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Registered number: 13206937










MERCIA REAL ESTATE (PULP) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MERCIA REAL ESTATE (PULP) LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
MERCIA REAL ESTATE (PULP) LIMITED
REGISTERED NUMBER: 13206937

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023 Restated
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,894,966
10,074,374

Current assets
  

Debtors
 5 
5,202,924
6,216,094

Cash at bank and in hand
  
179,902
44,757

  
5,382,826
6,260,851

Creditors: amounts falling due within one year
 6 
(2,267,110)
(2,684,941)

Net current assets
  
 
 
3,115,716
 
 
3,575,910

Creditors: amounts falling due after more than one year
 7 
(12,081,755)
(12,398,569)

Provisions for liabilities
  

Deferred tax
 8 
(551,756)
(545,820)

Net assets
  
377,171
705,895


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
1,655,271
1,637,462

Profit and loss account
  
(1,278,200)
(931,667)

  
377,171
705,895


Page 1

 
MERCIA REAL ESTATE (PULP) LIMITED
REGISTERED NUMBER: 13206937
    
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 8 form part of these financial statements.

Page 2

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

1.


General information

Mercia Real Estate (PULP) 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 it's ultimate parent company and it's directors. They have indicated that they will continue to provide financial support to the company 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.

Page 3

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

2.Accounting policies (continued)

 
2.7

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.


 
2.8

Investment property

Investment property is carried at fair value determined annually by the director 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.

 
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

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.

 
2.11

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.

Page 4

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

2.Accounting policies (continued)

 
2.12

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 (PULP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Investment property

£



Valuation


At 1 April 2023
10,074,374


Additions
4,100


Disposals
(183,508)



At 31 March 2024

9,894,966






Net book value



At 31 March 2024
9,894,966



At 31 March 2023
10,074,374

Valuation at 31 March 2023 is as follows:

Land and buildings
£


At cost
-

At valuation
9,894,966



9,894,966

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
7,692,136
7,891,092

Net book value
7,692,136
7,891,092

Page 6

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

5.


Debtors

2024
2023 Restated
£
£


Trade debtors
77,212
117,279

Amounts owed by group undertakings
13,666
165

Amounts owed by associated undertakings
5,111,346
6,098,339

Other debtors
-
311

Prepayments and accrued income
700
-

5,202,924
6,216,094



6.


Creditors: Amounts falling due within one year

2024
2023 Restated
£
£

Bank loans
64,000
1,572,000

Trade creditors
31,668
30,075

Amounts owed to group undertakings
147,237
123,269

Amounts owed to associated undertakings
1,659,544
669,207

Other taxation and social security
42,407
-

Other creditors
25,171
14,521

Accruals and deferred income
297,083
275,869

2,267,110
2,684,941


Bank loans are secured by a fixed and floating charge over all the property and undertakings of the company, personal guarantees of the shareholders and cross guarantees by associated companies.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,081,755
12,398,569


Bank loans are secured by a fixed and floating charge over all the property and undertakings of the company, personal guarantees of the shareholders and cross guarantees by associated companies.

Page 7

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

8.


Deferred taxation




2024


£






At beginning of year
(545,820)


Charged to profit or loss
(5,936)



At end of year
(551,756)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(551,756)
(545,820)


9.


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.


10.


Controlling party

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

 
Page 8