Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.00false2021-10-20falsetrue 13691437 2021-10-19 13691437 2021-10-20 2022-12-31 13691437 2020-10-20 2021-10-19 13691437 2022-12-31 13691437 c:Director1 2021-10-20 2022-12-31 13691437 c:Director1 2022-12-31 13691437 c:Director2 2021-10-20 2022-12-31 13691437 c:Director2 2022-12-31 13691437 c:RegisteredOffice 2021-10-20 2022-12-31 13691437 d:CurrentFinancialInstruments 2022-12-31 13691437 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13691437 d:UKTax 2021-10-20 2022-12-31 13691437 d:ShareCapital 2022-12-31 13691437 d:RetainedEarningsAccumulatedLosses 2021-10-20 2022-12-31 13691437 d:RetainedEarningsAccumulatedLosses 2022-12-31 13691437 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 13691437 c:OrdinaryShareClass1 2021-10-20 2022-12-31 13691437 c:OrdinaryShareClass1 2022-12-31 13691437 c:FRS102 2021-10-20 2022-12-31 13691437 c:AuditExempt-NoAccountantsReport 2021-10-20 2022-12-31 13691437 c:FullAccounts 2021-10-20 2022-12-31 13691437 c:PrivateLimitedCompanyLtd 2021-10-20 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 13691437










MREF IV EALING HOLDINGS LIMITED

UNAUDITED
FINANCIAL STATEMENTS

FOR THE PERIOD ENDED
31 DECEMBER 2022
 






 



 






 
MREF IV EALING HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
Marc Gilbard (appointed 20 October 2021)
Charles Ferguson-Davie (appointed 20 October 2021)




Registered number
13691437



Registered office
10 Grosvenor Street

Mayfair

London

W1K 4QB





 
MREF IV EALING HOLDINGS LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1
Notes to the Financial Statements
 
 
2 - 7


 
MREF IV EALING HOLDINGS LIMITED
REGISTERED NUMBER: 13691437

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
Note
£000

Fixed assets
  

Investments
 6 
-

Current assets
  

Debtors: amounts falling due within one year
 7 
9,331

Cash at bank and in hand
 8 
3

  
9,334

Creditors: amounts falling due within one year
 9 
(9,326)

Net current assets
  
 
 
8

Total assets less current liabilities
  
8

  

Net assets
  
8


Capital and reserves
  

Called up share capital 
 11 
10

Profit and loss account
 12 
(2)

  
8


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 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: 




Charles Ferguson-Davie
Director

Date: 23 October 2023

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
MREF IV EALING HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

MREF IV Ealing Holdings Limited is a private company, limited by shares and incorporated in England and Wales, registration number 13691437. The registered office address is 10 Grosvenor Street, Mayfair, London, W1K 4QB.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling, which is the functional currency of the Company, and are rounded to the nearest £'000 unless otherwise stated.
The Company was incorporated on 20 October 2021 and begun trading on that date. 

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

 
2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.4

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. In assessing the Company's ability to continue as a going concern, the Directors have reviewed the trading and cash flow forecasts of the Company against the available financing facilities and covenants which include the Directors' assessment of the impact of economic environment. The Company owes £9,321,297 to its parent companies; MREF IV GP Ltd on behalf of MREFIV “A” Limited Partnership, MREF IV “B” Limited Partnership and MREF IV “PC” Limited Partnership and MREF IV Lux GP Sarl on behalf of MREF IV “C” SCSp. This debt is interest free and repayable on demand. The Company has received confirmation from MREF IV GP Ltd on behalf of MREFIV “A” Limited Partnership, MREF IV “B” Limited Partnership and MREF IV “PC” Limited Partnership and MREF IV Lux GP Sarl on behalf of MREF IV “C” SCSp as ultimate controlling party that they do not intend to recall any of the loans owed by the Company within the next 12 months of signing the accounts.

Page 2

 
MREF IV EALING HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

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 balance sheet date in the countries where the Company operates and generates income.

 
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

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.

 
2.8

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.

Page 3

 
MREF IV EALING HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.


4.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration.

Page 4

 
MREF IV EALING HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

5.


Taxation


Period ended
31 December
2022
£000



Current tax on loss for the year
-


Total current tax
-


Factors affecting tax charge for the period

There were no factors that affected the tax charge for the period which has been calculated on the loss on ordinary activities before tax at the standard rate of corporation tax in the UK of 19%.



Factors that may affect future tax charges

There were no factors that may affect future tax charges.


6.


Fixed asset investments

During the period the Company suscbribed to the issued share capital of subsidiary undertakings. Additions in the period totalled £1.


7.


Debtors

2022
£000


Amounts owed by group undertakings
9,321

Other debtors
10

9,331


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


8.


Cash and cash equivalents

2022
£000

Cash at bank and in hand
3


Page 5

 
MREF IV EALING HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

9.


Creditors: Amounts falling due within one year

2022
£000

Amounts owed to group undertakings
9,321

Other creditors
5

9,326


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


10.


Financial instruments

2022
£000

Financial assets


Financial assets measured at fair value through profit or loss
3




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.


11.


Share capital

2022
£
Allotted, called up and fully paid


10,000 Ordinary shares of £1.00 each
10,000


During the period the Company issued 10,000 Ordinary shares which were subscribed to at par.


12.


Reserves

Profit and loss account

The profit and loss accounts represents cumulative profits and losses net of all adjustments.


13.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS 102) paragraph 33.1A, from disclosing related party transactions with other group companies, on the grounds that 100% of the voting rights in the Company are controlled with the Group.

Page 6

 
MREF IV EALING HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

14.


Controlling party

The Company's immediate and ultimate controlling parties are as follows: 
 
MREF IV "A" Limited Partnership ;  
MREF IV "B" Limited Partnership;   
MREF IV "PC" Limited Partnership; and   
MREF IV "C" SCSp (registered in Luxembourg)

These are all limited partnerships registered in England and Wales unless otherwise stated.


Page 7