Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-31false2023-01-01falseNo description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09760580 2023-01-01 2023-12-31 09760580 2022-01-01 2022-12-31 09760580 2023-12-31 09760580 2022-12-31 09760580 2022-01-01 09760580 c:Director9 2023-01-01 2023-12-31 09760580 d:FurnitureFittings 2023-01-01 2023-12-31 09760580 d:CurrentFinancialInstruments 2023-12-31 09760580 d:CurrentFinancialInstruments 2022-12-31 09760580 d:Non-currentFinancialInstruments 2023-12-31 09760580 d:Non-currentFinancialInstruments 2022-12-31 09760580 d:Non-currentFinancialInstruments 1 2023-12-31 09760580 d:Non-currentFinancialInstruments 1 2022-12-31 09760580 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09760580 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09760580 d:ShareCapital 2023-12-31 09760580 d:ShareCapital 2022-12-31 09760580 d:ShareCapital 2022-01-01 09760580 d:SharePremium 2023-01-01 2023-12-31 09760580 d:SharePremium 2023-12-31 09760580 d:SharePremium 2022-12-31 09760580 d:SharePremium 2022-01-01 09760580 d:RevaluationReserve 2023-01-01 2023-12-31 09760580 d:ForeignCurrencyTranslationReserve 2023-01-01 2023-12-31 09760580 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 09760580 d:MergerReserve 2023-01-01 2023-12-31 09760580 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09760580 d:RetainedEarningsAccumulatedLosses 2023-12-31 09760580 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09760580 d:RetainedEarningsAccumulatedLosses 2022-12-31 09760580 d:RetainedEarningsAccumulatedLosses 2022-01-01 09760580 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09760580 c:OrdinaryShareClass1 2023-12-31 09760580 c:OrdinaryShareClass1 2022-12-31 09760580 c:OrdinaryShareClass2 2023-01-01 2023-12-31 09760580 c:OrdinaryShareClass2 2023-12-31 09760580 c:OrdinaryShareClass2 2022-12-31 09760580 c:OrdinaryShareClass3 2023-01-01 2023-12-31 09760580 c:OrdinaryShareClass3 2023-12-31 09760580 c:OrdinaryShareClass3 2022-12-31 09760580 c:FRS102 2023-01-01 2023-12-31 09760580 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09760580 c:FullAccounts 2023-01-01 2023-12-31 09760580 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09760580 d:Subsidiary1 2023-01-01 2023-12-31 09760580 d:Subsidiary1 1 2023-01-01 2023-12-31 09760580 d:Subsidiary2 2023-01-01 2023-12-31 09760580 d:Subsidiary2 1 2023-01-01 2023-12-31 09760580 d:Subsidiary3 2023-01-01 2023-12-31 09760580 d:Subsidiary3 1 2023-01-01 2023-12-31 09760580 d:Subsidiary4 2023-01-01 2023-12-31 09760580 d:Subsidiary4 1 2023-01-01 2023-12-31 09760580 d:Subsidiary5 2023-01-01 2023-12-31 09760580 d:Subsidiary5 1 2023-01-01 2023-12-31 09760580 d:Subsidiary6 2023-01-01 2023-12-31 09760580 d:Subsidiary6 1 2023-01-01 2023-12-31 09760580 d:Subsidiary7 2023-01-01 2023-12-31 09760580 d:Subsidiary7 1 2023-01-01 2023-12-31 09760580 d:Subsidiary8 2023-01-01 2023-12-31 09760580 d:Subsidiary8 1 2023-01-01 2023-12-31 09760580 d:Subsidiary9 2023-01-01 2023-12-31 09760580 d:Subsidiary9 1 2023-01-01 2023-12-31 09760580 d:Subsidiary10 2023-01-01 2023-12-31 09760580 d:Subsidiary10 1 2023-01-01 2023-12-31 09760580 d:Subsidiary11 2023-01-01 2023-12-31 09760580 d:Subsidiary11 1 2023-01-01 2023-12-31 09760580 d:Subsidiary12 2023-01-01 2023-12-31 09760580 d:Subsidiary12 1 2023-01-01 2023-12-31 09760580 d:Subsidiary13 2023-01-01 2023-12-31 09760580 d:Subsidiary13 1 2023-01-01 2023-12-31 09760580 d:Subsidiary14 2023-01-01 2023-12-31 09760580 d:Subsidiary14 1 2023-01-01 2023-12-31 09760580 d:Subsidiary15 2023-01-01 2023-12-31 09760580 d:Subsidiary15 1 2023-01-01 2023-12-31 09760580 d:Subsidiary16 2023-01-01 2023-12-31 09760580 d:Subsidiary16 1 2023-01-01 2023-12-31 09760580 d:Subsidiary17 2023-01-01 2023-12-31 09760580 d:Subsidiary17 1 2023-01-01 2023-12-31 09760580 d:Subsidiary18 2023-01-01 2023-12-31 09760580 d:Subsidiary18 1 2023-01-01 2023-12-31 09760580 d:Subsidiary19 2023-01-01 2023-12-31 09760580 d:Subsidiary19 1 2023-01-01 2023-12-31 09760580 d:Subsidiary20 2023-01-01 2023-12-31 09760580 d:Subsidiary20 1 2023-01-01 2023-12-31 09760580 d:Subsidiary21 2023-01-01 2023-12-31 09760580 d:Subsidiary21 1 2023-01-01 2023-12-31 09760580 d:Subsidiary22 2023-01-01 2023-12-31 09760580 d:Subsidiary22 1 2023-01-01 2023-12-31 09760580 d:Subsidiary23 2023-01-01 2023-12-31 09760580 d:Subsidiary23 1 2023-01-01 2023-12-31 09760580 c:Consolidated 2023-12-31 09760580 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 09760580 2 2023-01-01 2023-12-31 09760580 6 2023-01-01 2023-12-31 09760580 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09760580










MACTAGGART HERITABLE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MACTAGGART HERITABLE LIMITED
REGISTERED NUMBER: 09760580

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Restated 2022
Note
£000
£000

Fixed assets
  

Tangible assets
 5 
13
15

Investments
 6 
36,215
47,723

Investment property
 7 
102,245
99,963

  
138,473
147,701

Current assets
  

Stocks
 8 
28,052
12,037

Debtors: amounts falling due >1 year
 9 
3,863
5,528

Debtors: amounts falling due <1 year
 9 
37,607
34,860

Cash at bank and in hand
 10 
22,532
32,155

  
92,054
84,580

Creditors: amounts falling due <1 year
 11 
(48,238)
(28,998)

Net current assets
  
 
 
43,816
 
 
55,582

Total assets less current liabilities
  
182,289
203,283

Creditors: amounts falling due >1 year
 12 
(50,995)
(52,683)

Provisions for liabilities
  

Deferred taxation
 14 
(47,980)
(49,949)

  
 
 
(47,980)
 
 
(49,949)

Net assets excluding pension asset
  
83,314
100,651

Net assets
  
83,314
100,651


Capital and reserves
  

Called up share capital 
 15 
953
953

Share premium account
 16 
90,047
90,047

Revaluation reserve
 16 
75,727
75,727

Foreign exchange reserve
 16 
810
13,620

Other reserves
 16 
-
(300)

Merger reserve
 16 
(151,759)
(151,759)

Profit and loss account
 16 
68,583
76,335

Equity attributable to owners of the parent Company
  
84,361
104,623

Non-controlling interests
  
(1,047)
(3,972)

  
83,314
100,651

Page 1

 
MACTAGGART HERITABLE LIMITED
REGISTERED NUMBER: 09760580
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2

 
MACTAGGART HERITABLE LIMITED
REGISTERED NUMBER: 09760580
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (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 consolidated 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 by: 





Sir J A Mactaggart Bt.
Director

Date: 17 September 2024

The notes on pages 9 to 27 form part of these financial statements.

Page 3

 
MACTAGGART HERITABLE LIMITED
REGISTERED NUMBER: 09760580

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Investments
 6 
149,053
149,053

  
149,053
149,053

Current assets
  

Debtors: amounts falling due within one year
 9 
5,929
4,836

  
5,929
4,836

Creditors: amounts falling due within one year
 11 
(34,029)
(31,576)

Net current liabilities
  
 
 
(28,100)
 
 
(26,740)

  

  

Net assets
  
120,953
122,313


Capital and reserves
  

Called up share capital 
 15 
953
953

Share premium account
 16 
90,047
90,047

Profit and loss account
 16 
29,953
31,313

  
120,953
122,313


The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated 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 by: 




Sir J A Mactaggart Bt.
Director
Page 4

 
MACTAGGART HERITABLE LIMITED
REGISTERED NUMBER: 09760580
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Date: 17 September 2024

The notes on pages 9 to 27 form part of these financial statements.

Page 5

 

 
MACTAGGART HERITABLE LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Revaluation reserve
Foreign exchange reserve
Other reserves
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£000
£000
£000
£000
£000
£000
£000
£000
£000
£000


At 1 January 2023
953
90,047
75,727
13,620
(300)
(151,759)
76,335
104,623
(3,972)
100,651





Loss for the year
-
-
-
-
-
-
(6,329)
(6,329)
2,796
(3,533)


Movement on   translation
-
-
-
(12,810)
-
-
-
(12,810)
-
(12,810)


Dividends: Equity   capital
-
-
-
-
-
-
(1,423)
(1,423)
-
(1,423)


Change in non-  controlling interests
-
-
-
-
-
-
-
-
129
129


Other reserves write off
-
-
-
-
300
-
-
300
-
300



At 31 December 2023
953
90,047
75,727
810
-
(151,759)
68,583
84,361
(1,047)
83,314



Page 6

 

 
MACTAGGART HERITABLE LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022



Called up share capital
Share premium account
Revaluation reserve
Foreign exchange reserve
Other reserves
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£000
£000
£000
£000
£000
£000
£000
£000
£000
£000


At 1 January 2022 (restated - see note 17)
953
90,047
75,727
4,236
(300)
(151,759)
93,186
112,090
(3,692)
108,398





Loss for the year (restated - see note 17)
-
-
-
-
-
-
(12,806)
(12,806)
(411)
(13,217)


Movement on   translation
-
-
-
9,384
-
-
-
9,384
-
9,384


Dividends: Equity   capital
-
-
-
-
-
-
(4,045)
(4,045)
-
(4,045)


Change in non-  controlling interests
-
-
-
-
-
-
-
-
131
131



At 31 December 2022
953
90,047
75,727
13,620
(300)
(151,759)
76,335
104,623
(3,972)
100,651



The notes on pages 9 to 27 form part of these financial statements.

Page 7

 
MACTAGGART HERITABLE LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 January 2022
953
90,047
35,313
126,313

Dividends: Equity capital
-
-
(4,000)
(4,000)



At 1 January 2023
953
90,047
31,313
122,313

Dividends: Equity capital
-
-
(1,360)
(1,360)


At 31 December 2023
953
90,047
29,953
120,953


The notes on pages 9 to 27 form part of these financial statements.





 

Page 8

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

1.


General information

Mactaggart Heritable Limited is a private limited company with share capital incorporated in England and Wales. Its registered address and principal place of business is 2 Babmaes Street, London, SW1Y 6HD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

 
2.3

Going concern

The financial statements for the Company and the Group have been prepared on a going concern basis. The Group recorded a loss after tax for the financial year of £3,533,000 and had net assets of £83,314,000 at the date of the Statement of Financial Position. 
After reviewing the Group's forecasts and projections the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least the next twelve months following approval of these financial statements. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

Page 9

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Group 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.

 
2.5

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the Group 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.

Page 10

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

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Borrowing costs

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

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

 
2.11

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.

Page 11

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

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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
-
3 years 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.

 
2.12

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 12

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

2.Accounting policies (continued)

 
2.15

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

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.

 
2.18

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.

 
2.19

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.

Page 13

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

2.Accounting policies (continued)

 
2.20

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.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group 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 Group's Statement of Financial Position when the Group 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 Group'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
Page 14

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

2.Accounting policies (continued)


2.21
Financial instruments (continued)

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 Group 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 Group will continue to recognise the value of the portion of the risks and rewards retained.


 
Page 15

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

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.22

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements under FRS 102 requires the directors to make certain judgements, estimates and assumptions that affect the application of accounting policies, the reported amounts of assets and liabilities as at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements that are not readily apparent from other sources. However, the actual results may differ from these estimates. The key area where management has made significant judgements is around estimates regarding the valuation of properties at the date of the Statement of Financial Position. 
Investment properties
The Group holds its investment property at fair value. In order to arrive at this value, the Group considers various factors including, but not limited to, the classification, location and condition of the property; recent market transactions involving similar assets; and an appraisal of the current market environment. Reference is also made to reports prepared by independent valuation experts where considered appropriate.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
Unlisted investments
The valuation of unlisted investments is subject to a significant degree of judgement and estimation uncertainty.
As outlined in the Group’s accounting policies, unlisted investments are measured at fair value at the date of the Statement of Financial Position when this value can be reliably determined. The directors have assessed that a reliable value can be determined for investments in entities that are either property investment funds or special purpose vehicles where a combination of audited financial statements and/or expert valuations for underlying assets are available. The extent to which this information is considered reliable and appropriate to rely upon is a matter of judgement.
Where such information is not available, unlisted investments are measured at historical cost less impairment. Consideration of whether indicators of impairment exist and the extent to which any such impairment charge should be recognised is subject to judgement and estimation.

Page 16

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

4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 16).


5.


Tangible fixed assets

Group






Fixtures & fittings

£000



Cost or valuation


At 1 January 2023
114


Additions
13



At 31 December 2023

127



Depreciation


At 1 January 2023
99


Charge for the year on owned assets
15



At 31 December 2023

114



Net book value



At 31 December 2023
13



At 31 December 2022
15

Page 17

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

6.


Fixed asset investments

Group





Unlisted investments
Investment in joint ventures
Total

£000
£000
£000



Cost or valuation


At 1 January 2023
45,965
1,758
47,723


Additions
13,510
-
13,510


Disposals
(19,197)
-
(19,197)


Foreign exchange movement
(2,837)
333
(2,504)


Revaluations
(3,140)
-
(3,140)


Share of profit/(loss)
-
(177)
(177)



At 31 December 2023
34,301
1,914
36,215




Company





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2023
149,053



At 31 December 2023
149,053




Page 18

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Western Heritable Limited (1)
Ordinary
100%
Mactaggart Heritable Holdings Limited (3)
Ordinary
100%
Western Heritable (Star) Limited (1)
Ordinary
100%
Western America Limited * (1)
Ordinary
100%
Western Heritable (Stripe) Limited (1)
Ordinary
100%
Mactaggart Investment Company Limited (1)
Ordinary
100%
Mactaggart Family & Partners Limited (1)
Ordinary
100%
Western Heritable Investment Company (U.S.) Limited * (2)
Ordinary
100%
Lennox Estates (Spring Court) Limited * (1)
Ordinary
94%
Lennox Estates Milford Limited * (1)
Ordinary
95%
Lennox Estates (Ray Park) Limited * (1)
Ordinary
92%
Swallowfield Hayes Limited * (1)
Ordinary
94%
Berkshire Western Bayswater Holdings Limited (1)
Ordinary
86%
Berkshire Western Bayswater Limited * (1)
Ordinary
86%
MFP Eagle House Holdings Limited (1)
Ordinary
48%
MFP Eagle House Limited * (1)
Ordinary
48%
MFP Eagle House Asset Management Limited (1)
Ordinary
85%
Mactaggart Agathos LLP * (1)
Ordinary
50%
Blue Note Western Fleet Limited (1)
Ordinary
100%
MFP Babylon Holdings Limited (1)
Ordinary
100%
MFP Babylon Limited (1)
Ordinary
100%
MFP Babylon AM Limited (1)
Ordinary
100%
MFP Edinburgh Limited (1)
Ordinary
100%

1      Registered at 2 Babmaes Street, London, United Kingdom, SW1Y 6HD
2.     Registered at 152 West 57th Street, New York City, New York, United States of America, 10010 
3.     Registered at 9 George Street, Glasgow, G2 1QQ
Group companies not owned directly by Mactaggart Heritable Limited are indicated by an asterisk. 

Page 19

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

7.


Investment property

Group


Restated Freehold investment property

£000



Valuation


At 1 January 2023
99,963


Additions at cost
3,725


Surplus on revaluation
(1,443)



At 31 December 2023
102,245




The properties were valued in January 2024 by Cushman & Wakefield, acting as external valuer. The valuation was in accordance with the requirements of the RICS Valuations Standards. Cushman & Wakefield has valued the properties adopting the traditional (equivalent) yield valuation approach.
As at 31 December 2023 the investment properties are reported at market value. The directors consider that the valuation represents the value that the properties will most likely transact should the properties be sold. No depreciation is charged against this asset class which has a historical cost of £78,904k (2022:
£75,179k).


8.


Stocks

Group
Group
2023
Restated 2022
£000
£000

Properties held for development
28,052
12,037

28,052
12,037


Page 20

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

9.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Due after more than one year

Financial instruments (after 1 yr)
3,863
5,528
-
-

3,863
5,528
-
-


Financial instruments include interest rate swap agreements taken out by Mactaggart Investment Company Limited and MFP Eagle House Limited. The swaps expire in October 2025 and provides for a fixed interest rate of 0.879% and 0.674% per annum over loans of £23,775k and £27,220k respectively. The fair value of the financial instruments at the year-end is a debtor of £3,863k (2022: £5,528k).

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Due within one year

Trade debtors
298
67
-
-

Amounts owed by group undertakings
-
-
5,929
4,836

Other debtors
33,719
33,502
-
-

Prepayments and accrued income
3,590
1,291
-
-

37,607
34,860
5,929
4,836


Included within other debtors is a loan of £992k (2022: £350k) owed by Resident Hotels Limited, a company connected by way of having directors in common with the Group. The loan is repayable on demand and  interest is charged on the loan at 5% per annum.
Included within other debtors is a loan of £340k (2022: £290k) owed by The Resident Kensington Limited, a company connected by way of having directors in common with the Group. The loan is repayable on demand and  interest is charged on the loan at 5% per annum.
Included within other debtors is a loan of £1,365k (2022: £90k) owed by The Resident Victoria Limited, a company connected by way of having directors in common with the Group. The loan is repayable on demand and  interest is charged on the loan at 5% per annum.
Included within other debtors is an interest free loan of £1,866k (2022: £1,866k) owed by MMMRAS Dundas Limited, an associate of the Group. The loan is repayable on demand.
IIncluded within other debtors is an amount of £14,650k (2022: £15,078k) owed by Mactaggart Hotel Holdings Limited, a company connected by way of having directors in common with the Group.

Page 21

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

10.


Cash and cash equivalents

Group
Group
2023
2022
£000
£000

Cash at bank and in hand
22,532
32,155

22,532
32,155



11.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Bank loans
2,253
-
-
-

Other loans
40,658
25,568
-
-

Trade creditors
18
18
-
-

Amounts owed to group undertakings
-
-
34,029
31,576

Corporation tax
415
333
-
-

Other taxation and social security
19
211
-
-

Other creditors
3,386
1,223
-
-

Accruals and deferred income
1,489
1,645
-
-

48,238
28,998
34,029
31,576


Other loans consist of shareholder loans which are repayable on demand and do not accrue interest.


12.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£000
£000

Bank loans
50,995
52,683

50,995
52,683


Page 22

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

13.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£000
£000

Amounts falling due within one year

Bank loans
2,253
-

Other loans
40,658
25,568


42,911
25,568

Amounts falling due 2-5 years

Bank loans
50,995
52,683


50,995
52,683


93,906
78,251


Secured loans
A bank loan of £23,775k (2022: £23,775k) is due for repayment in full in October 2025. The agreed rate of interest is 3 month SONIA plus 2% per annum which is subject to a swap agreement as described in note 14. The loan is secured over the investment properties owned by the Group. 
A bank loan of £2,253k (2022: £1,732k) is secured on certain trading properties. Interest is charged on the loan at 9.25% per annum. The loan is due for repayment in December 2024.
A bank loan of £27,220k (2022: £27,176k) is due for repayment in full in August 2026. The agreed rate of interest is 3 month SONIA plus 1.65% per annum which is subject to a swap agreement as described in note 14. The loan is secured over the investment properties owned by the Group..
Unsecured loans
Other loans of £40,658k (2022: £25,568k) are shareholder loans which are repayable on demand and do not accrue interest.

Page 23

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

14.


Deferred taxation


Group



2023
2022


£000

£000






At beginning of year
(49,949)
(46,562)


Charged to profit or loss
1,761
186


Charged to other comprehensive income
209
(3,573)



At end of year
(47,979)
(49,949)




The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£000
£000

Accelerated capital allowances
(820)
(820)

Chargeable gains
(47,159)
(49,130)

(47,979)
(49,950)


15.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



794,837 (2022 - 794,837) Oridnary A shares of £1.00 each
794,837
794,837
158,564 (2022 - 158,564) Ordinary B shares of £0.99 each
156,978
156,978
158,564 (2022 - 158,564) Ordinary C shares of £0.01 each
1,586
1,586

953,401

953,401


Ordinary A shares have attached to them full voting, dividend and capital distribution rights. 
Ordinary B shares have the same rights as an ordinary A share as to income, distributions and all other matters save for the right to split into one ordinary A share and one ordinary C share. 
Ordinary C shares have the right to purchase the corresponding B shares at a fixed price. 


Page 24

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

16.


Reserves

Share premium account

Share premium represents the excess of consideration paid for the nominal value of share capital. 

Revaluation reserve

Reserve used to record increases in fair value of land and buildings and decreases to the entent that such decreases relate to an inrease on the same asset. 

Foreign exchange reserve

Foreign exchange translation reserve resulting in the translation of the financial information from the functional to the presentational currency of group members. 

Other reserves

Represent the discounted element of interest free shareholder loans. 

Merger Reserve

The amount arising from the use of merger accounting being the difference between the Company's cost of investment in and the issued share capital of its subsidiaries. 

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses less dividends paid. 

Page 25

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

17.


Prior year restatement

2022 (Original)
Restatement
2022 (Restated)
      £000
      £000
      £000

Statement of financial position

-

-

-
 
Stocks

16,588

(4,551)

12,037
 
Investment property

93,883

6,080

99,963
 
Profit and loss account

75,188

1,147

76,335
 
Deferred tax

(49,567)

(382)

(49,949)
 
Statement of comprehensive income

-

-

-
 
Fair value movement

(2,870)

1,420

(1,450)
 
Operating profit/(loss)

(3,715)

1,420

(2,295)
 
Profit/(loss) before tax

(13,967)

1,420

(12,547)
 
Tax on profit/(loss)

(1,065)

395

(670)
 
Profit/(loss) for the financial year

(15,032)

1,815

(13,217)
 

A restatement of the prior year’s comparative financial information has been made to reclassify a property from stock to investment property (with a corresponding deferred taxation adjustment thereon). The Directors have identified that the property had been inappropriately classified as stock from the date of acquisition and as such the restatement has effect from 1 January 2022 in these financial statements. Gains in the valuation of the property and the corresponding deferred tax liability arising on the unrealised gain have been recognised in respect of this adjustment for the prior year ended 31 December 2022, and are recognised in the statement of comprehensive income.


18.


Contingent liabilities

The Group, via its subsidiary Western Heritable Investment Company (U.S.) Limited, is party to various guarantees entered into as part of investments made in third party development projects. These guarantees encompass environmental and standard recourse conditions, together with principal, interest, tax and operating expenditure payments up to pre-determined amounts through to completion of the respective development project.
As at 31 December 2023, the directors do not consider there to be any guarantees that may be called on in the foreseeable future (2022: £Nil). As the timing and amount to be called upon are considered uncertain at the reporting date, no liability or provision has been recognised in the Group’s financial statements.

Page 26

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

19.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease receivables due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£000
£000

Not later than 1 year
4,198
5,113

Later than 1 year and not later than 5 years
8,288
9,642

Later than 5 years
1,391
752

13,877
15,507
The Group also had commitments under non-cancellable operating leases as a lessee as at the reporting date of which £203k (2022: £301k) is due within one year, £884k is due in 1-5 years (2022: £1,315k) and £322k is due in more than 5 years (2022: £706k).


20.


Controlling party

The directors do not consider there to be an ultimate controlling party. 

Page 27