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Registered number: 04869007










MC295 LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MC295 LIMITED
REGISTERED NUMBER: 04869007

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
6,000,000
6,000,000

  
6,000,000
6,000,000

Current assets
  

Debtors: amounts falling due within one year
 5 
177,142
167,120

Cash at bank and in hand
  
631,627
389,851

  
808,769
556,971

Creditors: amounts falling due within one year
 6 
(2,203,491)
(2,190,766)

Net current liabilities
  
 
 
(1,394,722)
 
 
(1,633,795)

Total assets less current liabilities
  
4,605,278
4,366,205

  

Net assets
  
4,605,278
4,366,205


Capital and reserves
  

Called up share capital 
  
150
150

Retained earnings non-distributable fair value reserves
 8 
1,814,267
1,814,267

Retained earnings
 8 
2,790,861
2,551,788

  
4,605,278
4,366,205


Page 1

 
MC295 LIMITED
REGISTERED NUMBER: 04869007
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 comprehensive income 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 9 August 2024.




Nicholas John Clwyd Griffith
Director

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

Page 2

 
MC295 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MC 295 Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04869007 and registered office is The Warehouse Wyndham Arcade, St Mary Street, Cardiff, Wales, CF10 1FH.
The presentation currency of the financial statements is Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 
2.3

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows. The company has reported a profit in the current financial year and has net assets at the statement of financial position date. However the company has net current liabilities at the statement of financial position date and is dependent on the continuing support of its related parties. The directors consider that this support will continue for the foreseeable future. The directors believe that the company is well placed to manage its business risks successfully, despite the uncertain economic outlook.
The directors have assessed the risks facing the business from the current economic uncertainty and implemented measures to address these risks. Although the situation remains uncertain, in the opinion of the directors the challenges presented by the will not adversely affect the ability of the company to continue trading for the foreseeable future.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.4

Turnover and revenue recognition

Turnover represents net invoiced property rental income and insurance income, excluding value added tax. Rental income is invoiced on a quarterly basis in advance and is recognised evenly over the period to which it relates. Insurances are invoiced on an annual basis in advance and are recognised evenly over the period to which they relate.

Page 3

 
MC295 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.5

Tangible fixed assets

The company's freehold land and buildings are treated as an investment property, as defined by the Financial Reporting Standard 102 Section 1A "Small Entities" accordingly, they are not depreciated. Investment properties for which fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value annually, with the change recognised in the income statement. Surpluses or deficits on revaluation are then transferred from Retained Earnings to a separate non-distributable fair value reserve.

Page 4

 
MC295 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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 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.

 
2.7

Financial instruments

Basic financial assets, which include trade and cash at bank balances, are initially measured at transaction price 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.
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.


3.


Employees




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



Page 5

 
MC295 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Investment property

£



Valuation


At 1 January 2023
6,000,000



At 31 December 2023
6,000,000

The historical cost of the tangible fixed assets is £4,185,733 (2022 - £4,185,733).
The company's freehold property is treated as investment property under FRS 102, Section 1A.

The 2023 valuations were made by Nicholas John Clywd Griffith, a director of the company, on an open market value for existing use basis.

Cost or valuation of investment property at the balance sheet date is represented by:

2023
2022
£
£



Cost
4,185,733
4,185,733

Surplus on revaluation of property
1,814,267
1,814,267

6,000,000
6,000,000




Page 6

 
MC295 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
98,488
90,412

Prepayments and accrued income
78,654
76,708

177,142
167,120



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
76,603
74,322

Amounts owed to related parties
1,769,524
1,802,876

Amounts owed to parent company
98,210
90,522

Corporation tax
39,818
27,509

Other taxation and social security
38,665
34,469

Accruals and deferred income
180,671
161,068

2,203,491
2,190,766



7.

Secured debts

The following secured debts are included within creditors:

2023
2022
        £
        £
Amounts owed to related party

1,671,314

1,712,354
 

1,671,314

1,712,354
 

The balance is secured and interest is charged at 2.6% plus SONIA rate per annum.

Page 7

 
MC295 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Reserves

Other reserves



Retained earnings non-  distribut-able fair value reserves
        £
At 1 January 2023 and 31 December 2023

1,814,267


1,814,267


Retained earnings - non-distributable reserves relate to revaluation gains/losses on the company's investment property of £1,814,267 (2022 - £1,814,267).


9.


Capital commitments

There are no capital commitments at the balance sheet date. 


10.


Ultimate controlling party

The immediate parent company is G Securities Limited.
G Securities Limited is a wholly owned subsidiary of G Capital Limited.
The ultimate controlling party is director Mr N J C Griffith, as the controlling party of G Capital Limited.


11.


Auditors' information

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

The audit report was signed on 16 September 2024 by James Dobson BSc FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 8