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Registration number: 10732581

M Capital Assets Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

M Capital Assets Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

M Capital Assets Ltd

(Registration number: 10732581)
Balance Sheet as at 30 April 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

389

779

Investment property

5

2,732,711

2,098,209

Investments

6

15,044

-

 

2,748,144

2,098,988

Current assets

 

Debtors

7

3,392,069

2,804,149

Cash at bank and in hand

 

135,883

128,137

 

3,527,952

2,932,286

Creditors: Amounts falling due within one year

8

(5,790,773)

(4,726,089)

Net current liabilities

 

(2,262,821)

(1,793,803)

Total assets less current liabilities

 

485,323

305,185

Provisions for liabilities

(86,593)

(41,854)

Net assets

 

398,730

263,331

Capital and reserves

 

Called up share capital

1

1

Other reserves

259,778

130,534

Retained earnings

138,951

132,796

Shareholders' funds

 

398,730

263,331

 

M Capital Assets Ltd

(Registration number: 10732581)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 January 2025
 

MP Howard
Director

   
     
 

M Capital Assets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
19 Eastern Parade
Southsea
Portsmouth
Hampshire
PO4 9RB

These financial statements were authorised for issue by the director on 27 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

M Capital Assets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Prior period errors

Investment property totalling £181,707 was reported as stock. This investment property has been reclassified as an investment property.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Opening stock

(181,707)

(181,707)

(181,707)

Closing stock

181,707

181,707

181,707

Stock

(181,707)

(181,707)

(181,707)

Investment properties cost or fair value b/fwd

181,707

181,707

181,707

   

Key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiance and other factors that are considered to be relevant. Actual results may differe from the estimates.

The estimates are underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. .

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

M Capital Assets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

M Capital Assets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Inital direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2023 - 1).

 

M Capital Assets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

1,559

1,559

At 30 April 2024

1,559

1,559

Depreciation

At 1 May 2023

780

780

Charge for the year

390

390

At 30 April 2024

1,170

1,170

Carrying amount

At 30 April 2024

389

389

At 30 April 2023

779

779

5

Investment properties

2024
£

At 1 May

2,098,209

Additions

462,176

Fair value adjustments

172,326

At 30 April

2,732,711

The investment properties class of fixed assets were adjusted at 30 April 2024 to fair value by the director. The basis of the valuation was open market value. The class of assets has a current value of £2,732,711 (2024: £2,098,209).

 

M Capital Assets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investments

2024
£

2023
£

Investments in associates

15,044

-

Associates

£

Cost

Additions

15,044

Provision

Carrying amount

At 30 April 2024

15,044

7

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

9

75,625

3,083

Other debtors

 

3,316,444

2,801,066

 

3,392,069

2,804,149

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Trade creditors

 

3,505

-

Amounts due to related parties

9

5,632,054

4,723,989

Other creditors

 

136,854

-

Accruals

 

17,992

2,100

Corporation tax liability

368

-

 

5,790,773

4,726,089

 

M Capital Assets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Related party transactions

The company is taking advantage of the exemption regarding the disclosure of transactions with wholly-owned entities.

Summary of transactions with other related parties

Pompey Properties Ltd
A company of which M Howard is a director and shareholder.

 During the year the company maintained a loan with Pompey Property Ltd. At the balance sheet date the amount owed by Pompey Property Ltd was £75,625 (2023: £3,083).
 

Loans from related parties

2024

Key management
£

Total
£

At start of period

4,723,989

4,723,989

Advanced

975,015

975,015

Repaid

(66,950)

(66,950)

At end of period

5,632,054

5,632,054

2023

Key management
£

Total
£

At start of period

3,152,673

3,152,673

Advanced

1,571,316

1,571,316

At end of period

4,723,989

4,723,989

Terms of loans from related parties

The loan from the director is repayable on demand and no interest is payable on the loan.