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Registered number: 12846948










MERCIA REAL ESTATE (LYDNEY) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MERCIA REAL ESTATE (LYDNEY) LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
MERCIA REAL ESTATE (LYDNEY) LIMITED
REGISTERED NUMBER: 12846948

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
9,650,000
10,159,624

Current assets
  

Debtors
 5 
67,133,949
64,030,863

Cash at bank and in hand
  
639,653
64,113

  
67,773,602
64,094,976

Creditors: amounts falling due within one year
 6 
(3,603,303)
(3,116,784)

Net current assets
  
 
 
64,170,299
 
 
60,978,192

Total assets less current liabilities
  
73,820,299
71,137,816

Creditors: amounts falling due after more than one year
 7 
(71,571,839)
(68,064,065)

Provisions for liabilities
  

Deferred tax
 9 
(674,694)
(824,435)

  
 
 
(674,694)
 
 
(824,435)

Net assets
  
1,573,766
2,249,316


Capital and reserves
  

Called up share capital 
  
1
1

Revaluation reserve
  
2,024,083
2,473,306

Profit and loss account
  
(450,318)
(223,991)

  
1,573,766
2,249,316


Page 1

 
MERCIA REAL ESTATE (LYDNEY) LIMITED
REGISTERED NUMBER: 12846948
    
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 9 form part of these financial statements.

Page 2

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

1.


General information

Mercia Real Estate (Lydney) 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 is recognised on a receivable basis and included within turnover net of value added tax. 

 
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 (LYDNEY) 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

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.

 
2.9

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
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.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Employees

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

Page 5

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

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
10,159,624


Additions at cost
89,340


Deficit on revaluation
(598,964)



At 31 March 2024
9,650,000

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
6,951,222
6,861,883

Page 6

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

5.


Debtors

2024
2023 Restated
£
£


Trade debtors
49,173
94,280

Amounts owed by group undertakings
61,431,447
59,079,223

Amounts owed by associated undertakings
4,320,701
3,031,024

Other debtors
14,061
70,808

Prepayments and accrued income
1,318,567
1,755,528

67,133,949
64,030,863


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. 


6.


Creditors: Amounts falling due within one year

2024
2023 Restated
£
£

Trade creditors
137,051
609,986

Amounts owed to group undertakings
1,467,165
527,127

Amounts owed to associated undertakings
339,000
339,000

Other taxation and social security
48,308
-

Other creditors
24,535
16,849

Accruals and deferred income
1,587,244
1,623,822

3,603,303
3,116,784


The prior year group and associated undertakings figures and other creditors 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 7

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

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
71,571,839
68,064,065


The following liabilities were secured:



Details of security provided:

Bank loans are secured by a fixed and floating charge over all the property and group undertakings included in debtors.


8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Bank loans
71,571,839
68,064,065




9.


Deferred taxation




2024


£






At beginning of year
(824,435)


Utilised in year
149,741



At end of year
(674,694)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


On revaluation
(674,694)
(824,435)

Page 8

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

10.


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.


11.


Ultimate parent undertaking

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

 
Page 9