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Registered number: 05679425














MOUNTAIN CAPITAL LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MOUNTAIN CAPITAL LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 11


 
MOUNTAIN CAPITAL LIMITED
REGISTERED NUMBER:05679425

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
12,525

Tangible assets
 5 
114,137
147,041

Investments
 6 
150,000
150,000

  
264,137
309,566

Current assets
  

Stocks
  
-
577,315

Debtors: amounts falling due within one year
 7 
1,651,838
1,126,108

Cash at bank and in hand
 8 
31,456
57,884

  
1,683,294
1,761,307

Creditors: amounts falling due within one year
 9 
(1,643,213)
(1,616,875)

Net current assets
  
 
 
40,081
 
 
144,432

Total assets less current liabilities
  
304,218
453,998

Creditors: amounts falling due after more than one year
 10 
(20,752)
(30,746)

  

Net assets
  
283,466
423,252


Capital and reserves
  

Called up share capital 
 13 
8
8

Share premium account
  
50,196
50,196

Profit and loss account
  
233,262
373,048

  
283,466
423,252


1

 
MOUNTAIN CAPITAL LIMITED
REGISTERED NUMBER:05679425
    
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 profit and loss account 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 14 November 2024.




D Rosenberg
Director

The notes on pages 3 to 11 form part of these financial statements.

2

 
MOUNTAIN CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Mountain Capital Limited is a private company, limited by shares, registered in England and Wales, registration number 05679425
The registered office address is Elsley Court 4th Floor, 20-22 Great Titchfield Street, London, W1W 8BE.
The trading address is 17 Grosvenor Hill, London, W1K 3QB.

The principal activity of the company is that of property trading.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

3

 
MOUNTAIN CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

 Interest income

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

 
2.6

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.

 
2.7

 Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

4

 
MOUNTAIN CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

 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.

 
2.10

  Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

  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.

5

 
MOUNTAIN CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
  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:

S/Term Leasehold Property
-
10%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
25%
straight line
Other fixed assets
-
25%
straight line

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.

 
2.12

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

  Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.15

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.16

  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.

6

 
MOUNTAIN CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

   Financial instruments

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

 
2.18

 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.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).


4.


Intangible assets




Other intangible assets
Goodwill
Total

£
£
£



Cost


At 1 January 2023
25,100
25,000
50,100



At 31 December 2023

25,100
25,000
50,100



Amortisation


At 1 January 2023
18,825
18,750
37,575


Charge for the year on owned assets
6,275
6,250
12,525



At 31 December 2023

25,100
25,000
50,100



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
6,275
6,250
12,525



7

 
MOUNTAIN CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





S/Term Leasehold Property
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
158,201
70,897
4,281
7,300
240,679



At 31 December 2023

158,201
70,897
4,281
7,300
240,679



Depreciation


At 1 January 2023
47,146
42,585
2,032
1,875
93,638


Charge for the year on owned assets
15,813
14,195
1,071
1,825
32,904



At 31 December 2023

62,959
56,780
3,103
3,700
126,542



Net book value



At 31 December 2023
95,242
14,117
1,178
3,600
114,137



At 31 December 2022
111,055
28,312
2,249
5,425
147,041




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
95,242
111,055



6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
150,000



At 31 December 2023
150,000




8

 
MOUNTAIN CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Other debtors
1,487,323
996,121

Prepayments and accrued income
12,596
9,555

Deferred taxation
151,919
120,432

1,651,838
1,126,108



8.


Cash

2023
2022
£
£

Cash at bank
31,456
57,884



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,994
9,747

Trade creditors
3,533
5,108

Other taxation and social security
31,827
54,435

Other creditors
1,508,343
1,455,692

Accruals and deferred income
89,516
91,893

1,643,213
1,616,875


Details of security provided:

As at 31 December 2023, bank loans of £9,994 (2022 - £9,747) were COVID Bounce Back Loans, 100% guaranteed by the government.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,752
30,746


As at 31 December 2023, the bank loan of £20,752 (2022 - £30,746) included in creditors due after more than one year is a COVID Bounce Back Loan, 100% guaranteed by the government.

9

 
MOUNTAIN CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,994
9,747


9,994
9,747

Amounts falling due 1-2 years

Bank loans
10,246
9,993


10,246
9,993

Amounts falling due 2-5 years

Bank loans
10,506
20,752


10,506
20,752




12.


Deferred taxation




2023


£






At beginning of year
120,432


Charged to profit or loss
31,487



At end of year
151,919

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
7,185
2,169

Tax losses carried forward
144,734
118,263

151,919
120,432

10

 
MOUNTAIN CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8 (2022 - 8) Ordinary shares of £1.00 each
8
8



14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £NIL (2022 - £14,197) . Contributions totalling £NIL (2022 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.


15.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
88,008
88,008

Later than 1 year and not later than 5 years
110,010
198,018

198,018
286,026


16.


Related party transactions

As at the year end, other creditors included an amount of £100,384 (2022 - £100,384), owed to the directors. The loan is interest free and repayable on demand.

As at the year end, loans from companies controlled by the directors totalled £34,568 (loans to companies controlled by the directors totalled 2022 - £340,195). The loans are interest free and repayable on demand.

 
11