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Registered number: 08162365










MPS NORTHFIELDS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
MPS NORTHFIELDS LIMITED
REGISTERED NUMBER: 08162365

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,749,999
7,085,000

Investments
 5 
100
100

  
4,750,099
7,085,100

Current assets
  

Debtors: amounts falling due within one year
 6 
3,813
3,813

Cash at bank and in hand
 7 
8
8

  
3,821
3,821

Creditors: amounts falling due within one year
 8 
(3,575,530)
(3,575,530)

Net current liabilities
  
 
 
(3,571,709)
 
 
(3,571,709)

Total assets less current liabilities
  
1,178,390
3,513,391

Provisions for liabilities
  

Deferred tax
 9 
(313,972)
(897,722)

Net assets
  
864,418
2,615,669


Capital and reserves
  

Called up share capital 
 10 
100
100

Revaluation reserve
 11 
941,917
2,693,168

Profit and loss account
 11 
(77,599)
(77,599)

  
864,418
2,615,669


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 27 January 2025.




................................................
P Gray
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
MPS NORTHFIELDS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


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

£
£
£
£


At 1 May 2022
100
2,693,168
(77,599)
2,615,669


Other comprehensive income for the year
-
-
-
-



At 1 May 2023
100
2,693,168
(77,599)
2,615,669

Revaluation of freehold property
-
(2,335,001)
-
(2,335,001)

Deferred tax on revaluation
-
583,750
-
583,750


Other comprehensive income for the year
-
(1,751,251)
-
(1,751,251)


At 30 April 2024
100
941,917
(77,599)
864,418


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MPS NORTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

MPS Northfields is a private limited company incorporated in England and Wales. The Company’s registered office is Sturgate Business Hub Sturgate Airfield, Heapham, Gainsborough, Lincolnshire, DN21 5PA. The Company’s registration number is 05294079. Its principal activity is as a care home property holding company.

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

Going concern

On the 23rd September 2024, the freehold property was sold to a third party. Following this transaction, it is the intention of the Directors to liquidate the Company and as such, the Directors have considered the preparation of the accounts on a going concern basis to be inappropriate. The financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the Company’s assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

 
2.3

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.

 
2.4

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

 
MPS NORTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

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
-
None

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

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
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 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.

 
2.7

Debtors

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

 
2.8

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

Page 4

 
MPS NORTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Freehold property

£



Cost 


At 1 May 2023
7,085,000


Revaluations
(2,335,001)



At 30 April 2024

4,749,999






Net book value



At 30 April 2024
4,749,999



At 30 April 2023
7,085,000

On 23 September 2024, the freehold property was sold at a value of £4,749,999. The value of the property has been adjusted to reflect this transaction. 
If the freehold property had not been disclosed at the revalued amount, the carrying value under the
historical cost convention would have been £3,775,000 (2023: £3,775,000).
Cross guarantees to the bank exist over group assets to secure group borrowings. At the year end the
group indebtedness to the bank totalled £8,863,239 (2023: £9,352,322).

Page 5

 
MPS NORTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 May 2023
100



At 30 April 2024
100





6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,109
3,109

Other debtors
1
1

Prepayments and accrued income
703
703

3,813
3,813



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8
8



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
960
960

Amounts owed to group undertakings
3,571,222
3,571,222

Accruals and deferred income
3,348
3,348

3,575,530
3,575,530


Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

Page 6

 
MPS NORTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Deferred taxation




2024


£






At beginning of year
(897,722)


Charged to other comprehensive income
583,750



At end of year
(313,972)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of tangible fixed assets
(313,972)
(897,722)

(313,972)
(897,722)


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares shares of £1.00 each
100
100



11.


Reserves

Revaluation reserve

Includes the cumulative effect of a revaluation of tangible fixed assets.

Profit and loss account

The profit and loss account consists of the accumulated profit and losses.


12.


Post balance sheet events

On the 23rd September 2024, the freehold property was sold to a third party. The carrying value of the property has been adjusted to reflect this transaction. 

Page 7

 
MPS NORTHFIELDS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Controlling party

The Company's parent company is MPS Care Group Limited by virtue of owning the entire issued share capital of the Company. 
The ultimate controlling party is P Gray by virtue of owning the entire issued share capital of MPS Care Group Limited.
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent company, MPS Care Group Limited.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to Note 2.2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.
 

The audit report was signed on 28 January 2025 by James Delve (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.

Page 8