Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01No description of principal activity33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06413490 2023-01-01 2023-12-31 06413490 2022-01-01 2022-12-31 06413490 2023-12-31 06413490 2022-12-31 06413490 c:Director1 2023-01-01 2023-12-31 06413490 c:Director2 2023-01-01 2023-12-31 06413490 c:Director3 2023-01-01 2023-12-31 06413490 c:RegisteredOffice 2023-01-01 2023-12-31 06413490 d:FurnitureFittings d:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 06413490 d:FurnitureFittings 2023-01-01 2023-12-31 06413490 d:FurnitureFittings 2023-12-31 06413490 d:FurnitureFittings 2022-12-31 06413490 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06413490 d:ComputerSoftware 2023-12-31 06413490 d:ComputerSoftware 2022-12-31 06413490 d:ComputerSoftware d:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 06413490 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 06413490 d:FreeholdInvestmentProperty 2023-12-31 06413490 d:FreeholdInvestmentProperty 2022-12-31 06413490 d:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 06413490 d:CurrentFinancialInstruments 2023-12-31 06413490 d:CurrentFinancialInstruments 2022-12-31 06413490 d:Non-currentFinancialInstruments 2023-12-31 06413490 d:Non-currentFinancialInstruments 2022-12-31 06413490 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06413490 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06413490 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06413490 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06413490 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 06413490 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 06413490 d:ShareCapital 2023-12-31 06413490 d:ShareCapital 2022-12-31 06413490 d:OtherMiscellaneousReserve 2023-12-31 06413490 d:OtherMiscellaneousReserve 2022-12-31 06413490 d:RetainedEarningsAccumulatedLosses 2023-12-31 06413490 d:RetainedEarningsAccumulatedLosses 2022-12-31 06413490 c:OrdinaryShareClass1 2023-01-01 2023-12-31 06413490 c:OrdinaryShareClass1 2023-12-31 06413490 c:OrdinaryShareClass1 2022-12-31 06413490 c:OrdinaryShareClass2 2023-01-01 2023-12-31 06413490 c:OrdinaryShareClass2 2023-12-31 06413490 c:OrdinaryShareClass2 2022-12-31 06413490 c:OrdinaryShareClass3 2023-01-01 2023-12-31 06413490 c:OrdinaryShareClass3 2023-12-31 06413490 c:OrdinaryShareClass3 2022-12-31 06413490 c:FRS102 2023-01-01 2023-12-31 06413490 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06413490 c:FullAccounts 2023-01-01 2023-12-31 06413490 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06413490 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 06413490 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 06413490 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 06413490 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 06413490 d:HirePurchaseContracts d:MoreThanFiveYears 2023-12-31 06413490 d:HirePurchaseContracts d:MoreThanFiveYears 2022-12-31 06413490 2 2023-01-01 2023-12-31 06413490 d:FurnitureFittings d:PreviouslyStatedAmount 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06413490









MOONRAKER (CARDIFF) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MOONRAKER (CARDIFF) LIMITED
 
 
COMPANY INFORMATION


Directors
R Humphreys 
W J Killick 
A J Pettit 




Registered number
06413490



Registered office
Second Floor
60 Charlotte Street

London

W1T 2NU




Accountants
Donald Reid Limited
Chartered Accountants

Prince Albert House

20 King Street

Maidenhead

Berkshire

SL6 1DT





 
MOONRAKER (CARDIFF) LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12


 
MOONRAKER (CARDIFF) LIMITED
REGISTERED NUMBER: 06413490

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
6,000
6,000

Tangible assets
 5 
52,601
52,897

Investment property
 6 
8,660,000
9,560,000

  
8,718,601
9,618,897

Current assets
  

Debtors
 7 
235,529
232,989

Cash at bank and in hand
 8 
33,410
460,773

  
268,939
693,762

Creditors: amounts falling due within one year
 9 
(4,539,026)
(4,568,735)

Net current liabilities
  
 
 
(4,270,087)
 
 
(3,874,973)

Total assets less current liabilities
  
4,448,514
5,743,924

Creditors: amounts falling due after more than one year
 10 
(3,614,517)
(3,335,881)

  

Net assets
  
833,997
2,408,043


Capital and reserves
  

Called up share capital 
 13 
3,800,099
3,800,099

Other reserves
  
(2,436,530)
(2,436,530)

Profit and loss account
  
(529,572)
1,044,474

  
833,997
2,408,043


Page 1

 
MOONRAKER (CARDIFF) LIMITED
REGISTERED NUMBER: 06413490
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 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 on 8 August 2024.




R Humphreys
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
MOONRAKER (CARDIFF) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Moonraker (Cardiff) Limited is a private company limited by shares. The company was incorporated in the United Kingdom and registered in England and Wales. The registration number is 06413490. The registered office address is Second Floor, 60 Charlotte Street, London, United Kingdom, W1T 2NU.

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

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
MOONRAKER (CARDIFF) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

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:

Fixtures and fittings
-
15%
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.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

 
2.10

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.

Page 4

 
MOONRAKER (CARDIFF) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

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. 
Page 5

 
MOONRAKER (CARDIFF) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


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.

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
Page 6

 
MOONRAKER (CARDIFF) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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 average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Intangible assets




Computer software

£



Cost


Prior Year Adjustment
6,000


At 1 January 2023 (as restated)
6,000



At 31 December 2023

6,000






Net book value



At 31 December 2023
6,000



At 31 December 2022 (as restated)
6,000



Page 7

 
MOONRAKER (CARDIFF) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023 (as previously stated)
50,818


Prior Year Adjustment
2,444


At 1 January 2023 (as restated)
53,262


Additions
3,211



At 31 December 2023

56,473



Depreciation


At 1 January 2023
365


Charge for the year on owned assets
3,507



At 31 December 2023

3,872



Net book value



At 31 December 2023
52,601



At 31 December 2022 (as restated)
52,897

Page 8

 
MOONRAKER (CARDIFF) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
9,560,000


Additions at cost
52,692


Surplus on revaluation
(952,692)



At 31 December 2023
8,660,000

The 2023 valuations were made by CBRE Group Inc, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

As restated
2023
2022
£
£


Historic cost
12,606,470
12,553,778

12,606,470
12,553,778


7.


Debtors

As restated
2023
2022
£
£

Due after more than one year

Other debtors
77,247
72,787

77,247
72,787

Due within one year

Trade debtors
27,209
38,687

Other debtors
88,896
71,796

Prepayments and accrued income
42,177
49,719

235,529
232,989


Page 9

 
MOONRAKER (CARDIFF) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
33,410
460,773

33,410
460,773



9.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Group loans
4,223,719
4,354,901

Trade creditors
222,226
141,351

Amounts owed to group undertakings
43,905
1,296

Obligations under finance lease and hire purchase contracts
2,852
2,457

Other creditors
-
27,238

Accruals and deferred income
46,324
41,492

4,539,026
4,568,735



10.


Creditors: Amounts falling due after more than one year

As restated
2023
2022
£
£

Group loans
3,562,897
3,317,409

Net obligations under finance leases and hire purchase contracts
15,620
18,472

Other creditors
36,000
-

3,614,517
3,335,881


Page 10

 
MOONRAKER (CARDIFF) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
4,223,719
4,354,901


4,223,719
4,354,901

Amounts falling due 1-2 years

Other loans
3,562,897
3,317,409


3,562,897
3,317,409



7,786,616
7,672,310



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
2,581
2,457

Between 1-5 years
15,620
13,774

Over 5 years
-
4,698

18,201
20,929


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,313,886 (2022 - 1,313,886) Ordinary A shares of £1.00 each
1,313,886
1,313,886
1,308,592 (2022 - 1,308,592) Ordinary B shares of £1.00 each
1,308,592
1,308,592
1,177,621 (2022 - 1,177,621) Ordinary C shares of £1.00 each
1,177,621
1,177,621

3,800,099

3,800,099


Page 11

 
MOONRAKER (CARDIFF) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Prior year adjustment

The comparatives have been restated in order to correct prior period errors as follows:

1.To reclassify assets incorrectly recorded as debtors due within one year to fixed assets. This has led to an increase in fixed assets of £8,444 and a decrease in debtors due within one year of the same amount.
2.To reclassify net obligations under finance leases and hire purchase contracts to correctly reflect when they fall due.This has led to an increase in creditors due within more than one year of £18,472 and a decrease in creditors due within one year of the same amount.
3.To discount an interest-free related party loan to present value using a market rate of interest as a discount factor. This has led to an decrease in creditors of £717,659 and a decrease in fair value movements of £228,574.

These adjustments have led to an decrease for the profit in 2022 of £228,574 and an increase in retained earnings brought forward in 2023 of £717,659 (2022: 946,232)

The directors have made these restatements to better enable the financial statements to show a true and fair view.


15.


Contingent liabilities

The company has provided security in respect of a loan held by its parent company.  The directors consider it very unlikely that any liability would become payable by Moonraker (Cardiff) Limited in respect of the parent entity's borrowings, however if it did so the maximum liability would be £5,664,636.


16.


Related party transactions

At year end, included in creditors due within one year, is the amount of £26,907 (2022: £1,296) owed by the company to Create Real Estate Services Limited, a group undertaking. During the year, included within administration expenses, is £4,290 (2022: £4,582) in relation to management charges payable to Create Real Estate Services Limited

At year end, included in creditors due within one year, is the amount of £16,998 (2022: Nil) owed by the company to Moonraker (Chippenham) Limited, a group undertaking.

The company has taken advantage of the exemption of Section 33 Related Party Disclosures from disclosing transactions with wholly owned members of the group.

17.


Controlling party

The ultimate parent undertaking is Moonraker (Elgin House) Limited. The ultimate controlling party is Moonraker Real Estate LLP. The registered office address of Moonraker Real Estate LLP is Second Floor, 60 Charlotte Street, London, United Kingdom, W1T 2NU.

 
Page 12