Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-312025-05-1312023-08-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity1truetruefalse 11203678 2023-08-01 2024-07-31 11203678 2022-08-01 2023-07-31 11203678 2024-07-31 11203678 2023-07-31 11203678 c:Director1 2023-08-01 2024-07-31 11203678 d:FurnitureFittings 2023-08-01 2024-07-31 11203678 d:FurnitureFittings 2024-07-31 11203678 d:FurnitureFittings 2023-07-31 11203678 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 11203678 d:LeaseholdInvestmentProperty 2024-07-31 11203678 d:LeaseholdInvestmentProperty 2023-07-31 11203678 d:LeaseholdInvestmentProperty 2 2023-08-01 2024-07-31 11203678 d:CurrentFinancialInstruments 2024-07-31 11203678 d:CurrentFinancialInstruments 2023-07-31 11203678 d:Non-currentFinancialInstruments 2024-07-31 11203678 d:Non-currentFinancialInstruments 2023-07-31 11203678 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 11203678 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 11203678 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 11203678 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 11203678 d:ShareCapital 2024-07-31 11203678 d:ShareCapital 2023-07-31 11203678 d:RetainedEarningsAccumulatedLosses 2024-07-31 11203678 d:RetainedEarningsAccumulatedLosses 2023-07-31 11203678 d:OtherDeferredTax 2024-07-31 11203678 d:OtherDeferredTax 2023-07-31 11203678 c:FRS102 2023-08-01 2024-07-31 11203678 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 11203678 c:FullAccounts 2023-08-01 2024-07-31 11203678 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 11203678 2 2023-08-01 2024-07-31 11203678 f:PoundSterling 2023-08-01 2024-07-31 xbrli:pure iso4217:GBP

Registered number: 11203678









GARDEN PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
GARDEN PROPERTIES LIMITED
REGISTERED NUMBER: 11203678

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
Restated 2023
Note
£
£

Fixed assets
  

Tangible fixed assets
  
43,328
54,160

Investment property
  
3,864,000
4,214,000

  
3,907,328
4,268,160

Current assets
  

Debtors
  
145,336
22,006

Cash at bank and in hand
  
6,597
178,204

  
151,933
200,210

Creditors: amounts falling due within one year
 6 
(3,026,635)
(2,070,526)

Net current liabilities
  
 
 
(2,874,702)
 
 
(1,870,316)

Total assets less current liabilities
  
1,032,626
2,397,844

Creditors: amounts falling due after more than one year
 7 
(510,000)
(1,560,000)

Provisions for liabilities
  

Deferred tax
 8 
(74,832)
(162,332)

  
 
 
(74,832)
 
 
(162,332)

Net assets
  
447,794
675,512


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
447,793
675,511

  
447,794
675,512


Page 1

 
GARDEN PROPERTIES LIMITED
REGISTERED NUMBER: 11203678
    
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 13 May 2025.




Daniel MCPherson
Director

Page 2

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Garden Properties Limited is a private company limited by shares and registred in England and
Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS.

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.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue relates to rental income and is recognised in the period that it pertains to. Any rental income received in advance is deferred to the period it relates to, excluding VAT.
 

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

Page 3

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

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 reporting 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 reporting 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 reporting date.

 
2.8

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%

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.

 
2.9

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.

Page 4

 
GARDEN 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 1 (2023 - 1).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 August 2023
105,800



At 31 July 2024

105,800



Depreciation


At 1 August 2023
51,640


Charge for the year on owned assets
10,832



At 31 July 2024

62,472



Net book value



At 31 July 2024
43,328



At 31 July 2023
54,160

Page 5

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 August 2023
4,214,000


Surplus on revaluation
(350,000)



At 31 July 2024
3,864,000

Investment properties have been valued by the director using recent third-party valuations combined with data from sales of similar properties. The property valuations use expected rental income, combined with recent sales of properties in the same or similar buildings.If investment properties were stated on a historical cost basis rather than fair values, the amounts would have been £3,564,672 (2023: £3,564,672). 





6.


Creditors: Amounts falling due within one year

2024
Restated 2023
£
£

Bank loans
1,050,000
-

Trade creditors
16,212
22,707

Amounts owed to group undertakings
1,866,449
1,866,449

Corporation tax
33,791
-

Other creditors
23,650
165,170

Accruals and deferred income
36,533
16,200

3,026,635
2,070,526



7.


Creditors: Amounts falling due after more than one year

2024
Restated 2023
£
£

Bank loans
510,000
1,560,000

510,000
1,560,000


Page 6

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Deferred taxation




2024


£






At beginning of year
(162,332)


Charged to profit or loss
87,500



At end of year
(74,832)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fair value adjustment of Investment property
(74,832)
(162,332)

(74,832)
(162,332)


9.


Prior year adjustment

During the year, errors were corrected in the prior year, which related to other loans of £157,076, trade creditors of £8,094 and amounts due to group overtakings of £1,866,464, which were recognised as due after more than one year. These were reallocated to amounts due within one year as they were interest free and repayable on demand. There has been no effect on reserves.
A prior year adjustment of £65,183 was made to transfer a loss on revaluation from the revaluation reserve to the profit and loss account. This loss was related to the disposal of investment property flats. Additionally, an adjustment of £21,727 was applied to reallocate deferred tax from the revaluation reserve to the tax section in the profit and loss account. The net effect of these adjustments amounted to £43,456, resulting in a restated loss for the year of £10,013 from the profit of £33,443.
£486,996 of undistributable profit from the fair value reserve carried forward from last year has also been moved to the profit and loss account in reserves. The profit and loss reserves have been restated to £675,512 from £188,515.This adjustment was made to ensure compliance with the relevant accounting standards.


10.


Related party transactions

At the reporting date, the company was owed £99,062 by the director  (2023: £157,076 owed to the director), Interest was charged of £288. At the reporting date, the company owed £23,650 (2023: £8,094) to companies under common control. The amounts are interest free, unsecured and repayable on demand.

 
Page 7