Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-011false1truetruefalse 13501637 2023-04-01 2024-03-31 13501637 2022-04-01 2023-03-31 13501637 2024-03-31 13501637 2023-03-31 13501637 1 2023-04-01 2024-03-31 13501637 d:Director1 2023-04-01 2024-03-31 13501637 c:FreeholdInvestmentProperty 2023-04-01 2024-03-31 13501637 c:FreeholdInvestmentProperty 2024-03-31 13501637 c:FreeholdInvestmentProperty 2023-03-31 13501637 c:CurrentFinancialInstruments 2024-03-31 13501637 c:CurrentFinancialInstruments 2023-03-31 13501637 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 13501637 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 13501637 c:ShareCapital 2024-03-31 13501637 c:ShareCapital 2023-03-31 13501637 c:RevaluationReserve 2024-03-31 13501637 c:RevaluationReserve 2023-03-31 13501637 c:RetainedEarningsAccumulatedLosses 2024-03-31 13501637 c:RetainedEarningsAccumulatedLosses 2023-03-31 13501637 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 13501637 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 13501637 d:FRS102 2023-04-01 2024-03-31 13501637 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13501637 d:FullAccounts 2023-04-01 2024-03-31 13501637 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13501637 2 2023-04-01 2024-03-31 13501637 5 2023-04-01 2024-03-31 13501637 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 13501637










MERCIA REAL ESTATE (PEARTREE) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MERCIA REAL ESTATE (PEARTREE) LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
MERCIA REAL ESTATE (PEARTREE) LIMITED
REGISTERED NUMBER: 13501637

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
3,095,167
11,252,400

Current assets
  

Debtors
 5 
1,553,974
1,386,439

Cash at bank and in hand
  
8,970
239

  
1,562,944
1,386,678

Creditors: amounts falling due within one year
 6 
(3,527,471)
(11,050,309)

Net current liabilities
  
 
 
(1,964,527)
 
 
(9,663,631)

Total assets less current liabilities
  
1,130,640
1,588,769

Provisions for liabilities
  

Deferred tax
 7 
-
(875,857)

  
 
 
-
 
 
(875,857)

Net assets
  
1,130,640
712,912


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
-
2,627,570

Profit and loss account
  
1,130,540
(1,914,758)

  
1,130,640
712,912


Page 1

 
MERCIA REAL ESTATE (PEARTREE) LIMITED
REGISTERED NUMBER: 13501637
    
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 statement of comprehensive income 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 8 form part of these financial statements.

Page 2

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

1.


General information

Mercia Real Estate (Peartree) Limited (the company) is a private company limited by shares, incorporated and domiciled in England. The address of the 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

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

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

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

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

2.Accounting policies (continued)

 
2.6

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.


 
2.7

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.

 
2.8

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 4

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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

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).

Page 5

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

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
11,252,400


Additions at cost
4,595,167


Disposals
(12,752,400)



At 31 March 2024
3,095,167

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



At 31 March 2024



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
3,095,167
7,748,973


5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,431,904
1,284,600

Amounts owed by associated undertakings
122,070
-

Other debtors
-
101,839

1,553,974
1,386,439


Page 6

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

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
3,033

Bank loans
3,181,902
-

Trade creditors
21,715
10,186

Amounts owed to group undertakings
107,800
10,506,294

Amounts owed to associated undertakings
23,000
-

Other taxation and social security
177,446
-

Other creditors
-
300,000

Accruals and deferred income
15,608
230,796

3,527,471
11,050,309


Amounts owed to group undertakings of £Nil (2023: £10,406,294) are secured by a fixed and floating charge over the company's property and assets.
Bank loans of £3,181,902 (2023: £Nil) are secured by a legal charge over the property and a debenture over the company's assets.


7.


Deferred taxation




2024


£






At beginning of year
(875,857)


Utilised in year
875,857



At end of year
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


On revaluation
-
(875,857)

Page 7

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

8.


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.


9.


Controlling party

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

 
Page 8