Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31trueNo description of principal activitytrue2022-04-01false22The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03791251 2022-04-01 2023-03-31 03791251 2021-04-01 2022-03-31 03791251 2023-03-31 03791251 2022-03-31 03791251 c:Director1 2022-04-01 2023-03-31 03791251 d:FurnitureFittings 2022-04-01 2023-03-31 03791251 d:FurnitureFittings 2023-03-31 03791251 d:FurnitureFittings 2022-03-31 03791251 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03791251 d:OfficeEquipment 2022-04-01 2023-03-31 03791251 d:OfficeEquipment 2023-03-31 03791251 d:OfficeEquipment 2022-03-31 03791251 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03791251 d:ComputerEquipment 2022-04-01 2023-03-31 03791251 d:ComputerEquipment 2023-03-31 03791251 d:ComputerEquipment 2022-03-31 03791251 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03791251 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03791251 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 03791251 d:FreeholdInvestmentProperty 2023-03-31 03791251 d:FreeholdInvestmentProperty 2022-03-31 03791251 d:CurrentFinancialInstruments 2023-03-31 03791251 d:CurrentFinancialInstruments 2022-03-31 03791251 d:Non-currentFinancialInstruments 2023-03-31 03791251 d:Non-currentFinancialInstruments 2022-03-31 03791251 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03791251 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03791251 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03791251 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 03791251 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 03791251 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 03791251 d:ShareCapital 2023-03-31 03791251 d:ShareCapital 2022-03-31 03791251 d:InvestmentPropertiesRevaluationReserve 2023-03-31 03791251 d:InvestmentPropertiesRevaluationReserve 2022-03-31 03791251 d:OtherMiscellaneousReserve 2023-03-31 03791251 d:OtherMiscellaneousReserve 2022-03-31 03791251 d:RetainedEarningsAccumulatedLosses 2023-03-31 03791251 d:RetainedEarningsAccumulatedLosses 2022-03-31 03791251 c:OrdinaryShareClass1 2022-04-01 2023-03-31 03791251 c:OrdinaryShareClass1 2023-03-31 03791251 c:OrdinaryShareClass1 2022-03-31 03791251 c:FRS102 2022-04-01 2023-03-31 03791251 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 03791251 c:FullAccounts 2022-04-01 2023-03-31 03791251 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03791251 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03791251 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 03791251 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 03791251 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 03791251 d:RetirementBenefitObligationsDeferredTax 2023-03-31 03791251 d:RetirementBenefitObligationsDeferredTax 2022-03-31 03791251 d:OtherDeferredTax 2023-03-31 03791251 d:OtherDeferredTax 2022-03-31 03791251 2 2022-04-01 2023-03-31 03791251 4 2022-04-01 2023-03-31 03791251 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03791251









MEC INVESTMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
MEC INVESTMENTS LIMITED
REGISTERED NUMBER: 03791251

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
11,279
12,137

Investments
 6 
849
849

Investment property
 7 
5,181,991
5,100,966

  
5,194,119
5,113,952

Current assets
  

Debtors: amounts falling due within one year
 8 
10,740
11,251

Cash at bank and in hand
 9 
194,140
293,173

  
204,880
304,424

Creditors: amounts falling due within one year
 10 
(1,055,163)
(1,125,503)

Net current liabilities
  
 
 
(850,283)
 
 
(821,079)

Total assets less current liabilities
  
4,343,836
4,292,873

Creditors: amounts falling due after more than one year
 11 
(491,529)
(451,254)

Provisions for liabilities
  

Deferred tax
 13 
(534,373)
(541,748)

Net assets
  
3,317,934
3,299,871


Capital and reserves
  

Called up share capital 
 14 
1,000
1,000

Investment property reserve
  
2,040,882
2,040,882

Other reserves
  
608,471
648,746

Profit and loss account
  
667,581
609,243

  
3,317,934
3,299,871


Page 1

 
MEC INVESTMENTS LIMITED
REGISTERED NUMBER: 03791251

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 profit and loss account 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: 




Mrs M L Carney
Director

Date: 1 March 2024

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

Page 2

 
MEC INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

MEC Investments Limited, registered number 03791251, is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is given in the Company Information of these financial statements. 

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 judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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:

Rental income
Revenue from rental income is recognised in accordance with the terms stipulated in the leases with tenants.

 
2.3

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 or reducing balance method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance
Computer equipment
-
33%
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.

Page 3

 
MEC INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Basic financial assets

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.

 
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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
MEC INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Interest income

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

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet 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 balance sheet date, except that:
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
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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.


3.


Employees

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


4.


Dividends

2023
2022
£
£


Dividends
-
50,000

Page 5

 
MEC INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Fixtures & fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
85,300
2,103
15,924
103,327


Additions
-
-
3,254
3,254


Disposals
(36,203)
-
-
(36,203)



At 31 March 2023

49,097
2,103
19,178
70,378



Depreciation


At 1 April 2022
75,306
1,222
14,662
91,190


Charge for the year on owned assets
2,338
225
906
3,469


Disposals
(35,560)
-
-
(35,560)



At 31 March 2023

42,084
1,447
15,568
59,099



Net book value



At 31 March 2023
7,013
656
3,610
11,279



At 31 March 2022
9,994
881
1,262
12,137

Page 6

 
MEC INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
849



At 31 March 2023
849





7.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
5,100,966


Additions at cost
81,025



At 31 March 2023
5,181,991

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

On a historical cost basis these would have been included at an original cost of £2,660,677 (2022 - £2,579,653).




8.


Debtors

2023
2022
£
£


Trade debtors
1,428
994

Prepayments and accrued income
9,312
10,257

10,740
11,251



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
194,140
293,173


Page 7

 
MEC INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,058
1,095

Corporation tax
22,153
19,502

Other creditors
1,012,912
1,085,675

Accruals and deferred income
19,040
19,231

1,055,163
1,125,503



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Loan notes
491,529
451,254


Secured Loans
The £1,100,000 loan notes carry annual interest of 0.5% and are repayable on 16 September 2033 at a premium of 20% over par. The notes are currently registered, in equal proportions, to the trustees of the E Carney Life Interest Settlement, and M Carney Accumulation and Maintenance Trust.


12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due after more than 5 years

Loan notes
491,529
451,254


Page 8

 
MEC INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Deferred taxation




2023


£






At beginning of year
(541,748)


Charged to profit or loss
7,375



At end of year
(534,373)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(164)
(220)

Tax losses carried forward
15
15

Other timing differences
96,105
88,786

Revaluation of investment property
(630,329)
(630,329)

(534,373)
(541,748)


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1 each
1,000
1,000



15.


Related party transactions

The amount due to E G Carney, a director of the company, at the year end was £88,252 (2022 - £206,752). The loan accrues interest at a rate of 10% per annum and is repayable on demand.
The amount due to Mrs M L Carney, a director of the company, at the year end was £151,134 (2022 - £151,134). The loan accrues interest at a rate of 10% per annum and is repayable on demand.
During the year the company paid dividends of £Nil (2022 - £50,000) to the directors of the company.


16.


Controlling party

The company is under the immediate and ultimate control of E G Carney and Mrs M L Carney.


Page 9