Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseinvestment company22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12600075 2023-01-01 2023-12-31 12600075 2022-01-01 2022-12-31 12600075 2023-12-31 12600075 2022-12-31 12600075 c:Director1 2023-01-01 2023-12-31 12600075 c:Director2 2023-01-01 2023-12-31 12600075 c:RegisteredOffice 2023-01-01 2023-12-31 12600075 d:FurnitureFittings 2023-01-01 2023-12-31 12600075 d:FurnitureFittings 2023-12-31 12600075 d:FurnitureFittings 2022-12-31 12600075 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12600075 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 12600075 d:OtherPropertyPlantEquipment 2023-12-31 12600075 d:OtherPropertyPlantEquipment 2022-12-31 12600075 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12600075 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12600075 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 12600075 d:FreeholdInvestmentProperty 2023-12-31 12600075 d:FreeholdInvestmentProperty 2022-12-31 12600075 d:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 12600075 d:CurrentFinancialInstruments 2023-12-31 12600075 d:CurrentFinancialInstruments 2022-12-31 12600075 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12600075 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12600075 d:ShareCapital 2023-12-31 12600075 d:ShareCapital 2022-12-31 12600075 d:RevaluationReserve 2023-01-01 2023-12-31 12600075 d:RevaluationReserve 2023-12-31 12600075 d:RevaluationReserve 2022-12-31 12600075 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12600075 d:RetainedEarningsAccumulatedLosses 2023-12-31 12600075 d:RetainedEarningsAccumulatedLosses 2022-12-31 12600075 d:OtherDeferredTax 2023-12-31 12600075 d:OtherDeferredTax 2022-12-31 12600075 c:OrdinaryShareClass2 2023-01-01 2023-12-31 12600075 c:OrdinaryShareClass2 2023-12-31 12600075 c:OrdinaryShareClass2 2022-12-31 12600075 c:FRS102 2023-01-01 2023-12-31 12600075 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12600075 c:FullAccounts 2023-01-01 2023-12-31 12600075 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12600075 2 2023-01-01 2023-12-31 12600075 6 2023-01-01 2023-12-31 12600075 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 12600075












MARKEY INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

MARKEY INVESTMENTS LTD

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 11


 

MARKEY INVESTMENTS LTD
 
COMPANY INFORMATION


Directors
Dr A Markey 
C Markey 




Registered number
12600075



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:12600075
MARKEY INVESTMENTS LTD

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,482
-

Investments
 5 
810,703
644,712

Investment Property
 6 
2,426,974
2,478,000

  
3,250,159
3,122,712

Current assets
  

Debtors: amounts falling due within one year
 7 
3,531
6,459

Cash at bank and in hand
  
46,492
15,997

  
50,023
22,456

Creditors: amounts falling due within one year
 8 
(516,802)
(450,439)

Net current liabilities
  
 
 
(466,779)
 
 
(427,983)

Provisions for liabilities
  

Deferred tax
 9 
(118,848)
-

  
 
 
(118,848)
 
 
-

Net assets
  
2,664,532
2,694,729


Capital and reserves
  

Called up share capital 
 10 
4,065,150
4,065,150

Fair value reserve
 11 
(1,212,995)
(1,782,902)

Profit and loss account
 11 
(187,623)
412,481

Total equity
  
2,664,532
2,694,729


Page 2


 
REGISTERED NUMBER:12600075
MARKEY INVESTMENTS LTD
    
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 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: 




Dr A Markey
Director

Date: 17 September 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 

MARKEY INVESTMENTS LTD

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

1.


General information

Markey Investments Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.

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 judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
2.4

Interest income

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

Page 4

 

MARKEY INVESTMENTS LTD

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

2.Accounting policies (continued)

 
2.5

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
-
over 4 years
Other fixed assets
-
over 4 years

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.

 
2.6

Investment property

Investment property is initially recognised at cost which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit or loss. Deferred taxation is provided on the fair value gain at the rate expected to apply when the proeprty is sold.

 
2.7

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.


2.8

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 5

 

MARKEY INVESTMENTS LTD

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

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, and cash and bank balances are initially recognised 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Page 6

 

MARKEY INVESTMENTS LTD

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

2.Accounting policies (continued)




Financial instruments (continued)

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.9

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.

  
2.10

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

 
2.11

Current and deferred tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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.

Page 7

 

MARKEY INVESTMENTS LTD

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

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

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


4.


Tangible fixed assets





Fixtures and fittings
Other fixed assets
Total

£
£
£



Cost 


Additions
9,364
5,402
14,766



At 31 December 2023

9,364
5,402
14,766



Depreciation


At 1 January 2023
-
-
-


Charge for the year on owned assets
1,533
751
2,284



At 31 December 2023

1,533
751
2,284



Net book value



At 31 December 2023
7,831
4,651
12,482



At 31 December 2022
-
-
-

Page 8

 

MARKEY INVESTMENTS LTD

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

5.


Fixed asset investments





Listed investments

£



Valuation


At 1 January 2023
644,712


Additions
10,664


Disposals
(77,670)


Fair value movement
232,997



At 31 December 2023
810,703





6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
2,478,000


Additions at cost
16,387


Fair value movement
(67,413)



At 31 December 2023
2,426,974

The 2023 valuations were made by the directors, 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:

2023
2022
£
£


Historic cost
3,996,512
3,980,125

Page 9

 

MARKEY INVESTMENTS LTD

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

7.


Debtors

2023
2022
£
£


Other debtors
3,344
958

Prepayments and accrued income
187
-

Tax recoverable
-
5,501

3,531
6,459



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Other creditors
507,742
442,519

Accruals
9,060
7,920

516,802
450,439



9.


Deferred taxation




2023


£






At beginning of year
-


Charged to profit or loss
(118,848)



At end of year
(118,848)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fair value movements on investments
(118,848)
-

Page 10

 

MARKEY INVESTMENTS LTD

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

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,065,150 (2022 - 4,065,150) "B'' Ordinary shares of £1.00 each
4,065,150
4,065,150



11.


Reserves

Fair value reserve

The fair value reserve is non-distributable and arose from fair value movements in fixed asset investments and in investment property, net of any deferred tax.

Profit and loss account

The profit and loss account comprise distributable reserves.


12.


Related party transactions

Other debtors of £3,344 (2022: £958) comprise an amount owed by a company with directors in common. This does not carry any interest.
Other creditors of £507,742 (2022: £442,519) comprise an amount owed to the directors. The loan is provided interest-free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.

 
Page 11