Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-312true2022-08-01falseProperty development & rentals1true 13261992 2022-08-01 2023-07-31 13261992 2021-08-01 2022-07-31 13261992 2023-07-31 13261992 2022-07-31 13261992 c:Director2 2022-08-01 2023-07-31 13261992 d:CurrentFinancialInstruments 2023-07-31 13261992 d:CurrentFinancialInstruments 2022-07-31 13261992 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 13261992 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 13261992 d:ShareCapital 2023-07-31 13261992 d:ShareCapital 2022-07-31 13261992 d:RetainedEarningsAccumulatedLosses 2023-07-31 13261992 d:RetainedEarningsAccumulatedLosses 2022-07-31 13261992 c:OrdinaryShareClass1 2022-08-01 2023-07-31 13261992 c:OrdinaryShareClass1 2023-07-31 13261992 c:OrdinaryShareClass1 2022-07-31 13261992 c:FRS102 2022-08-01 2023-07-31 13261992 c:Audited 2022-08-01 2023-07-31 13261992 c:FullAccounts 2022-08-01 2023-07-31 13261992 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 13261992 c:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13261992









MPR SUBCO LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
MPR SUBCO LIMITED
REGISTERED NUMBER: 13261992

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
4,983,629
5,697,630

Debtors: amounts falling due within one year
 4 
5,244,036
6,478,680

  
10,227,665
12,176,310

Creditors: amounts falling due within one year
 5 
(2,844,801)
(4,279,815)

Net current assets
  
 
 
7,382,864
 
 
7,896,495

Total assets less current liabilities
  
7,382,864
7,896,495

  

Net assets
  
7,382,864
7,896,495


Capital and reserves
  

Called up share capital 
 6 
9,710,100
9,710,100

Profit and loss account
  
(2,327,236)
(1,813,605)

  
7,382,864
7,896,495


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 by: 






G D Thwaites
Director

Date: 22 February 2024

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

Page 1

 
MPR SUBCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

The Company is a private company limited by shares and is incorporated in England and Wales.
The principal activity of the Company is that of property development.
The Registered Office address is 35 Ballards Lane, London, N3 1XW.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis as in the opinion of the directors the company will generate future income sufficient to cover the liabilities of the company.
The company has made a loss in the year and relies on the support of a group entity which has confirmed its intention to provide support for a period of twelve months from the date of signing of the accounts.

 
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. The following criteria must also be met before revenue is recognised:

Turnover represents the sale proceeds of property sales completed during the year. Other income relates to the letting of  property.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
 

 
2.5

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.
 
Page 2

 
MPR SUBCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.5
Financial instruments (continued)

(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 2).

 

Page 3

 
MPR SUBCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Debtors

2023
2022
£
£


Trade debtors
1,245
-

Amounts owed by group undertakings
5,235,373
6,476,449

Other debtors
7,418
2,231

5,244,036
6,478,680



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,919,172
3,918,284

Trade creditors
-
2,280

Amounts owed to group undertakings
813,445
347,751

Accruals and deferred income
112,184
11,500

2,844,801
4,279,815


The bank loans in the prior year were secured over the properties held in stock and beared interest at a rate of 0.70% per month. The loan was refinanced in the current year. The new loan bears interest at 0.37% above the base rate of the Bank of England on a monthly basis. The refinanced loan is also secured over the properties held and repayable on demand.


6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,710,100 (2022 - 9,710,100) Ordinary shares of £1.00 each
9,710,100
9,710,100



7.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.

Page 4

 
MPR SUBCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Controlling party

The parent undertaking is Maiden Park Residence Limited, a company registered in England & Wales.
The registered office is 35 Ballards Lane, London, N3 1XW.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2023 was unqualified.

The audit report was signed on 22 February 2024 by Nick Bishop FCA (Senior Statutory Auditor) on behalf of BKL LLP.

 
Page 5