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Registered number: 00648329









MORTIMER STREET PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
MORTIMER STREET PROPERTIES LIMITED
REGISTERED NUMBER: 00648329

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
98,770
98,770

Investment property
 6 
750,000
750,000

  
848,770
848,770

Current assets
  

Debtors: amounts falling due within one year
 7 
1,041,943
1,039,717

Bank current accounts
  
51,507
43,870

Current liabilities
  
1,093,450
1,083,587

Creditors: amounts falling due within one year
 8 
(1,208,244)
(1,101,010)

Net current liabilities
  
 
 
(114,794)
 
 
(17,423)

Total assets less current liabilities
  
733,976
831,347

Provisions for liabilities
  

Deferred tax
 9 
(25,600)
(25,600)

  
 
 
(25,600)
 
 
(25,600)

Net assets
  
708,376
805,747


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Share premium account
 10 
213,320
213,320

Profit and loss account
 10 
395,056
492,427

  
708,376
805,747


Page 1

 
MORTIMER STREET PROPERTIES LIMITED
REGISTERED NUMBER: 00648329
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

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 on 26 January 2025.


S M Craig
Director

Page 2

 
MORTIMER STREET PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Mortimer Street Properties Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS. 

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.

 
2.2

Functional and presentation currency

The Company's functional and presentational currency is GBP.

 
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. 
Rental revenue as lessor
Investment property are leased to tenants under operating leases. The rental income receivable under these leases is recognised through profit and loss on a straight line basis over the term of the lease. Any rent-free period is spread over the period of the lease. Since the risks and rewards of ownership have not been transferred to the lessee, the assets held under these leases continue to be recognised in the company's financial statements. 
 

 
2.4

Investment property

Investment property is carried at fair value determined annually as a valuation by its directors, 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 the Statement of Income and Retained Earnings.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

 
MORTIMER STREET PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially
measured at their transaction price including transaction costs and are subsequently carried at their
amortised cost using the effective interest method, less any provision for impairment, unless the
arrangement constitutes a financing transaction, where the transaction is measured at the present
value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
equivalents, trade and most other receivables due with the operating cycle fall into this category of
financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the
contractual arrangements entered into. An equity instruments any contract that evidences a residual
interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are
initially measured at their transaction price after transaction costs. When this constitutes a financing
transaction, whereby the debt instrument is measured at the present value of the future payments
discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate
method.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. 

Page 4

 
MORTIMER STREET PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

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 reporting 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 reporting 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 reporting date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Revaluation of investment property
The company carries its investment property at fair value, with changes in fair value being recognised through profit and loss. The valuation technique used is based on an open market value for existing use. The determined fair value of the investment property is most sensitive to the estimated yield as well as the long term vacancy rate. 
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end, work undertaken which has not been invoiced based on quotations or estimates of amounts that maybe due for payment.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
MORTIMER STREET PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
98,770



At 30 April 2024
98,770





6.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
750,000



At 30 April 2024
750,000

The directors consider the valuation of the Investment property to be a fair reflection of the current market value.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
500,000
500,000


7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,027,480
1,027,480

Other debtors
14,199
12,237

Prepayments and accrued income
264
-

1,041,943
1,039,717


Page 6

 
MORTIMER STREET PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
1,189,262
1,084,654

Corporation tax
1,073
2,237

Other taxation and social security
195
199

Other creditors
5,278
3,578

Accruals and deferred income
12,436
10,342

1,208,244
1,101,010



9.


Deferred taxation




2024


£






At beginning of year
25,600



At end of year
25,600

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax rate changes
-
6,200

On revaluation of investment property
25,600
19,400

25,600
25,600


10.


Reserves

Profit and loss account

Included in reserves carried forward are unrealised gains of £250,000 (2023: £250,000) relating to the revaluation of investment property. Deferred tax provided in respect of this gain amounted to £25,600 (2023: £25,600). Accordingly, there are non-distributable reserves of £224,400 (2023: £224,400) included in retained earnings carried forward.

Page 7

 
MORTIMER STREET PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Related party transactions

At the reporting date the company owed S M Craig, a director, £3,579 (2023: £3,578) which is included in other creditors. The balance was provided interest free and is repayable on demand. 
At the reporting date the company owed G M Gilchrist, a director, £1,699 (2023: £nil) which is included in other creditors. The balance was provided interest free and is repayable on demand.
The company is exempt from disclosing related party transactions with companies that are wholly owned within the group. The company has not entered into any other transactions with related parties that are material and that have not been concluded under normal market conditions. 


12.


Controlling party

The immediate parent company is M S Properties Holdings Limited, by virtue of its 100% ownership of the issued share capital of the company and which is the UK parent undertaking. M S Properties Holdings Limited is a company registered at 124 Finchley Road, London, England, NW3 5JS.

 
Page 8