Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-05-03truefalsefalseProperty development and investment advice00 14843284 2023-05-02 14843284 2023-05-03 2023-12-31 14843284 2022-01-01 2023-05-02 14843284 2023-12-31 14843284 c:Director1 2023-05-03 2023-12-31 14843284 d:ComputerEquipment 2023-05-03 2023-12-31 14843284 d:ComputerEquipment 2023-12-31 14843284 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-03 2023-12-31 14843284 d:CurrentFinancialInstruments 2023-12-31 14843284 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14843284 d:ShareCapital 2023-12-31 14843284 d:RetainedEarningsAccumulatedLosses 2023-12-31 14843284 c:OrdinaryShareClass1 2023-05-03 2023-12-31 14843284 c:OrdinaryShareClass1 2023-12-31 14843284 c:FRS102 2023-05-03 2023-12-31 14843284 c:Audited 2023-05-03 2023-12-31 14843284 c:FullAccounts 2023-05-03 2023-12-31 14843284 c:PrivateLimitedCompanyLtd 2023-05-03 2023-12-31 14843284 c:SmallCompaniesRegimeForAccounts 2023-05-03 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 14843284














 
 
 
 
MASTERN EUROPE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

 
MASTERN EUROPE LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 5


 
MASTERN EUROPE LIMITED
REGISTERED NUMBER:14843284

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
1,609

Current assets
  

Debtors: amounts falling due within one year
 5 
30,046

Cash at bank and in hand
  
1,382,118

Current liabilities
  
1,412,164

Creditors: amounts falling due within one year
 6 
(34,652)

Net current assets
  
 
 
1,377,512

  

Net assets
  
1,379,121


Capital and reserves
  

Called up share capital 
  
1,571,505

Profit and loss account
  
(192,384)

  
1,379,121


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 26 March 2024.




Y J Chong
Director

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

Page 1

 
MASTERN EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Mastern Europe Limited is a private company, limited by shares, incorporated in England and Wales. It's registered office at 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB.
The principal activity of the Company is property investment advice. It was incorporated on 3 May 2023 and commenced trading from that date.

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

Turnover

Turnover represents income from the provision of property investment advice, excluding discounts and sales taxes. Revenue is recognised in the period the service is provided and when the amounts receivable can be reliably measured.

 
2.3

Foreign currency translation

The Company's functional and presentational currency is £ Sterling.
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. 
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.

Page 2

 
MASTERN EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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 reporting 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 reporting date, except that:
a) 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
b) 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
Over 5 years 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.

 
2.6

Debtors

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

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.

Page 3

 
MASTERN EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price.

 
2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and related party balances.


3.


Employees

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


4.


Tangible fixed assets





Computer equipment

£



Cost


Additions
1,694



At 31 December 2023

1,694



Depreciation


Charge for the period on owned assets
85



At 31 December 2023

85



Net book value



At 31 December 2023
1,609


5.


Debtors

2023
£


Trade debtors
15,000

Other debtors
4,282

Prepayments
10,764

30,046


Page 4

 
MASTERN EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
1,625

Other creditors
6,919

Accruals and deferred income
26,108

34,652



7.


Share capital

2023
£
Allotted, called up and fully paid


1,571,505 Ordinary shares of £1 each
1,571,505


On incorporation 1 Ordinary share of £1 was allotted and fully paid to provide initial capital. Subsequently, a further 1,571,504 Ordinary shares of £1 each were allotted and fully paid on 8 August 2023 to provide working capital.


8.


Controlling party

The smallest group of which the Company is a member, and for which group accounts are made, is Mastern Investment Management Co Ltd, a company registered in South Korea. Its registered office address is 06611, 21F, A-Tower, 465, Gangnam-daero, Seocho-gu, Seoul.


9.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 26 March 2024 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 5