Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The principal activity of the Company is the provision of agricultural land and buildings.falsefalse102023-01-019truetrue 10403880 2023-01-01 2023-12-31 10403880 2022-01-01 2022-12-31 10403880 2023-12-31 10403880 2022-12-31 10403880 c:Director3 2023-01-01 2023-12-31 10403880 d:Buildings 2023-01-01 2023-12-31 10403880 d:Buildings 2023-12-31 10403880 d:Buildings 2022-12-31 10403880 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10403880 d:PlantMachinery 2023-01-01 2023-12-31 10403880 d:PlantMachinery 2023-12-31 10403880 d:PlantMachinery 2022-12-31 10403880 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10403880 d:FurnitureFittings 2023-01-01 2023-12-31 10403880 d:OfficeEquipment 2023-01-01 2023-12-31 10403880 d:OfficeEquipment 2023-12-31 10403880 d:OfficeEquipment 2022-12-31 10403880 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10403880 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 10403880 d:OtherPropertyPlantEquipment 2023-12-31 10403880 d:OtherPropertyPlantEquipment 2022-12-31 10403880 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10403880 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10403880 d:CurrentFinancialInstruments 2023-12-31 10403880 d:CurrentFinancialInstruments 2022-12-31 10403880 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10403880 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10403880 d:ShareCapital 2023-12-31 10403880 d:ShareCapital 2022-12-31 10403880 d:RetainedEarningsAccumulatedLosses 2023-12-31 10403880 d:RetainedEarningsAccumulatedLosses 2022-12-31 10403880 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10403880 c:OrdinaryShareClass1 2023-12-31 10403880 c:FRS102 2023-01-01 2023-12-31 10403880 c:Audited 2023-01-01 2023-12-31 10403880 c:FullAccounts 2023-01-01 2023-12-31 10403880 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10403880 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10403880 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10403880 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10403880 2 2023-01-01 2023-12-31 10403880 4 2023-01-01 2023-12-31 10403880 6 2023-01-01 2023-12-31 10403880 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10403880










GVO MONTI LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GVO MONTI LIMITED
REGISTERED NUMBER: 10403880

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,193,782
5,068,334

Investments
 6 
1
1

  
2,193,783
5,068,335

Current assets
  

Stocks
 7 
29,453
29,618

Debtors: amounts falling due within one year
 8 
1,855,985
916,720

Cash at bank and in hand
 9 
45,614
69,814

  
1,931,052
1,016,152

Creditors: amounts falling due within one year
 10 
(8,738,664)
(5,354,584)

Net current liabilities
  
 
 
(6,807,612)
 
 
(4,338,432)

Total assets less current liabilities
  
(4,613,829)
729,903

Provisions for liabilities
  

Deferred tax
 11 
-
(150,724)

  
 
 
-
 
 
(150,724)

Net (liabilities)/assets
  
(4,613,829)
579,179


Capital and reserves
  

Called up share capital 
 12 
2,100,000
2,100,000

Profit and loss account
  
(6,713,829)
(1,520,821)

  
(4,613,829)
579,179


Page 1

 
GVO MONTI LIMITED
REGISTERED NUMBER: 10403880
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 on 29 November 2024.




L Waldner
Director

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

Page 2

 
GVO MONTI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GVO Monti Limited is a private company limited by shares, which is incorporated and registered in England and Wales (Company no. 10403880). The address of the registered office is Malverleys Fullers Lane, East End, Newbury, RG20 0AA.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has incurred losses of £5,193,008 (2022: 666,953) during the year and had net liabilities of £4,613,829 (2022: net assets of £579,179) as at 31 December 2023. These factors indicate the existence of material uncertainties which may cast significant doubt on the Company's ability to continue as a going concern. 
However the directors have a reasonable expectation that the Company will be able to continue in operational existence for the foreseeable future due to the financial support of its parent company. The parent company has provided a written letter of support indicating that it will continue to make sufficient funds available to the Comapny as needed to enable it to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statemenets. On that basis, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
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.

 
2.4

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 3

 
GVO MONTI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
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:

Freehold property
-
2%
Straight line
Plant and machinery
-
15%
Straight line
Fixtures and fittings
-
33%
Straight line
Office equipment
-
10%
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.

 
2.5

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.6

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 Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.7

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.

Page 4

 
GVO MONTI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Debtors

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

 
2.9

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.

 
2.10

Financial instruments


The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other creditors and loans to and from related parties.

 
2.11

Creditors

Short term creditors are measured at the transaction price.

 
2.12

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.

 
2.13

Interest income

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

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
GVO MONTI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.16

Exceptional items

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The estimates and judgements that have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the financial year are as follows:
Depreciation
Tangible fixed assets are depreciated over their useful lives taking into account residual values. The
actual lives of the assets and residual values are assessed annually and may vary. Residual values
consider matters such as future market conditions, the remaining estimated life of the asset and the
discount required to apply cash flows on estimated disposal values to calculate their net present values.

Page 6

 
GVO MONTI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

2023
2022
£
£

Wages and salaries
209,148
205,508

Social security costs
22,546
16,767

Cost of defined contribution scheme
9,091
8,440

240,785
230,715


The average monthly number of employees, including directors, during the year was 10 (2022 - 9).


5.


Tangible fixed assets





Freehold property
Plant and machinery
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost


At 1 January 2023
-
362,908
3,645
4,885,601
5,252,154


Additions
1,800,871
1,687
-
-
1,802,558


Transfers between classes
4,875,601
10,000
-
(4,885,601)
-



At 31 December 2023

6,676,472
374,595
3,645
-
7,054,712



Depreciation


At 1 January 2023
-
183,494
326
-
183,820


Charge for the year on owned assets
66,762
55,312
326
-
122,400


Impairment charge
4,554,710
-
-
-
4,554,710



At 31 December 2023

4,621,472
238,806
652
-
4,860,930



Net book value



At 31 December 2023
2,055,000
135,789
2,993
-
2,193,782



At 31 December 2022
-
179,414
3,319
4,885,601
5,068,334

Page 7

 
GVO MONTI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           5.Tangible fixed assets (continued)


Subsequent to the reporting date, on 1st July 2024, a professional valuation of the Company's freehold property was carried out. The valuation indicated that the fair value of the freehold property at the reporting date was £2,055,000. This was considered to be an adjusting event under FRS 102 as it reflects market conditions existing at the balance sheet date and therefore an impairment charge has been recognised. 


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1





7.


Stocks

2023
2022
£
£

Livestock
29,453
29,618

29,453
29,618



8.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,790,236
621,988

Other debtors
2,495
186,876

Prepayments and accrued income
63,254
107,856

1,855,985
916,720


Page 8

 
GVO MONTI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
45,614
69,814

45,614
69,814



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,180
37,825

Amounts owed to group undertakings
8,688,750
4,865,304

Other creditors
4,320
2,429

Accruals and deferred income
38,414
449,026

8,738,664
5,354,584



11.


Deferred taxation




2023


£






At beginning of year
(150,724)


Charged to profit or loss
150,724



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
(150,724)

-
(150,724)

Page 9

 
GVO MONTI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,100,000 Ordinary shares of £1 each
2,100,000
2,100,000



13.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
1,329,631


14.


Related party transactions

The company has taken advantage of the exemption available under FRS 102 Section 33 'Related party disclosures' not to disclose transactions entered into between two or more members of the group, where all entities are wholly owned subsidiary undertakings. Consolidated financial statements are prepared by the ultimate parent company, Hansa Aktiengesellschaft and copies of these are available from Hansa Aktiengesellschaft, Via Brattas 2, 7500 St. Moritz, Switzerland.
During the year the company invoiced the spouse of a director £27,989 (2022 - £30,000) for the provision of gardening services at a private property. No amounts were due in respect of these sales invoices at the year end. 
During the year Michael Kuessner (director) advanced an amount of £nil (2022 - £672) to the company. This amount due to Michael Kuessner is interest-free. At the year end the company owed the director £nil (2022 - £672).


15.


Controlling party

The ultimate parent company is Hansa Aktiengesellschaft, a Swiss company limited by shares, by virtue of its 100% holding in the issued share capital of the company.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 29 November 2024 by Deborah Graham (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

Page 10