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Registered number: 11996943


MISTY MEADOWS UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
MISTY MEADOWS UK LTD
 
 
 
COMPANY INFORMATION

 
Directors
Aamir Husain Rizvi 
Willem Anton Smit 




Registered number
11996943



Registered office
One Fleet Place

London

EC4M 7WS




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 
MISTY MEADOWS UK LTD
 
 
 
CONTENTS


Page
Directors' report
1 - 2
Independent auditors' report
3 - 5
Statement of Profit or Loss and Other Comprehensive Income
6
Statement of financial position
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 22
Detailed profit and loss account and summaries
22

 
MISTY MEADOWS UK LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report and the financial statements, in accordance with applicable law.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Directors

The Directors who served during the year were :

Aamir Husain Rizvi 
Willem Anton Smit 

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
MISTY MEADOWS UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Small companies' exemption note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



Aamir Husain Rizvi
Director

Date: 19 September 2024
Page 2

 
MISTY MEADOWS UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MISTY MEADOWS UK LTD
 

Opinion


We have audited the financial statements of Misty Meadows UK Ltd for the year ended 31 March 2024 which comprise the Statement of Profit or Loss and Other Comprehensive Incomethe Statement of Financial Positionthe Statement of Cash Flowsthe Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 11 - 12. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its loss for the year then ended;

have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and

have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information


The other information comprises the information included in the Annual Report, other than the financial statements and our auditors' report thereon.  The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard.

Page 3

 
MISTY MEADOWS UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MISTY MEADOWS UK LTD (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006


In our opinion, based on the work undertaken in the course of the audit: 

the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Directors' responsibilities statement on page 1, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
Companies Act 2006
IFRS
UK Tax Legislation
Page 4

 
MISTY MEADOWS UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MISTY MEADOWS UK LTD (CONTINUED)


We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
Posting of unusual journals; and
Misstatement of the fair value of the investment property.

As a result of the above, audit procedures performed by the engagement team included:
Identifying and assessing the design effectiveness of measures management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and keywords that are high risk.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

This report is made solely to the Company's shareholders as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's shareholders those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders as a body, for our audit work, for this report, or for the opinions we have formed.




 
 
Robin Hopkins FCA (Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

20 September 2024
Page 5

 
MISTY MEADOWS UK LTD
 
 
 
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Administrative expenses
  
(903,080)
(775,681)

Loss from operations
  
(903,080)
(775,681)

Fair value losses
 8 
(625,000)
(1,585,000)

Loss before tax
  
(1,528,080)
(2,360,681)

Tax (expense)/credit
 5 
-
335,935


Total comprehensive income
  
(1,528,080)
(2,024,746)

The notes on pages 10 to 22 form part of these financial statements.

Page 6

 
MISTY MEADOWS UK LTD
REGISTERED NUMBER: 11996943
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Assets

Non-current assets
  

Property, plant and equipment
 7 
-
23,000

Investment property
 8 
30,150,000
30,775,000

Trade and other receivables
 9 
350,000
374,990

  
30,500,000
31,172,990

Current assets
  

Trade and other receivables
 9 
145,255
140,931

Cash and cash equivalents
  
781,345
807,333

  
926,600
948,264

Total assets

  

31,426,600
32,121,254

Liabilities

Non-current liabilities
  

Current liabilities
  

Trade and other liabilities
 10 
835,944
1,949,519

  
835,944
1,949,519

Total liabilities
  
835,944
1,949,519

Net assets
  
30,590,656
30,171,735


Issued capital and reserves
  

Share capital
 12 
41,240,883
39,293,882

Retained earnings
  
(10,650,227)
(9,122,147)

TOTAL EQUITY
  
30,590,656
30,171,735

The financial statements on pages 6 to 22 were approved and authorised for issue by the board of Directors and were signed on its behalf by:



Aamir Husain Rizvi
Director
Date: 19 September 2024

The notes on pages 10 to 22 form part of these financial statements.

Page 7

 
MISTY MEADOWS UK LTD

 
 
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Share capital
Retained earnings
Total equity


£
£
£

At 1 April 2022
39,293,882
(7,097,401)
32,196,481

Comprehensive income for the year


Loss for the year
-
(2,024,746)
(2,024,746)

Total comprehensive income for the year
-
(2,024,746)
(2,024,746)

At 31 March 2023
39,293,882
(9,122,147)
30,171,735

At 1 April 2023
39,293,882
(9,122,147)
30,171,735

Comprehensive income for the year


Loss for the year
-
(1,528,080)
(1,528,080)

Total comprehensive income for the year
-
(1,528,080)
(1,528,080)

Contributions by and distributions to owners




Issue of share capital
1,947,001
-
1,947,001

Total contributions by and distributions to owners
1,947,001
-
1,947,001

At 31 March 2024
41,240,883
(10,650,227)
30,590,656

The notes on pages 10 to 22 form part of these financial statements.

Page 8

 
MISTY MEADOWS UK LTD

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

Cash flows from operating activities
  

Loss for the year
  
(1,528,080)
(2,024,746)

Adjustments for
  

Depreciation of property, plant and equipment
 7 
23,000
37,379

Change in value of investment property
 8 
625,000
1,585,000

Deferred tax provision
 5 
-
(335,935)

  
(880,080)
(738,302)

Movements in working capital:
  

Decrease in trade and other receivables
  
20,666
1,078

(Decrease)/increase in trade and other payables
  
(31,495)
36,133

Decrease in group creditors
  
(79)
(525)

Cash generated from operations
  
(890,988)
(701,616)

  

Net cash used in operating activities

  
(890,988)
(701,616)

Cash flows from investing activities
  

Cash flows from financing activities
  

Proceeds from share application
  
865,000
1,497,000

Net cash from financing activities
  
865,000
1,497,000

Net (decrease)/increase in cash and cash equivalents
  
(25,988)
795,384

  

Cash and cash equivalents at the beginning of year
  
807,333
11,949

Cash and cash equivalents at the end of the year
  
781,345
807,333

The notes on pages 10 to 22 form part of these financial statements.

Page 9

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


Reporting entity

Misty Meadows UK Ltd (the 'Company') is a limited company incorporated in England and Wales. The Company's registered office is at One Fleet Place, London, EC4M 7WS.
The Company's principal activity is that of holding investment property.


2.


Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRSs). 
Details of the Company's accounting policies, including changes during the period, are included in note 3.
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas where judgements and estimates have been made in preparing the financial statements and their effects are disclosed in note 4.
The financial statements are presented in Sterling, which is the functional currency of the Company.
2.1 Basis of measurement
The financial statements have been prepared on the historic cost basis unless otherwise stated.
2.2 New standards, interpretations and amendments not yet effective
The following new standards, interpretations and amendments, which are not yet effective and have not been adopted early in these financial statements, will or may have an effect on the Company's future financial statements:
 
Amendments to IAS 1 - Classification of Liabilities as Current or Non-Current - Amendments - 1 January 2024
IFRS 18 - Presentation and Disclosure in Financial Statements - 1 January 2027
IFRS 19 - Subsidiaries without Public Accountability: Disclosures - 1 January 2027

The directors anticipate that the adoption of other Standards and interpretations that are not yet effective in future periods will only have an impact on the presentation in the financial statements of the Company.
There has been no impact as a result of the new standards adopted during the year.

Page 10

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Significant accounting policies


3.1

Going concern

The Company incurred a loss of £1,528,080 in its fifth period since incorporation. This includes a fair value movement of £625,000 in relation to a decrease in the fair value of investment property held by the company. The parent company CapitalM Investments Pte Ltd has pledged to continue to support the business for at least 12 months from the date of approval of the accounts. As a result the Directors consider that the accounts should be prepared on a going concern basis.

  
3.2

Employee benefits

 
3.3

Taxation


(i) Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.


(ii) Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Page 11

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Significant accounting policies (continued)

 
3.4

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.

Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following range:

Plant and machinery
Straight line over 3 years

 
3.5

Investment property

Investment properties principally comprise of leasehold land and buildings held for long-term rental and capital appreciation that are not occupied by the company. Investment properties are initially recognised at cost, including transaction costs, and are subsequently remeasured annually at fair value. Movements in fair value are recognised directly to profit or loss.
Investment properties are derecognised when disposed of or when there is no future economic benefit expected.


3.6

Financial instruments

Trade and other payables
Trade payables, other payables and obligations under normal credit terms that do not bear interest are initially recorded at fair value and measured subsequently at amortised cost calculated using the effective interest method.
Trade and other payables that are short term in nature are not discounted. The amounts are unsecured and usually paid within 12 months of recognition.


3.7

Fair value measurement

Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
 
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data.

Page 12

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Accounting estimates and judgements


4.1 Estimates and assumptions

Management bases its estimates and judgements on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying value of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates under different assumptions and conditions.
Prepayments
Prepayments consist of a lifetime subscription and the life of the asset is estimated to be 20 years.
Fair value of investment property
The fair value of the investment property is based on a valuation carried out by external independent qualified valuers having recent experience in the location and category of land and buildings being valued. Valuations are based on current prices for similar properties in the same location and condition. See note 8. These are revalued at the year end date.


Page 13

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tax expense

5.1 Income tax recognised in profit or loss



2024
2023
£
£

Current tax


Deferred tax expense

Origination and reversal of timing differences
-
(335,935)

Total deferred tax
-
(335,935)


-
(335,935)


Total tax expense

Tax expense excluding tax on sale of discontinued operation and share of tax of equity accounted associates and joint ventures
-
(335,935)

-
(335,935)

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to losses for the year are as follows:


2024
2023
£
£


Loss for the year
(1,528,080)
(2,024,746)

Income tax credit/expense (including income tax on associate, joint venture and discontinued operations)
-
(335,935)

Loss before income taxes
(1,528,080)
(2,360,681)


Tax using the Company's domestic tax rate of 25% (2023:19%)
(382,020)
(448,529)

Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment
382,020
112,594

Total tax expense
-
(335,935)

Changes in tax rates and factors affecting the future tax charges

There were no factors that may affect future tax charges.


Page 14

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Directors' remuneration

2024
2023
£
£


Directors' emoluments
3,630
-

3,630
-

The company had no employees other than the directors. The directors received fees via Amicorp UK Limited for their services to the company, and there are no key management personnel other than the directors. 



7.


Property, plant and equipment





Plant and machinery

£



Cost or valuation



At 1 April 2022
69,001



At 31 March 2023
69,001



At 31 March 2024
69,001


Plant and machinery

£



Accumulated depreciation and impairment



At 1 April 2022
8,622


Charge owned for the year
37,379



At 31 March 2023
46,001


Charge owned for the year
23,000



At 31 March 2024
69,001



Net book value


At 1 April 2022
60,379


At 31 March 2023
23,000


At 31 March 2024
-

Page 15

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Investment property

(i) Non-current assets at fair value


2024
2023
£
£


Opening balance
30,775,000
32,360,000

Fair value (loss)/gain
(625,000)
(1,585,000)

30,150,000
30,775,000


(ii) Fair value measurement

The investment properties were valued on 31/03/2024 using market approach carried out by external independent qualified valuers who hold a recognised and relevant professional qualification and have recent experience in the location and category of investment properties being valued. Valuations are based on current prices for similar properties in the same location and condition.




Level 2
Level 3
Fair value as at 31 March 2024


        £
        £
        £
Investment property



30,150,000

-

30,150,000





30,150,000



Level 2
Level 3
Fair value as at 31 March 2023


        £
        £
        £







Investment property



30,775,000

-

30,775,000





30,775,000

There were no changes to the valuation techniques of level 2 fair value measurements in the period. The fair value measurement is based on the above items highest and best use, which does not differ from their actual use.

Page 16

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Trade and other receivables


2024
2023
£
£

Non-current

Prepayments and accrued income
350,000
374,990

Total non-current trade and other receivables
350,000
374,990


Current

Prepayments and accrued income
145,255
140,931

Total current trade and other receivables
145,255
140,931


10.


Trade and other payables


2024
2023
£
£


Trade payables
44,637
56,098

Payables to related parties
760,868
1,842,947

Accruals
30,439
50,474

Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
835,944
1,949,519

Total current portion
(835,944)
(1,949,519)

The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.

Page 17

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Related party transactions

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. The Company enters into transactions with companies and entities that fall within the definition of a related party as contained in International Accounting Standard (IAS) No. 24 Related Party Disclosures. Related parties comprise companies under common ownership and/or common management and control, key management personnel, entities in which the shareholders have controlling interest affiliates, and other related parties.

Details of transactions between the Company and its related parties are disclosed below.

11.1 Amounts due to related parties


2024
2023
£
£


Macedonia Estates UK Limited
245,868
245,947

CapitalM Investments Pte Limited
515,000
1,597,000

760,868
1,842,947

11.2 Amounts due from related parties


There is no receivable due from related parties in the current year.





11.3 Other related party transactions

There are no other related party transactions in the current year.

Macedonia Estates UK Limited is a fellow subsidiary within the same group as Misty Meadows UK Limited.

Page 18

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12.


Share capital

Authorised

2024
2024
2023
2023
Number
£
Number
£

Shares treated as equity
Ordinary shares shares of £1.00 each

41,240,883

41,240,883

39,293,882
 
39,293,882
 
41,240,883

41,240,883

39,293,882
 
39,293,882
 

Issued and fully paid

2024
2024
2023
2023
Number
£
Number
£

Ordinary shares shares of £1.00 each

At 1 April

39,293,882

39,293,882

34,074,298
 
34,074,298
 
Shares issued

1,947,001

1,947,001

5,219,584
 
5,219,584
 
At 31 March
41,240,883

41,240,883

39,293,882
 
39,293,882
 

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The company does not have a limited amount of authorised capital.
On show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.


13.


Reserves


Profit and loss account

The retained earnings reserve includes retained earnings and accumulated losses.


14.


Ultimate controlling party

The ultimate parent company is CapitalM Investments Pte Ltd, a company incorporated in Singapore. The registered office of CapitalM Investments Pte Ltd, is 1 North Bridge Road, #07-07, High Street Centre, Singapore - 179094.
The largest and smallest group in to which the results of the company are consolidated at 31 March 2024 is CapitalM Investments Pte Ltd, a company incorporated in Singapore. The registered office of CapitalM Investments Pte Ltd, is 1 North Bridge Road, #07-07, High Street Centre, Singapore - 179094.

Page 19

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Financial instruments -  risk management


15.1 Financial risk management objectives

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework.
The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. 
The company's primary risk with financial instruments is liquidity risk as it is not generating any revenue, its borrowings are with group companies and do not have variable interest rates. In addition the majority of the transactions entered into are denominated in pounds, accordingly the company does not have any significant currency risk.

Page 20

 


 
MISTY MEADOWS UK LTD


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.Financial instruments -  risk management (continued)



15.2 Liquidity risk management

Liquidity risk tables

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay.

Carrying amount
Total
12 months or less
1 - 5 years
More than 5 years
1 - 5 years
More than 5 years
        £
        £
        £
        £
        £
        £
        £
31 March 2024









Trade payables

44,638

44,638

44,638

-

-

-

-

Due to related parties

760,868

760,868

760,868

-

-

-

-



805,506
805,506
805,506
-
-
-
-

Carrying amount
Total
12 months or less
1 - 5 years
More than 5 years
1 - 5 years
More than 5 years
        £
        £
        £
        £
        £
        £
        £
31 March 2023









Trade payables

56,098

56,098

56,098

-

-

-

-

Due to related parties

1,842,947

1,842,947

1,842,947

-

-

-

-



1,899,045
1,899,045
1,899,045
-
-
-
-

Page 21

 
MISTY MEADOWS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.3 Capital risk management

The Company’s objectives when managing capital (i.e. equity and borrowings) are to safeguard the Company’s ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital. The Company has no borrowings other than amounts due to related parties.

Page 22