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Registration number: 11218619

Mountview Capital Ltd

Unaudited Financial Statements

for the Year Ended 28 February 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Mountview Capital Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Mountview Capital Ltd

Company Information

Director

G O Rankin

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Mountview Capital Ltd

Statement of Financial Position as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,675

743

Current assets

 

Debtors

5

310,055

301,163

Cash at bank and in hand

 

78,351

-

 

388,406

301,163

Creditors: Amounts falling due within one year

6

(116,113)

(193,116)

Net current assets

 

272,293

108,047

Total assets less current liabilities

 

273,968

108,790

Creditors: Amounts falling due after more than one year

6

(34,379)

(38,885)

Provisions for liabilities

(419)

(186)

Net assets

 

239,170

69,719

Capital and reserves

 

Called up share capital

1

1

Retained earnings

239,169

69,718

Shareholders' funds

 

239,170

69,719

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Mountview Capital Ltd

Statement of Financial Position as at 28 February 2023

Approved and authorised by the director on 30 August 2024

.........................................

G O Rankin

Director

Company registration number: 11218619

 

Mountview Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the provision of debt capital advisory services.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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 the years presented, unless otherwise stated.

Going concern

The company had net assets at 28 February 2023 of £239,170 including cash at bank of £78,351.

At the date of approval of the financial statements the company has a strong pipeline from a variety of different borrowers which, based on the expected fees, would allow the company to operate profitably for a period of at least 12 months from the date of the approval of these financial statements. Subsequent to 28 February 2023 the company repaid its commercial business loan in full.

The Bank of England finally reduced Base Rate in August 2024, which demonstrates interest rates have peaked and consequently 5 year Swap rates have reduced. This is having a very positive impact on the lending market overall and augurs well for the coming 12 months.

The main shareholder has injected £43,000 of fresh capital into the company since 28 February 2023 and is prepared to inject fresh capital into the company if required.

On the basis of the above the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly the director considers it appropriate to prepare the financial statements on a going concern basis.

 

Mountview Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of the provision of advice and arranging finance across all classes of real estate and renewable energy. Turnover is shown net of value added tax, returns, rebates and discounts.

Turnover is recognised over the period in which the advisory services are supplied when the company becomes entitled to consideration.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight-line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Mountview Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

7,307

7,307

Additions

1,536

1,536

At 28 February 2023

8,843

8,843

Depreciation

At 1 March 2022

6,564

6,564

Charge for the year

604

604

At 28 February 2023

7,168

7,168

Carrying amount

At 28 February 2023

1,675

1,675

At 28 February 2022

743

743

 

Mountview Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Debtors

2023
£

2022
£

Trade debtors

-

-

Other debtors

310,055

301,163

310,055

301,163

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank borrowings

7

8,870

10,435

Trade creditors

 

8,436

11,688

Taxation and social security

 

76,582

87,913

Other creditors

 

22,225

83,080

 

116,113

193,116

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Bank borrowings

7

34,379

38,885

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdraft

-

888

Bank loan

8,870

9,547

8,870

10,435

2023
£

2022
£

Non-current loans and borrowings

Bank loan

34,379

38,885

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £36,592 (2022 - £8,088).

 

Mountview Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Transactions with directors

At 28 February 2023 an amount of £281,651 (2022: £234,955) was due from the director. Advances of £64,413 and repayments of £22,890 were made during the year. Interest of £5,173 (2022: £4,160) was payable to the company at 2.0% p.a. There are no set terms in place.