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Registered number: 11515512









MLYNSKI CAPITAL LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MLYNSKI CAPITAL LTD
REGISTERED NUMBER: 11515512

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
5,945
930

Investments
 5 
1,008,854
190,020

Investment property
 6 
1,177,151
504,065

  
2,191,950
695,015

Current assets
  

Debtors: amounts falling due within one year
 7 
526,792
3,568,808

Cash at bank and in hand
 8 
5,773,877
316,925

  
6,300,669
3,885,733

Creditors: amounts falling due within one year
 9 
(224,192)
(58,997)

Net current assets
  
 
 
6,076,477
 
 
3,826,736

Total assets less current liabilities
  
8,268,427
4,521,751

  

Net assets
  
8,268,427
4,521,751


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
8,268,417
4,521,741

  
8,268,427
4,521,751


Page 1

 
MLYNSKI CAPITAL LTD
REGISTERED NUMBER: 11515512
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings 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: 




D Mlynski
Director

Date: 4 October 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MLYNSKI CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Mlynski Capital Ltd ("the Company") is a limited liability company incorporated in England and Wales. The registered office is Aston House, Cornwall Avenue, London, N3 1LF. 

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Page 3

 
MLYNSKI CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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:

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.

 
2.4

Interest income

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

 
2.5

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 balance sheet date in the countries where the Company operates and generates income.

 
2.6

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

 
MLYNSKI CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
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
-
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.

 
2.7

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 5

 
MLYNSKI CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

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


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
930


Additions
5,548



At 31 December 2023

6,478



Depreciation


Charge for the year on owned assets
533



At 31 December 2023

533



Net book value



At 31 December 2023
5,945



At 31 December 2022
930


5.


Fixed asset investments





Investments in associates
Listed investments
Paintings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
60
182,550
7,410
190,020


Additions
-
1,416,978
65,880
1,482,858


Disposals
-
(725,111)
-
(725,111)


Revaluations
-
61,087
-
61,087



At 31 December 2023
60
935,504
73,290
1,008,854




Page 6

 
MLYNSKI CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
504,065


Additions at cost
673,086



At 31 December 2023
1,177,151

The 2023 valuations were made by the directors, on an open market value for existing use basis.







7.


Debtors

2023
2022
£
£


Amounts owed by joint ventures and associated undertakings
268,536
3,131,134

Other debtors
258,256
160,756

Prepayments and accrued income
-
276,918

526,792
3,568,808



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,773,877
316,925



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
55,656
58,997

Other creditors
168,536
-

224,192
58,997


Page 7

 
MLYNSKI CAPITAL LTD
 
 
 Page 8