Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-31truetrue2Holding company2022-06-01false2The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10691344 2022-06-01 2023-05-31 10691344 2021-06-01 2022-05-31 10691344 2023-05-31 10691344 2022-05-31 10691344 c:Director1 2022-06-01 2023-05-31 10691344 d:CurrentFinancialInstruments 2023-05-31 10691344 d:CurrentFinancialInstruments 2022-05-31 10691344 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 10691344 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 10691344 d:ShareCapital 2023-05-31 10691344 d:ShareCapital 2022-05-31 10691344 d:SharePremium 2023-05-31 10691344 d:SharePremium 2022-05-31 10691344 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 10691344 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 10691344 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-05-31 10691344 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2022-05-31 10691344 c:FRS102 2022-06-01 2023-05-31 10691344 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 10691344 c:FullAccounts 2022-06-01 2023-05-31 10691344 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10691344 6 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number:  10691344














MCVM HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


 
MCVM HOLDINGS LIMITED
REGISTERED NUMBER: 10691344

BALANCE SHEET
AS AT 31 MAY 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
124,500
124,500

  
124,500
124,500

Current assets
  

Debtors: amounts falling due within one year
 5 
319,077
150,002

  
319,077
150,002

Creditors: amounts falling due within one year
 6 
(360,575)
(191,500)

Net current liabilities
  
 
 
(41,498)
 
 
(41,498)

Total assets less current liabilities
  
83,002
83,002

  

Net assets
  
83,002
83,002


Capital and reserves
  

Called up share capital 
  
102
102

Share premium account
  
82,900
82,900

  
83,002
83,002


Page 1

 
MCVM HOLDINGS LIMITED
REGISTERED NUMBER: 10691344
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The director considers 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 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: 




A Jones
Director

Date: 2 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MCVM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.10691344). The address of the registered office is Unit B, Reigan Industrial Estate, Factory Road, Sandycroft, Deeside, Clwyd, CH5 2QJ.
These financial statements present information about the company as an individual undertaking. The principal activity is that of a holding company. 

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.3

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.

 
2.4

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.

 
2.5

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet 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.

Page 3

 
MCVM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.5
Financial instruments (continued)

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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
Page 4

 
MCVM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.5
Financial instruments (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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 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.

 
2.6

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.


3.


Employees

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

Page 5

 
MCVM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2022
124,500



At 31 May 2023
124,500





5.


Debtors

As restated
2023
2022
£
£


Other debtors
319,077
150,002

319,077
150,002



6.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Other creditors
360,575
191,500

360,575
191,500


Page 6

 
MCVM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at amortised cost
319,075
150,000


Financial liabilities


Financial liabilities measured at amortised cost
360,575
191,500


Financial assets measured at amortised cost comprise of other debtors.


Financial liabilities measured at amortised cost comprise of other creditors.


8.


Related party transactions

IIncluded in debtors and creditors are the following amounts due (to) / from related parties:


2023
As restated 2022
£
£

Man Coed VM Limited
(360,575)
(191,500)
Happy Horse Bedding Limited
169,075
-
J Reid
150,000
150,000

Man Coed VM Limited and Happy Horse Bedding Limited are subsidiary companies.
J Reid is a director.
The loans are repayable on demand.


9.


Controlling party

The company is under the control of its directors.

 
Page 7