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Registered number: 00857094









COSPROP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
COSPROP LIMITED
REGISTERED NUMBER: 00857094

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
40,627
3,418,082

Current assets
  

Stocks
 5 
362,259
254,810

Debtors: amounts falling due after more than one year
 6 
-
14,148

Debtors: amounts falling due within one year
 6 
5,594,679
2,186,670

Cash at bank and in hand
  
1,168,368
1,082,366

  
7,125,306
3,537,994

Creditors: amounts falling due within one year
 7 
(646,616)
(679,625)

Net current assets
  
 
 
6,478,690
 
 
2,858,369

Total assets less current liabilities
  
6,519,317
6,276,451

Provisions for liabilities
  

Deferred tax
 8 
(8,299)
(58,905)

Net assets
  
6,511,018
6,217,546


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Revaluation reserve
  
-
146,784

Profit and loss account
  
6,501,018
6,060,762

  
6,511,018
6,217,546


Page 1

 
COSPROP LIMITED
REGISTERED NUMBER: 00857094
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 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 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 23 July 2025.




J Bright
Director

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

Page 2

 
COSPROP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Cosprop Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. Its registered office is 469 - 475 Holloway Road, London, N7 6LE.

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

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

  
2.3

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.

 
2.4

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 3

 
COSPROP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
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

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
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 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.


 
2.8

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.
Land and buildings are stated at cost (or deemed cost for land and buildings held at valuation at the date of transition to FRS 102) less accumulated depreciation and accumulated impairment losses.

Page 4

 
COSPROP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, provided on the following annual bases:


Land and buildings
-
2% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
10% straight line
Office equipment
-
25% straight line
Computer equipment
-
3 years straight line
Museum stock
-
10% straight line

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

Stocks

Stock is in respect of the Company's holding of theatrical clothing. The Company's business involves the manufacture and hiring of costumes for specific productions. Some are made to customer specifications, while others are made by adapting garments already held. All stock produced in the current year is included in the balance sheet at cost. The cost is then written down over a period of between 3 and 13 years to reflect usage and the best estimate of net realisable value.  

  
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

  
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
COSPROP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 40 (2023 - 43).


4.


Tangible fixed assets





Freehold Land and buildings
Motor vehicles
Furniture, fittings and equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2023
3,477,378
18,693
548,141
4,044,212


Additions
-
-
4,965
4,965


Disposals
(3,477,378)
-
-
(3,477,378)



At 31 October 2024

-
18,693
553,106
571,799



Depreciation


At 1 November 2023
138,001
18,693
469,436
626,130


Charge for the year on owned assets
-
-
43,043
43,043


Disposals
(138,001)
-
-
(138,001)



At 31 October 2024

-
18,693
512,479
531,172



Net book value



At 31 October 2024
-
-
40,627
40,627



At 31 October 2023
3,339,377
-
78,705
3,418,082

During the year, the freehold property with a net book value of £3,339,377 was transferred to JMB Propco Limited, a fellow group company. The transaction was carried out at net book value, and the property has been derecognised accordingly. The related revaluation reserve of £146,784 was transferred to retained earnings upon disposal.


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
362,259
254,810


Page 6

 
COSPROP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
14,148


2024
2023
£
£

Due within one year

Trade debtors
119,336
125,529

Amounts owed by group undertakings
4,237,988
898,870

Other debtors
1,072,435
1,024,518

Prepayments and accrued income
164,920
137,753

5,594,679
2,186,670



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
118,302
135,977

Corporation tax
94,048
68,116

Other taxation and social security
101,271
91,309

Other creditors
45,020
28,040

Accruals and deferred income
287,975
356,183

646,616
679,625



8.


Deferred taxation




2024
2023


£

£






At beginning and end of year
58,905
58,905


Charged to profit or loss
(50,606)
-



At end of year
8,299
58,905

Page 7

 
COSPROP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
8,299
58,905


9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £109,285 (2023 - £109,892). Contributions totalling £10,000 (2023 - £10,000) were accrued at the year end.


10.


Commitments under operating leases

At 31 October 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
43,230
47,160

Later than 1 year and not later than 5 years
-
43,230

43,230
90,390


11.


Related party transactions

Included in other creditors at the year end is a balance of £3,213 (2023 - £2,352) due to the director. 
During the year, the company transferred a freehold property to JMB Propco Limited, a fellow group company, at its net book value of £3,339,377. In consideration for the transfer, a non-interest-bearing loan of the same amount was recognised, which is repayable on demand.

 
Page 8