Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31002023-01-01falseNo description of principal activitytruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC638759 2023-01-01 2023-12-31 SC638759 2022-01-01 2022-12-31 SC638759 2023-12-31 SC638759 2022-12-31 SC638759 c:Director2 2023-01-01 2023-12-31 SC638759 d:CurrentFinancialInstruments 2023-12-31 SC638759 d:CurrentFinancialInstruments 2022-12-31 SC638759 d:Non-currentFinancialInstruments 2023-12-31 SC638759 d:Non-currentFinancialInstruments 2022-12-31 SC638759 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC638759 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC638759 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 SC638759 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 SC638759 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 SC638759 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 SC638759 d:ShareCapital 2023-12-31 SC638759 d:ShareCapital 2022-12-31 SC638759 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC638759 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC638759 c:FRS102 2023-01-01 2023-12-31 SC638759 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC638759 c:FullAccounts 2023-01-01 2023-12-31 SC638759 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC638759 d:WithinOneYear 2023-12-31 SC638759 d:WithinOneYear 2022-12-31 SC638759 d:BetweenOneFiveYears 2023-12-31 SC638759 d:BetweenOneFiveYears 2022-12-31 iso4217:GBP xbrli:pure

Registered number: SC638759










MMMARS DUNDAS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MMMARS DUNDAS LTD
REGISTERED NUMBER: SC638759

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
11,082,801
11,082,801

Cash at bank and in hand
 5 
220,478
609,599

  
11,303,279
11,692,400

Creditors: amounts falling due within one year
 6 
(11,052,098)
(6,005,701)

Net current assets
  
 
 
251,181
 
 
5,686,699

Total assets less current liabilities
  
251,181
5,686,699

Creditors: amounts falling due after more than one year
 7 
-
(5,219,977)

  

Net assets
  
251,181
466,722


Capital and reserves
  

Called up share capital 
  
580
580

Profit and loss account
  
250,601
466,142

  
251,181
466,722


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 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 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: 


W Laxton
Director

Date: 19 September 2024

Page 1

 
MMMARS DUNDAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MMMARS Dundas Ltd is a private company, limited by shares, registered in England and Wales. Its registered and trading address is 19a Rutland Square, Edinburgh, EH1 2BB.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements for the Company have been prepared on a going concern basis. The Company recorded a loss after tax for the financial year of £215,514 and had net assets of £251,181 at the date of the Statement of Financial Position.
The shareholders have confirmed that they have no intention to recall the shareholder loans, or such amounts as would compromise the ability of the Company to meet its obligations for a period of twelve months from the date of signing of the financial statements despite the loans being able to be recalled on demand.
After reviewing the Company's forecasts and projections the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next twelve months following approval of these financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

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:
Revenue from the sale of properties is recognised on the date of legal completion.

 
2.4

Operating leases: the Company 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.

 
2.5

Borrowing costs

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

Page 2

 
MMMARS DUNDAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

Stock

Trading stock of properties 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 plus the attendant costs of developing the property to a saleable state.
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. Property acquisitions and disposals are accounted for when legally binding contracts, which are irrevocable and unconditional, are exchanged.

 
2.7

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 reporting date in the countries where the Company operates and generates income.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the period was 0 (2022 - 0).


Page 3

 
MMMARS DUNDAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Stocks

2023
2022
£
£

Property held for development
11,082,801
11,082,801

11,082,801
11,082,801



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
220,478
609,599

220,478
609,599



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,194,618
110,293

Corporation tax
-
35,356

Other taxation and social security
7,072
18,810

Other creditors
5,824,779
5,799,420

Accruals and deferred income
25,629
41,822

11,052,098
6,005,701



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
5,219,977

-
5,219,977


Page 4

 
MMMARS DUNDAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,194,618
110,293


5,194,618
110,293


Amounts falling due 2-5 years

Bank loans
-
5,219,977


-
5,219,977


5,194,618
5,330,270


The bank loan is secured on the property owned by the Company. Interest is charged on the loan at LIBOR plus 2.5% and is repayable in October 2024. Quarterly instalments are made of £30,500. 


9.


Receivables under operating leases

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

2023
2022
£
£


Not later than 1 year
86,590
271,975

Later than 1 year and not later than 5 years
-
82,375

86,590
354,350


10.


Related party transactions

Included within other creditors are shareholder loans totalling £5,799,420 (2022: £5,799,420) which are interest free and repayable on demand.


11.


Controlling party

The Company is a joint venture and the directors consider there to be no single ultimate controlling party.

Page 5