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Registered number: 02866437









Marjon Tenancies 1 Limited









Financial statements

Information for filing with the registrar

For the year ended 31 July 2023

 
Marjon Tenancies 1 Limited
 
 
 
Chairman's Statement
For the year ended 31 July 2023

The chairman presents his statement for the period.

I am pleased to present the financial statements for Marjon Tenancies 1 Limited which cover the year to 31 July 2023.

Operating loss for the year under review was reported as £23,729 (2022: £10,076). The company incurred some additional support costs during the year leading to a larger loss than the prior year. 
As indicated in the prospectus, the directors do not propose the payment of a dividend. 
The loss for the year of £21,643 (
2022: £9,978) has been taken to reserves.

This is the final statement I will make as Chairman of Marjon Tenancies 1 Limited and covers the final two investor payments. I am delighted to confirm that all investors were paid on time in 2023 and that the final payment due in January 2024 was in fact paid in October 2023. 
The University of St Mark and St John have completed payments to Marjon Tenancies 1 Ltd and on behalf of Marjon, Keills made the investor distributions.
The intentions of the directors are to now place the company into a solvent liquidation process, expected to begin imminently.
The establishment of Marjon Tenancies 1 Limited has permitted the University to expand their residential student numbers in a cost effective manner over the 30 year life of the BES scheme.
Finally I would like to thank all involved for their contribution over the years; The University of St Mark and St John, Keills, the scheme’s manager, Hurst, the company’s auditor, my fellow directors and not least all of the BES investors.

As it is the intention for the business to cease operating within 12 months of signing these financial statements, the accounts are not being prepared on a going concern basis. 


NameSir Robert Hicks
Chairman

Date24 April 2024

Page 1

 
Marjon Tenancies 1 Limited
Registered number: 02866437

Statement of Financial Position
As at 31 July 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
599,326
607,888

Current assets
  

Debtors: amounts falling due within one year
 5 
21,002
21,002

Cash at bank and in hand
 6 
261,684
227,241

  
282,686
248,243

Creditors: amounts falling due within one year
 7 
(228,491)
(180,967)

Net current assets
  
 
 
54,195
 
 
67,276

  

Net assets
  
653,521
675,164


Capital and reserves
  

Called up share capital 
  
376,001
376,001

Share premium account
  
312,080
312,080

Profit and loss account
  
(34,560)
(12,917)

  
653,521
675,164


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: 



A J Howie
Director

Date: 24 April 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Marjon Tenancies 1 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 July 2023

1.


General information

Marjon Tenancies 1 Limited is a private company limited by shares and incorporated in England. The address of the registered office is Lancashire Gate, 21 Tiviot Dale, Stockport, Cheshire, SK1 1TD. The company's registered number is 02866437.

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.

The following principal accounting policies have been applied:

  
2.2

Revenue

Rental income represents rent receivable from the letting of properties, on qualifying assured tenancy agreements. The tenant is University of St Mark and St John, the company's parent undertaking. Rental income is recognised as it falls due.

 
2.3

Going concern

Marjon University, formerly The University of St Mark and St John ("the University"), has entered into an agreement with the company shareholders in respect of the company's ordinary shares under which the University will purchase the shares over a period of time. The price will be calculated in accordance with an agreed formula which is designed to give the company sufficient funds to provide investors the necessary return on their investment. The shares are designed to be held for up to 30 years, with the intention that the investors sell some of their shares at the end of each year over the period to 2024.
5.22% of the shares were puchased in January 2023 in line with the agreement, and the final payment, due January 2024, was instead paid out to investors in November 2023, thus completing the agreement. There is now an intention to transfer the property back to the University, and all transactions to Marjon Tenancies 1 to cease. Furthermore, the directors intend to appoint a liquidator to oversee a solvent liqudiation process. 
As it is the intention for the business to cease operating within 12 months of signing these financial statements, the accounts are not being prepared on a going concern basis. 

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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 reporting date in the countries where the company operates and generates income.

Page 3

 
Marjon Tenancies 1 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 July 2023

2.Accounting policies (continued)

 
2.6

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:

Land and buildings
-
80 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.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Page 4

 
Marjon Tenancies 1 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 July 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

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 and loans to related parties. 

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when
Page 5

 
Marjon Tenancies 1 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 July 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Directors charged fees of £17,553 (2022: £16,988) during the year.


4.


Tangible fixed assets





Land and buildings

£



Cost


At 1 August 2022
684,946



At 31 July 2023

684,946



Depreciation


At 1 August 2022
77,058


Charge for the year on owned assets
8,562



At 31 July 2023

85,620



Net book value



At 31 July 2023
599,326



At 31 July 2022
607,888

Page 6

 
Marjon Tenancies 1 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 July 2023

5.


Debtors

2023
2022
£
£


Other debtors
21,002
21,002



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
261,684
227,241



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
79
79

Other creditors
161,489
131,262

Accruals and deferred income
66,923
49,626

228,491
180,967



8.


Commitments under operating leases

As at 31 July 2023, the company was due income under operating lease agreements of £42,938 (2022: £214,690).


9.


Controlling party

The controlling party is deemed to be University of St Mark and St John by virtue of their controlling stake in the voting share capital of the company.

Page 7

 
Marjon Tenancies 1 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 July 2023

10.


Auditors' information

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

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.3 in the financial statements, which indicates that the directors intend to transfer the property out of the company back to the controlling party, the University of St Mark & St John, following the final payment to investors in autumn 2023, with the company's operations ceasing as a result. Furthermore, the directors intend to appoint a liquidator to oversee a solvent liqudiation process.
The directors have therefore decided that it is not appropriate to prepare the accounts on a going concern basis. 
In auditing the financial statements, we have concluded that the directors' decision to not prepare the financial statements on a going concern basis is appropriate. Our evaluation of the directors' assessment of the company's ability to not continue to adopt the going concern basis of accounting included discussions with management and understanding their intentions.
Our opinion is therefore not modified in respect of this matter.

The audit report was signed on 24 April 2024 by Chris Stewardson (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

 
Page 8