Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30falsefalse2023-09-20No description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 15149650 2023-09-19 15149650 2023-09-20 2024-09-30 15149650 1999-03-02 2023-09-19 15149650 2024-09-30 15149650 c:Director1 2023-09-20 2024-09-30 15149650 c:Director2 2023-09-20 2024-09-30 15149650 d:MotorVehicles 2023-09-20 2024-09-30 15149650 d:MotorVehicles 2024-09-30 15149650 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-20 2024-09-30 15149650 d:FreeholdInvestmentProperty 2023-09-20 2024-09-30 15149650 d:FreeholdInvestmentProperty 2024-09-30 15149650 d:FreeholdInvestmentProperty 2 2023-09-20 2024-09-30 15149650 d:CurrentFinancialInstruments 2024-09-30 15149650 d:Non-currentFinancialInstruments 2024-09-30 15149650 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 15149650 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 15149650 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 15149650 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 15149650 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-09-30 15149650 d:ShareCapital 2024-09-30 15149650 d:RetainedEarningsAccumulatedLosses 2024-09-30 15149650 c:FRS102 2023-09-20 2024-09-30 15149650 c:AuditExempt-NoAccountantsReport 2023-09-20 2024-09-30 15149650 c:FullAccounts 2023-09-20 2024-09-30 15149650 c:PrivateLimitedCompanyLtd 2023-09-20 2024-09-30 15149650 d:HirePurchaseContracts d:WithinOneYear 2024-09-30 15149650 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-09-30 15149650 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-09-30 15149650 d:LeasedAssetsHeldAsLessee 2024-09-30 15149650 f:PoundSterling 2023-09-20 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 15149650










PROMISING PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

 
PROMISING PROPERTIES LTD
REGISTERED NUMBER: 15149650

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
Note
£

Fixed assets
  

Tangible assets
 4 
14,329

Investment property
 5 
240,000

  
254,329

Current assets
  

Cash at bank and in hand
 7 
4,884

  
4,884

Creditors: amounts falling due within one year
 8 
(85,253)

Net current (liabilities)/assets
  
 
 
(80,369)

Total assets less current liabilities
  
173,960

Creditors: amounts falling due after more than one year
 9 
(185,709)

  

Net (liabilities)/assets
  
(11,749)


Capital and reserves
  

Called up share capital 
  
2

Profit and loss account
  
(11,751)

  
(11,749)


Page 1

 
PROMISING PROPERTIES LTD
REGISTERED NUMBER: 15149650
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 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 Period 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 income statement 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: 




Gary Cook
Emma Costello-Cook
Director
Director


Date: 18 June 2025

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

Page 2

 
PROMISING PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

1.


General information

Promising Properties Ltd is a private company limited by shares and incorporated in England and Wales, registration number 15149650. The registered office is Bridge Farm Low Street, Hoxne, Eye, England, IP21 5AR. 
The company was incorporated 20 September 2023 and commenced business activitied on that date. 

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

Going concern

The financial statements have been prepared on a going concern basis on the grounds that the directors continue to support the business financially and this will be adequate for the company's needs. 

 
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 Period in which they are incurred.

 
2.5

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
-
25%
Reducing balance

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.

Page 3

 
PROMISING PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors or 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.


3.


Employees

The average monthly number of employees, including directors, during the Period was 2.

Page 4

 
PROMISING PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


Additions
15,995



At 30 September 2024

15,995



Depreciation


Charge for the Period on financed assets
1,666



At 30 September 2024

1,666



Net book value



At 30 September 2024
14,329

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
£



Motor vehicles
14,329

14,329


5.


Investment property


Freehold investment property

£



Valuation


Additions at cost
226,872


Surplus on revaluation
13,128



At 30 September 2024
240,000

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




Page 5

 
PROMISING PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

6.


Debtors


7.


Cash and cash equivalents

2024
£

Cash at bank and in hand
4,884

4,884



8.


Creditors: Amounts falling due within one year

2024
£

Bank loans
4,692

Trade creditors
5,258

Obligations under finance lease and hire purchase contracts
13,762

Other creditors
54,177

Accruals and deferred income
7,364

85,253


Page 6

 
PROMISING PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

9.


Creditors: Amounts falling due after more than one year

2024
£

Bank loans
185,709

185,709


The following liabilities were secured:

2024
£



Bank loans
190,401

Finance leases and hire purchase contracts
13,762

204,163

Details of security provided:

Bank loans are secured against the investment property at 53 Waterloo Road. 
Finance leases and hire purchase agreements are secured on the assets to which they relate.  

Page 7

 
PROMISING PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
£

Amounts falling due within one year

Bank loans
4,692


4,692

Amounts falling due 1-2 years

Bank loans
4,874


4,874

Amounts falling due 2-5 years

Bank loans
15,788


15,788

Amounts falling due after more than 5 years

Bank loans
165,047

165,047

190,401



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
£


Within one year
2,949

Between 1-5 years
10,813

13,762

 
Page 8