Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01false11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12551480 2023-04-01 2024-03-31 12551480 2022-04-01 2023-03-31 12551480 2024-03-31 12551480 2023-03-31 12551480 1 2023-04-01 2024-03-31 12551480 d:Director1 2023-04-01 2024-03-31 12551480 c:LeaseholdInvestmentProperty 2023-04-01 2024-03-31 12551480 c:LeaseholdInvestmentProperty 2024-03-31 12551480 c:LeaseholdInvestmentProperty 2023-03-31 12551480 c:LeaseholdInvestmentProperty 2 2023-04-01 2024-03-31 12551480 c:CurrentFinancialInstruments 2024-03-31 12551480 c:CurrentFinancialInstruments 2023-03-31 12551480 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 12551480 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 12551480 c:ShareCapital 2024-03-31 12551480 c:ShareCapital 2023-03-31 12551480 c:RevaluationReserve 2024-03-31 12551480 c:RevaluationReserve 2023-03-31 12551480 c:RetainedEarningsAccumulatedLosses 2024-03-31 12551480 c:RetainedEarningsAccumulatedLosses 2023-03-31 12551480 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 12551480 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 12551480 d:FRS102 2023-04-01 2024-03-31 12551480 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12551480 d:FullAccounts 2023-04-01 2024-03-31 12551480 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12551480 5 2023-04-01 2024-03-31 12551480 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 12551480










MERCIA REAL ESTATE (CHAMBER) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MERCIA REAL ESTATE (CHAMBER) LIMITED
 

CONTENTS



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


 
MERCIA REAL ESTATE (CHAMBER) LIMITED
REGISTERED NUMBER: 12551480

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
7,600,000
8,000,000

Current assets
  

Debtors
 5 
61,100
60,210

Cash at bank and in hand
  
900,617
136,190

  
961,717
196,400

Creditors: amounts falling due within one year
 6 
(8,432,755)
(6,814,991)

Net current liabilities
  
 
 
(7,471,038)
 
 
(6,618,591)

Total assets less current liabilities
  
128,962
1,381,409

Provisions for liabilities
  

Deferred tax
 7 
(534,752)
(661,829)

  
 
 
(534,752)
 
 
(661,829)

Net (liabilities)/assets
  
(405,790)
719,580


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
1,604,256
1,985,486

Profit and loss account
  
(2,010,146)
(1,266,006)

  
(405,790)
719,580


Page 1

 
MERCIA REAL ESTATE (CHAMBER) LIMITED
REGISTERED NUMBER: 12551480
    
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 (CHAMBER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Mercia Real Estate (Chamber) 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

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.

Page 3

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

2.Accounting policies (continued)

 
2.5

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.


 
2.6

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.

 
2.7

Investment property

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

Page 4

 
MERCIA REAL ESTATE (CHAMBER) 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

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.

  
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 5

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

4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 April 2023
8,000,000


Additions at cost
108,307


Surplus on revaluation
(508,307)



At 31 March 2024
7,600,000

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
5,460,992
5,352,685

Page 6

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

5.


Debtors

2024
2023
£
£


Trade debtors
3,880
35,242

Amounts owed by group undertakings
-
100

Other debtors
9,083
5,053

Prepayments and accrued income
48,137
19,815

61,100
60,210



6.


Creditors: Amounts falling due within one year

2024
2023 Restated
£
£

Trade creditors
143,065
185,092

Amounts owed to group undertakings
7,835,288
6,080,433

Amounts owed to associated undertakings
309,770
304,270

Accruals and deferred income
144,632
245,196

8,432,755
6,814,991


Details of security provided:
Amounts owed to group undertakings of £7,100,800 (2023: £5,655,060) are secured by a fixed and floating charge over all the property and undertakings of the company.
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 7

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

7.


Deferred taxation




2024


£






At beginning of year
(661,829)


Charged to profit or loss
127,077



At end of year
(534,752)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


On revaluation
(534,752)
(661,829)


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