Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01falseNo description of principal activity44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09090867 2023-04-01 2024-03-31 09090867 2022-04-01 2023-03-31 09090867 2024-03-31 09090867 2023-03-31 09090867 c:Director3 2023-04-01 2024-03-31 09090867 d:PlantMachinery 2023-04-01 2024-03-31 09090867 d:PlantMachinery 2024-03-31 09090867 d:PlantMachinery 2023-03-31 09090867 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09090867 d:MotorVehicles 2023-04-01 2024-03-31 09090867 d:MotorVehicles 2024-03-31 09090867 d:MotorVehicles 2023-03-31 09090867 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09090867 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09090867 d:FreeholdInvestmentProperty 2024-03-31 09090867 d:FreeholdInvestmentProperty 2023-03-31 09090867 d:CurrentFinancialInstruments 2024-03-31 09090867 d:CurrentFinancialInstruments 2023-03-31 09090867 d:Non-currentFinancialInstruments 2024-03-31 09090867 d:Non-currentFinancialInstruments 2023-03-31 09090867 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09090867 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09090867 d:ShareCapital 2024-03-31 09090867 d:ShareCapital 2023-03-31 09090867 d:InvestmentPropertiesRevaluationReserve 2024-03-31 09090867 d:InvestmentPropertiesRevaluationReserve 2023-03-31 09090867 d:OtherMiscellaneousReserve 2024-03-31 09090867 d:OtherMiscellaneousReserve 2023-03-31 09090867 d:RetainedEarningsAccumulatedLosses 2024-03-31 09090867 d:RetainedEarningsAccumulatedLosses 2023-03-31 09090867 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 09090867 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09090867 d:OtherDeferredTax 2024-03-31 09090867 d:OtherDeferredTax 2023-03-31 09090867 c:OrdinaryShareClass1 2023-04-01 2024-03-31 09090867 c:OrdinaryShareClass1 2024-03-31 09090867 c:OrdinaryShareClass1 2023-03-31 09090867 c:FRS102 2023-04-01 2024-03-31 09090867 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09090867 c:FullAccounts 2023-04-01 2024-03-31 09090867 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09090867 2 2023-04-01 2024-03-31 09090867 4 2023-04-01 2024-03-31 09090867 6 2023-04-01 2024-03-31 09090867 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09090867










MGH BOWEN LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MGH BOWEN LTD
REGISTERED NUMBER:09090867

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
103,984
124,792

Investments
 6 
1,872,721
1,872,721

Investment property
 7 
502,960
502,960

  
2,479,665
2,500,473

Current assets
  

Debtors: amounts falling due after more than one year
 8 
160,000
175,000

Debtors: amounts falling due within one year
 8 
804,730
604,937

Cash at bank and in hand
 9 
1,596,699
1,348,376

  
2,561,429
2,128,313

Creditors: amounts falling due within one year
 10 
(65,832)
(130,347)

Net current assets
  
 
 
2,495,597
 
 
1,997,966

Total assets less current liabilities
  
4,975,262
4,498,439

Provisions for liabilities
  

Deferred tax
 11 
(49,970)
(54,390)

  
 
 
(49,970)
 
 
(54,390)

Net assets
  
4,925,292
4,444,049


Capital and reserves
  

Called up share capital 
 12 
700
700

Investment property reserve
  
106,065
106,065

Other reserves
  
1,872,171
1,872,171

Profit and loss account
  
2,946,356
2,465,113

  
4,925,292
4,444,049


Page 1

 
MGH BOWEN LTD
REGISTERED NUMBER:09090867
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 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 25 September 2024.






M Bowen
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MGH BOWEN LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

MGH Bowen Limited, 09090867, is a private company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Dwyrhiew Mill, New Mills, Newtown, Powys, SY16 3BS.
The principal activity of the Company is that of a holding company. 

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

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

Interest income

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

 
2.4

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

 
MGH BOWEN LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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 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.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

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 4

 
MGH BOWEN LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%

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.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the Directors 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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.11

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.

 
2.12

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.

 
2.13

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 5

 
MGH BOWEN LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believe to be reasonable under the circumstances. 
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
MGH BOWEN LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
156,533
52,449
208,982



At 31 March 2024

156,533
52,449
208,982



Depreciation


At 1 April 2023
71,897
12,293
84,190


Charge for the year on owned assets
15,788
5,020
20,808



At 31 March 2024

87,685
17,313
104,998



Net book value



At 31 March 2024
68,848
35,136
103,984



At 31 March 2023
84,636
40,156
124,792


6.


Fixed asset investments





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 April 2023
200
1,872,521
1,872,721



At 31 March 2024
200
1,872,521
1,872,721




Page 7

 
MGH BOWEN LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
502,960



At 31 March 2024
502,960

The 2024 valuations were made by the Directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 April 2023
106,065
106,065

At 31 March 2024
106,065
106,065



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

2024
2023
£
£


Historic cost
342,019
342,019

342,019
342,019

Page 8

 
MGH BOWEN LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
160,000
175,000

160,000
175,000


2024
2023
£
£

Due within one year

Trade debtors
10,560
8,700

Amounts owed by group undertakings
242,132
118,564

Amounts owed by joint ventures and associated undertakings
36,541
36,712

Other debtors
405,370
330,834

Tax recoverable
110,127
110,127

804,730
604,937



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,596,699
1,348,376

1,596,699
1,348,376



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
819
22,100

Corporation tax
15,821
70,355

Other taxation and social security
41,588
35,341

Other creditors
-
186

Accruals and deferred income
7,604
2,365

65,832
130,347


Page 9

 
MGH BOWEN LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024


£






At beginning of year
54,390


Charged to profit or loss
(4,420)



At end of year
49,970

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
14,707
19,035

On investment property
35,263
35,355

49,970
54,390


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,400 (2023 - 1,400) Ordinary shares of £0.50 each
700
700


 
Page 10