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Registered number: 13698900














MILE END HOLDINGS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
MILE END HOLDINGS LTD
 
 
COMPANY INFORMATION


Director
N E G Tarwe 




Registered number
13698900



Registered office
45 Circus Road

London

NW8 9JH




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
MILE END HOLDINGS LTD
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Profit and Loss Account
 
9
Consolidated Statement of Financial Position
 
10
Company Statement of Financial Position
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14
Notes to the Financial Statements
 
15 - 24


 
MILE END HOLDINGS LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Director present the group strategic report for the year ended 31 December 2023.

Business review
 
The principal activity of the Company during the year was that of a holding company. Its wholly owned subsidary, Mile End Capital Limited, had a principal activity of the provision of investment management services and is authorised and regulated by the FCA (Financial Conduct Authority).
In the current year the Group reported a profit before tax of £196,756 (2022 - £217,082) and management fees of £765,187 (2022 - £849,421).
The results and the financial position of the Group at the period end were considered satisfactory by the Director in light of the market and economic conditions.

Principal risks and uncertainties
 
The Director is responsible for determining the level of risk acceptable to the Group. This is subject to a regular review. The Group seeks to mitigate its risk through the application of strict limits and controls, a monitoring process at operational level, and the use of insurance policies where appropriate. The Group has regular board meetings to manage all risks.
The internal controls environment for financial reporting include policies and procedures for maintaining records that, in reasonable detail, accurately and fairly reflect transactions and the dispositions of assets; provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with FRS 102, and that receipts and expenditures are being made only in accordance with authorisations of delegated authorities of management; and provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the Group's assets that could have a material effect on our financial statements.
Operational risk
Operational risk includes compliance, risk management and transaction risk. The Group has strict operational procedures in these areas. A third party compliance consultant is appointed to provide regulatory updates, advice and support.
Regulatory risk
The Subsidiary is registered and regulated by the FCA. The Group regularly updates its policies and procedures in order to ensure compliance with required regulations.
Liquidity risk
The Group is funded by the shareholders and operational cash generation. The liquidity risk is managed by the Director.

Financial key performance indicators
 
The Director considers the level of fee income to be the key performance indicator for the Group. Given the straightforward nature of the business, the Group's Director is of the opinion that analysis using any other KPIs is not necessary for an understanding of the development, performance or position of the business.

Page 1

 
MILE END HOLDINGS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Director's statement of compliance with duty to promote the success of the Group
 
The Diector considers that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial period ended 31 December 2023.
Consideration of long-term consequences are an inherent part of the Group's decision-making processes. As a privately-owned Group, the board considers that the interests of the Group and its shareholder are aligned in seeking sustainable value creation over the longer term through it's operations, promoting long term strategic decision-making. These factors also drive a continuing focus on the maintenance of durable relationships with stakeholders, built on the Group's reputation with clients and suppliers.
The Group operates in a sector characterised by long term relationships with stakeholders. Maintaining a reputation for high standards of business conduct is vital and the Group expects all members of the supply chain to always act with integrity, acting openly, honestly and ethically. The Group has zero tolerance to fraud and consistently maintains effective oversight and scrutiny processes, executed with independence and impartiality. Integrity is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity and inclusion, modern slavery, fraud and whistleblowing, each of which is reinforced through appropriate measures


This report was approved by the board on 22 October 2024 and signed on its behalf.



N E G Tarwe
Director

Page 2

 
MILE END HOLDINGS LTD
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Director presents his report and the financial statements for the year ended 31 December 2023.

Director

The Director who served during the year was:

N E G Tarwe 

Results and dividends

The profit for the year, after taxation, amounted to £188,823 (2022 - £148,560).

Dividends amounting to £278,542 (2022 - £nil) were issued during the year.

Director's responsibilities statement

The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

There are no plans which will significantly change the activities and risks of the Group.

Engagement with employees

The Group has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the Group's performance and of any significant organisational changes.

Page 3

 
MILE END HOLDINGS LTD
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Engagement with suppliers, customers and others

The Group does not confirm to any code or standard regarding payment practice. However, it is the Group's policy to settle the terms of payment with suppliers when business is agreed, to ensure that suppliers are made aware of them and to pay invoices in accordance with these terms.

Disclosure of information to auditors

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

he 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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 22 October 2024 and signed on its behalf.
 





N E G Tarwe
Director

Page 4

 
MILE END HOLDINGS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILE END HOLDINGS LTD
 

Opinion


We have audited the financial statements of Mile End Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Profit and Loss Account, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Group 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 Director's 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 Group's or the parent 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 Director with respect to going concern are described in the relevant sections of this report.


Page 5

 
MILE END HOLDINGS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILE END HOLDINGS LTD (CONTINUED)

Other information


The Director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our 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.


In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


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 Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Director's 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 Director's Responsibilities Statement set out on page 3, the Director is 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 Director determines 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 Director is responsible for assessing the Group's and the parent 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 Director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
MILE END HOLDINGS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILE END HOLDINGS LTD (CONTINUED)

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 Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Group through discussions with the director and other management, and from our commercial knowledge and experience of similar businesses;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Group’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Group’s legal advisors. 

 
Page 7

 
MILE END HOLDINGS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILE END HOLDINGS LTD (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Sean Brennan FCCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

22 October 2024
Page 8

 
MILE END HOLDINGS LTD
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
763,687
850,921

Cost of sales
  
-
(17,124)

Gross profit
  
763,687
833,797

Administrative expenses
  
(743,640)
(482,423)

Fair value movements
  
172,107
(137,834)

Operating profit
 5 
192,154
213,540

Interest receivable and similar income
 9 
4,602
3,542

Profit before tax
  
196,756
217,082

Tax on profit
 10 
(17,647)
(68,522)

Profit for the financial year
  
179,109
148,560

Profit for the year attributable to:
  

Owners of the parent
  
179,109
148,560

  
179,109
148,560

The notes on pages 15 to 24 form part of these financial statements.

Page 9

 
MILE END HOLDINGS LTD
REGISTERED NUMBER:13698900

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,723
4,109

Current assets
  

Debtors: amounts falling due within one year
 14 
102,948
331,455

Current asset investments
 15 
1,094,661
688,570

Cash at bank and in hand
  
259,372
538,607

  
1,456,981
1,558,632

Current liabilities
  

Creditors: amounts falling due within one year
 16 
(112,168)
(115,772)

Net current assets
  
 
 
1,344,813
 
 
1,442,860

Net assets
  
1,347,536
1,446,969


Capital and reserves
  

Called up share capital 
 17 
150,100
150,100

Profit and loss account
 18 
1,197,436
1,296,869

  
1,347,536
1,446,969


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 October 2024.




N E G Tarwe
Director

The notes on pages 15 to 24 form part of these financial statements.

Page 10

 
MILE END HOLDINGS LTD
REGISTERED NUMBER:13698900

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
1,034,491
1,034,491

Current assets
  

Current asset investments
 15 
1,094,661
688,570

  
1,094,661
688,570

Current liabilities
  

Creditors: amounts falling due within one year
 16 
-
(20,625)

Net current assets
  
 
 
1,094,661
 
 
667,945

  

  

Net assets
  
2,129,152
1,702,436


Capital and reserves
  

Called up share capital 
 17 
150,100
150,100

Merger reserve
 18 
884,391
884,391

Profit and loss account
  
1,094,661
667,945

  
2,129,152
1,702,436


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 October 2024.


N E G Tarwe
Director

The notes on pages 15 to 24 form part of these financial statements.

Page 11

 
MILE END HOLDINGS LTD
 

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


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 January 2023
150,100
1,296,869
1,446,969
1,446,969



Profit for the year
-
179,109
179,109
179,109

Dividends: Equity capital
-
(278,542)
(278,542)
(278,542)


At 31 December 2023
150,100
1,197,436
1,347,536
1,347,536



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


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 January 2022
150,100
1,148,309
1,298,409
1,298,409



Profit for the year
-
148,560
148,560
148,560


At 31 December 2022
150,100
1,296,869
1,446,969
1,446,969


The notes on pages 15 to 24 form part of these financial statements.

Page 12

 
MILE END HOLDINGS LTD
 

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


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
150,100
884,391
667,945
1,702,436



Profit for the year
-
-
705,257
705,257

Dividends: Equity capital
-
-
(278,542)
(278,542)


At 31 December 2023
150,100
884,391
1,094,660
2,129,151



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


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
150,100
884,391
739,268
1,773,759



Loss for the year
-
-
(71,323)
(71,323)


At 31 December 2022
150,100
884,391
667,945
1,702,436


The notes on pages 15 to 24 form part of these financial statements.

Page 13

 
MILE END HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
179,109
148,560

Adjustments for:

Depreciation of tangible assets
3,235
2,852

Interest received
(4,602)
(3,542)

Taxation charge
17,647
68,522

Decrease in debtors
228,506
1,008,403

Increase/(decrease) in creditors
47,271
(150,033)

Net fair value (gains)/losses recognised in P&L
(172,107)
137,834

Corporation tax (paid)
(68,522)
(268,670)

Foreign exchange revaluation on monetary assets
46,057
(87,137)

Other non-cash movement
7,505
-

Net cash generated from operating activities

284,099
856,789


Cash flows from investing activities

Purchase of tangible fixed assets
(1,849)
(874)

Purchase of short-term listed investments
(287,545)
(739,268)

Interest received
4,602
3,542

Net cash used in investing activities

(284,792)
(736,600)

Cash flows from financing activities

Dividends paid
(278,542)
-

Net cash used in financing activities
(278,542)
-

Net (decrease)/increase in cash and cash equivalents
(279,235)
120,189

Cash and cash equivalents at beginning of year
538,607
418,418

Cash and cash equivalents at the end of year
259,372
538,607


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
259,372
538,607

259,372
538,607


The notes on pages 15 to 24 form part of these financial statements.

Page 14

 
MILE END HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Mile End Holdings Ltd is a private company limited by shares and incorporated in England & Wales. Its registered office address is at 45 Circus Road, London, NW8 9JH.
The principal activity of the Company during the year was that of a holding company. The principal activity of the Group during the period was that of the provision of investment management services.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account 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 Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 15

 
MILE END HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Revenue

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax.
Revenue is recognised as per the terms defined in the service agreements.

 
2.5

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.

 
2.6

Interest income

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

 
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 and the Group operate and generate income.

 
2.8

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 16

 
MILE END HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
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:

Computer equipment
-
33%
Other fixed assets
-
50%

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.


 
2.10

Basic Financial instruments

The Group only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits.

 
2.11

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 17

 
MILE END HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group’s accounting policies described above, management are required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may be different.
These estimates are reviewed on an ongoing basis. Revisions to these estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of revision and future periods if the revision affects both future and current periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Depreciation
Depreciation has been calculated on the fixed assets; the residual value and life of the asset has been estimated by the Director.
Amortisation
Amortisation has been calculated on the intangible fixed assets; the residual value and life of the asset has been estimated by the Director.
Accruals
The Director reviews the expected expenses based on his knowledge of the business and provides for these accordingly.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Management fees
765,187
849,421

Recharged expenses
(1,500)
1,500

763,687
850,921


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
763,687
850,921


Page 18

 
MILE END HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
63,703
(100,180)

Other operating lease rentals
12,600
11,910

Depreciation
3,235
2,852


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
12,500
9,450

Fees payable to the Company's auditors and their associates in respect of:

All non-audit services not included above
8,400
8,300


7.


Employees

Staff costs, including Director's remuneration, were as follows


Group
Group
2023
2022
£
£


Wages and salaries
367,113
387,631

Social security costs
34,531
45,282

401,644
432,913

The average monthly number of employees, including the Director, during the period was as follows:

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


Director
1
1
1
1

Employees
1
2
-
-

2
3
1
1

Page 19

 
MILE END HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Key management compensation

Key management is made up solely of the Director and compensation paid to him during the period totaled £155,484 (2022 - £70,000).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
4,602
3,542

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
17,647
68,522


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
196,756
217,082


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
46,277
41,246

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,428
712

Capital allowances for year in excess of depreciation
307
376

Other differences leading to an increase (decrease) in the tax charge
(30,366)
26,188

Marginal relief
(999)
-

Total tax charge for the year
17,647
68,522


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
MILE END HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Dividends

2023
2022
£
£


Dividends paid
278,542
-


12.


Tangible fixed assets

Group






Computer equipment
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2023
8,557
874
9,431


Additions
1,849
-
1,849



At 31 December 2023

10,406
874
11,280



Depreciation


At 1 January 2023
5,322
-
5,322


Charge for the year on owned assets
3,235
-
3,235



At 31 December 2023

8,557
-
8,557



Net book value



At 31 December 2023
1,849
874
2,723



At 31 December 2022
3,235
874
4,109

Page 21

 
MILE END HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,034,491



At 31 December 2023
1,034,491





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Mile End Capital Limited
45 Circus Road, London, NW8 9JH
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Mile End Capital Limited
252,875
48,034


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:


The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:


Page 22

 
MILE END HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

Group
Group
2023
2022
£
£


Trade debtors
-
3,600

Other debtors
28,950
259,124

Prepayments and accrued income
73,998
68,731

102,948
331,455



15.


Current asset investments

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

Investments
1,094,661
688,570
1,094,661
688,570



16.


Creditors: Amounts falling due within one year

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

Trade creditors
61,267
5,020
-
-

Corporation tax
17,647
68,522
-
15,600

Other taxation and social security
7,245
10,908
-
-

Other creditors
-
12,020
-
-

Accruals and deferred income
26,009
19,302
-
5,025

112,168
115,772
-
20,625



17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



150,100 (2022 - 150,100) Ordinary shares of £1.00 each
150,100
150,100


Page 23

 
MILE END HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Reserves

Merger Reserve

The merger reserve represents equity recognised on the acquisition of Mile End Capital Limited being the difference between the fair value of the consideration paid  and the nominal value of the shares acquired.

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses. It is a distributable reserve.


19.


Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.


20.


Related party transactions

The Company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.

 
Page 24