Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30true2022-05-01falseNo description of principal activity00trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12567375 2022-05-01 2023-04-30 12567375 2021-05-01 2022-04-30 12567375 2023-04-30 12567375 2022-04-30 12567375 1 2022-05-01 2023-04-30 12567375 d:Director2 2022-05-01 2023-04-30 12567375 c:FreeholdInvestmentProperty 2022-05-01 2023-04-30 12567375 c:FreeholdInvestmentProperty 2023-04-30 12567375 c:FreeholdInvestmentProperty 2022-04-30 12567375 c:CurrentFinancialInstruments 2023-04-30 12567375 c:CurrentFinancialInstruments 2022-04-30 12567375 c:Non-currentFinancialInstruments 2023-04-30 12567375 c:Non-currentFinancialInstruments 2022-04-30 12567375 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 12567375 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-30 12567375 c:ShareCapital 2023-04-30 12567375 c:ShareCapital 2022-04-30 12567375 c:RetainedEarningsAccumulatedLosses 2023-04-30 12567375 c:RetainedEarningsAccumulatedLosses 2022-04-30 12567375 c:TaxLossesCarry-forwardsDeferredTax 2023-04-30 12567375 c:TaxLossesCarry-forwardsDeferredTax 2022-04-30 12567375 d:FRS102 2022-05-01 2023-04-30 12567375 d:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 12567375 d:FullAccounts 2022-05-01 2023-04-30 12567375 d:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 12567375 4 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 12567375









MILDENHALL ROAD LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
MILDENHALL ROAD LTD
REGISTERED NUMBER: 12567375

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
4,011,019
2,664,571

  
4,011,019
2,664,571

Current assets
  

Debtors
 6 
353,105
200,746

Cash at bank and in hand
 7 
23,093
35,999

  
376,198
236,745

Creditors: amounts falling due within one year
 8 
(5,391,752)
(3,441,221)

Net current liabilities
  
 
 
(5,015,554)
 
 
(3,204,476)

Total assets less current liabilities
  
(1,004,535)
(539,905)

  

Net liabilities
  
(1,004,535)
(539,905)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,004,635)
(540,005)

  
(1,004,535)
(539,905)

Page 1

 
MILDENHALL ROAD LTD
REGISTERED NUMBER: 12567375
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

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 year 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 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: 

Elad Farkash
Director

Date: 15 March 2024

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
MILDENHALL ROAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Mildenhall Road Ltd (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is 2a Fortis Green, London, England, N2 9EL.

2.Accounting policies

  
2.1

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.

 
2.2

Basis of preparation of financial statements

The financial statements of the Company 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 UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.

  
2.3

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

 
2.4

Going concern

The directors accept that although there does exist an inherent uncertainty that may cast doubt about the ability of the Company to continue as a going concern, as is the case with all companies; the directors consider the uncertainty to be sufficiently insignificant, given the Company's net asset position as at the balance sheet date, hope value of the investment property development project the Company has undertaken and reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence for the foreseeable future such that the application of going concern basis in preparing the Company's financial statements remains appropriate. In turn the directors have prepared the Company's financial statements under the going concern basis.

Page 3

 
MILDENHALL ROAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Interest payable is 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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred unless where considered, in the opinion of the directors, to be material with respect to the value of the associated capital instrument upon which the respective borrowing costs on issue are amortised over the term of the capital instrument.

 
2.6

Exceptional items

Exceptional items are items that are unusual because of their size, nature or incidence and which the directors consider should be disclosed separately to enable a full understanding of the Company's results.

  
2.7

Taxation

Taxation for the Company comprises of current (i.e. corporation) and deferred taxation with respect to operations undertaken solely in the UK and is recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date. The directors of the Company will periodically evaluate positions taken in tax returns with respect to situations in which tax regulation is subject to interpretation and in turn will establish a provision, where appropriate, on the basis of amounts expected to be payable.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is
calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.

 
2.8

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. After initial recognition, investment properties are carried at fair value.
No depreciation is provided against investment properties. Changes in fair value are recognised through profit or loss.
Page 4

 
MILDENHALL ROAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

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; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the underlying obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity held by the Company is as outlined in notes 2.10 to 2.13 of the financial statements.

 
2.10

Debtors

Debtors excluding deferred tax assets (see note 2.8) are initially measured at transaction price (i.e. fair value) and subsequently held, at transaction price less provision for impairment.

 
2.11

Cash and cash equivalents

Cash balances are reported as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.

 
2.12

Creditors

Creditors are initially measured and subsequently held at transaction price.
Bank loans issued at commercial market rates are initially measured at transaction price net of transaction costs, where relevant (see note 2.5), and subsequently measured at amortised cost using the effective interest method with interest recognised on an effective yield basis.

 
2.13

Equity

Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.

Page 5

 
MILDENHALL ROAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually re-evaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
The valuation of investment properties involves the application, and therefore significant judgment, of unobservable inputs.
Critical accounting estimates and assumptions
The estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:
Investment properties
The fair value of investment properties is determined annually by the directors on an open market value basis by reference to specific advice from third party experts and available market evidence. In determining the fair value, a number of estimates and assumptions are required based on the property market as a whole and rental yields, nature, location and condition of the specific investment property.


4.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).
In accordance with UK legislation, office holders (i.e. registered company directors or secretaries) of the Company are not employees of the Company on the grounds that they are not party to a contract with the Company that meets the criteria for status of an employee.

Page 6

 
MILDENHALL ROAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2022
2,664,571


Additions at cost
1,346,448



At 30 April 2023
4,011,019

The 2023 valuations were made by the directors, on an open market value for existing use basis.
 





6.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
334,687
180,001

334,687
180,001

Falling due within one year

Prepayments and accrued income
18,418
20,745

353,105
200,746


Other debtors falling due within one year are non-interest bearing and, in the opinion of the directors, of a fair value not materially different to their carrying value.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil.


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
23,093
35,999


Page 7

 
MILDENHALL ROAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
3,717,153
1,635,363

Other loans
257,250
757,250

Trade creditors
422,301
72,902

Amounts owed to group undertakings
442,893
442,744

Other creditors
27,193
5,302

Accruals and deferred income
524,962
527,660

5,391,752
3,441,221


Bank and other loans falling due within one year are secured by a fixed and floating charge over all present and future assets of the Company including a first legal charge over the freehold investment property held by the Company and a joint personal guarantee from the directors limited to £600,000 plus any interest and related costs.
Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand with no fixed date of repayment.


9.


Financial instruments

The Company held no financial instruments during either the current or preceding financial reporting periods that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.


10.


Deferred taxation




2023


£






At beginning of year
180,001


Charged to profit or loss
154,686



At end of year
334,687

Page 8

 
MILDENHALL ROAD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
10.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
334,687
180,001

334,687
180,001


In the opinion of the directors, net deferred taxation assets carried forward as at the balance sheet date of £180,000 are expected to reverse in the following financial reporting period.


11.


Related party transactions

The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
During the reporting period, the Company maintained an unsecured interest-free loan account with Morphuse Construction Limited, a company connected by virtue of common control. At the balance sheet date, the Company owed Morphuse Construction Limited £27,193 (2022: £5,302) towards the loan account.
During the reporting period, companies connected by virtue of common control provided the Company with bookkeeping and finance management services for which fees of £207,200 (2022: £296,000) were payable by the Company.
There were no other related party transactions and/or period end balances to report in accordance with Financial Reporting Standard 102 or the Companies Act 2006 as part of these financial statements.


12.


Post balance sheet events

Following the balance sheet date, the Company commenced plans to assign and sell long leases in respect of its freehold property investment.


13.


Controlling party

The Company's immediate parent undertaking is Morphuse Group Limited (fka 35 Woodstock Avenue Limited), a private company incorporated under the Companies Act 2006 which holds a 100% interest in the total voting rights of the Company.
Morphuse Group Limited, whose registered office is located at 2a Fortis Green, London, England, N2 9EL, is the parent undertaking of the smallest group to consolidate these financial statements,
 
Page 9