profit and loss account
  
66,173
65,081

  
1,229,888
1,228,796


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 by: 


................................................
S J Muddle
Director
Date: 16 April 2025

The notes on pages 5 to 8 form part of these financial statements.
Page 2

 
Charles Muddle Properties Limited
Registered number: 09785644

Balance sheet (continued)
As at 31 July 2024


Page 3

 
Charles Muddle Properties Limited
 

Statement of changes in equity
For the year ended 31 July 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 August 2022
75
1,163,640
41,900
1,205,615


Comprehensive income for the year

Profit for the year
-
-
23,181
23,181



At 1 August 2023
75
1,163,640
65,081
1,228,796


Comprehensive income for the year

Profit for the year
-
-
1,092
1,092


At 31 July 2024
75
1,163,640
66,173
1,229,888


The notes on pages 5 to 8 form part of these financial statements.

Page 4

 
Charles Muddle Properties Limited
 

 
Notes to the financial statements
For the year ended 31 July 2024

1.


General information

Charles Muddle Properties Limited is a private company, limited by share capital, incorporated in England and Wales with the registration number 09785644.
The address of its registered office is Adversane Lane, Adversane, Billingshurst, West Sussex RH14 9EG.

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

Interest income

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

Page 5

 
Charles Muddle Properties Limited
 

 
Notes to the financial statements
For the year ended 31 July 2024

2.Accounting policies (continued)

 
2.4

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.


 
2.5

Investment property

Investment property is carried at fair value determined annually by the 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 income and retained earnings.

 
2.6

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.

 
2.7

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

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.

Page 6

 
Charles Muddle Properties Limited
 

 
Notes to the financial statements
For the year ended 31 July 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Investment property


Freehold investment property

£



Valuation


At 1 August 2023
10,559,964


Additions at cost
1,302,000



At 31 July 2024
11,861,964

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




2024
2023
£
£


Historic cost
10,357,466
9,055,466


5.


Debtors

2024
2023
£
£


Trade debtors
25,373
-

Other debtors
102
-

Prepayments and accrued income
47,700
40,697



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
38,302
34,543

Amounts owed to associates
10,300,000
9,059,765

Other creditors
2,425
2,425

Accruals and deferred income
19,441
4,804

10,360,168
9,101,537


Page 7

 
Charles Muddle Properties Limited
 

 
Notes to the financial statements
For the year ended 31 July 2024

7.


Deferred taxation




2024


£






At beginning of year
(349,187)


Charged to profit or loss
(364)



At end of year
(349,551)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Capital gains
(351,237)
(351,237)

Tax losses carried forward
1,686
2,050

(349,551)
(349,187)


8.


Related party transactions

During the period the company made the following related party transactions:
Charles Muddle Limited 
(A company controlled by S J Muddle)
During the year Charles Muddle Limited provided the company with an additional £1,240,235 of interest-free loan. This is deemed repayable on demand. At the balance sheet date the amount due to Charles Muddle Limited was £10,300,000 (2023 - £9,059,765).
Directors
During the year the company purchased a property from one of the Directors for £1,250,000. At the year end the balance due to the director was £nil (2023 - £nil).


Page 8