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Registered number: 00430745










MAGNOLIA GROUP LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
MAGNOLIA GROUP LIMITED
REGISTERED NUMBER: 00430745

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December 2023
31 December 2023
1 January 2023
1 January 2023
Note
£000
£000
£000
£000

  

Current assets
  

Debtors
 4 
2,957
2,957

Total assets less current liabilities
  
 
 
2,957
 
 
2,957

  

Net assets
  
2,957
2,957


Capital and reserves
  

Called up share capital 
 7 
574
574

Share premium account
  
38
38

Profit and loss account
  
2,345
2,345

  
2,957
2,957


For the period ended 31 December 2023 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

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 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 by: 




................................................
Michael John Brown
Director

Date: 27 March 2024

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

Page 1

 
MAGNOLIA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Magnolia Group Limited is a private limited Company, incorporated in England & Wales. The Company is limited by shares.
The Registered Office and principal place of business is Unit 5 Bedford Link Logistics Park, Bell Farm Way, Kempston, Bedfordshire, MK43 9SS.
The financial statements have been prepared and rounded to the nearest £1,000.

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.

 
2.2

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.

 
2.3

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 2

 
MAGNOLIA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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 Income and Retained Earnings.

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.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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 period was 1 (2022 - 1).

Page 3

 
MAGNOLIA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Debtors


2023
2023
£000
£000

Due after more than one year

Amounts owed by group undertakings
666
666

Due within one year

Amounts owed by group undertakings
2,291
2,291

2,957
2,957



5.


Creditors: Amounts falling due within one year




The parent company has undertaken not to require repayment of the above balance and continue to provide the company with sufficient financial support to meet its liabilities as they fall due for the foreseeable future.


6.


Financial instruments

All financial instruments are held at amortised cost.


7.


Share capital

2023
2023
£000
£000
Shares classified as equity

Allotted, called up and fully paid



5,740,000 Ordinary shares of £0.10 each
574
574


8.


Related party transactions

As a subsidiary undertaking of Berkshire Hathaway Inc, the company has taken advantage of the exemption in FRS102 from disclosing transactions with other members of the group headed by Berkshire Hathaway Inc. Transactions with other group companies are not disclosed since the ultimate parent company has prepared consolidated financial statements which are publicly available.

Page 4

 
MAGNOLIA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Controlling party

Northampton Acquisition Limited is the immediate parent undertaking of Magnolia Group Limited.
Berkshire Hathaway Inc, a company incorporated in the USA, is the controlling party and ultimate parent undertaking. The principal place of business of Berkshire Hathaway Inc. is 1440 Kiewit Plaza, Omaha, Nerbraska 68121, USA. The financial statements of the group are available to the public from this address.

 
Page 5