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Registered number: 13503467










MERCIA REAL ESTATE (BROMYARD) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MERCIA REAL ESTATE (BROMYARD) LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 6


 
MERCIA REAL ESTATE (BROMYARD) LIMITED
REGISTERED NUMBER: 13503467

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
2,489,278
2,395,349

Current assets
  

Debtors
 5 
194,497
111,940

Cash at bank and in hand
  
77,364
80,852

  
271,861
192,792

Creditors: amounts falling due within one year
 6 
(3,101,792)
(2,672,333)

Net current liabilities
  
 
 
(2,829,931)
 
 
(2,479,541)

Total assets less current liabilities
  
(340,653)
(84,192)

  

Net liabilities
  
(340,653)
(84,192)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(340,753)
(84,292)

  
(340,653)
(84,192)


Page 1

 
MERCIA REAL ESTATE (BROMYARD) LIMITED
REGISTERED NUMBER: 13503467
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers 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 director acknowledges his 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 31 January 2025.




S T Clark
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
MERCIA REAL ESTATE (BROMYARD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Mercia Real Estate (Bromyard) Limited (the company) is a private company limited by shares, incorporated and domiciled in England. The address of its registered office is Maddox House, 117 Edmund Street, Birmingham, B3 2HJ. 

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

Going concern

The company is dependant upon the support from its ultimate beneficial owner. He has indicated that he will continue to provide the financial support necessary to enable the company to continue in operational existence for the foreseeable future. Accordingly these financial statements have been prepared on the going concern basis.

 
2.3

Revenue

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and 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 profit or loss.

Page 3

 
MERCIA REAL ESTATE (BROMYARD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

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.

  
2.11

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.


3.


Employees



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

Page 4

 
MERCIA REAL ESTATE (BROMYARD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
2,395,349


Additions at cost
93,929



At 31 March 2024
2,489,278

The 2024 valuations were made by the director, on an open market value for existing use basis.





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
2,489,278
2,395,349


5.


Debtors

2024
2023 Restated
£
£


Trade debtors
8,640
7,443

Amounts owed by group undertakings
5,800
100

Amounts owed associated undertakings
162,950
100,200

Prepayments and accrued income
17,107
4,197

194,497
111,940


The prior year group and associated undertakings figures have been restated to more accurately reflect the group structure and to bring them into line with the current year's treatment.  The total of the combined balances has not changed. 

Page 5

 
MERCIA REAL ESTATE (BROMYARD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,570,367
2,507,671

Trade creditors
13,030
22,846

Amounts owed to group undertakings
259,740
-

Amounts owed to associated undertakings
111,300
-

Other taxation and social security
8,186
4,952

Other creditors
78,700
78,700

Accruals and deferred income
60,469
58,164

3,101,792
2,672,333







Bank loans

The bank loan is secured by a legal charge over the company’s property and that of fellow subsidiaries. There is also a floating charge over all of the company’s assets and personal guarantees from the director and ultimate beneficial owner.


7.


Post balance sheet events

Part of the Group's borrowing facilities are due for renewal in October 2025. 
The company is currently working with lenders to secure favourable refinancing terms and is confident the process will be completed by that date.
Should additional time be required contingency plans are in place to enable the company to continue on a going concern basis.


8.


Controlling party

The Company's parent undertaking is Mercia Real Estate (UK) Limited.

 
Page 6