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Registered number: 01852683









MIDLAND & CONTINENTAL INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
REGISTERED NUMBER: 01852683

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
1,575,000
1,410,000

Investment in subsidiary
 6,15 
53,256
53,256

  
1,628,256
1,463,256

Current assets
  

Debtors: amounts falling due within one year
 7 
1,163,840
1,154,740

Cash at bank and in hand
 8 
63,670
66,978

  
1,227,510
1,221,718

Creditors: amounts falling due within one year
 9 
(284,224)
(329,956)

Net current assets
  
 
 
943,286
 
 
891,762

Total assets less current liabilities
  
2,571,542
2,355,018

Creditors: amounts falling due after more than one year
 10 
(1,390,650)
(1,351,520)

Provisions for liabilities
  

Deferred tax
 12 
(65,750)
(24,500)

  
 
 
(65,750)
 
 
(24,500)

Net assets
  
1,115,142
978,998


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 14 
672,019
507,019

Profit and loss account
 14 
443,023
471,879

  
1,115,142
978,998


Page 1

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
REGISTERED NUMBER: 01852683
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 February 2025.




C H Linfoot McLean
Director

The notes on pages 5 to 13 form part of these financial statements.

Page 2

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2023
100
507,019
471,879
978,998


Comprehensive income for the year

Loss for the year

-
-
(28,856)
(28,856)

Property revaluation
-
165,000
-
165,000


Other comprehensive income for the year
-
165,000
-
165,000


At 30 June 2024
100
672,019
443,023
1,115,142


The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
100
507,019
449,749
956,868


Comprehensive income for the year

Profit for the year

-
-
22,130
22,130


Other comprehensive income for the year
-
-
-
-


At 30 June 2023
100
507,019
471,879
978,998


The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Midland & Continental Investments Limited is a private company registered in England.
The company's registered office is The Manor House, Great Alne, Warwickshire B49 6HR.
These financial statements are presented in £ Sterling which is the functional currency of the company.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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:

 
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 5

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 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

Investment properties

Investment properties are held for long term investment and are revalued annually. The surplus or deficit is transferred to the investment revaluation reserve. Any deficit below cost is recognised in the profit and loss account for the year.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







3
3


4.


Investment property




Investment property

£



Cost


At 1 July 2023
1,410,000


Revaluation
165,000



At 30 June 2024

1,575,000






Net book value



At 30 June 2024
1,575,000



At 30 June 2023
1,410,000


The properties were revalued at £1,575,000 by Knight Frank in November 2023. The directors are of the opinion that this valuation is applicable at 30 June 2024.


Page 8

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 July 2023
10,739



At 30 June 2024

10,739



Depreciation


At 1 July 2023
10,739



At 30 June 2024

10,739



Net book value



At 30 June 2024
-



At 30 June 2023
-


6.


Fixed asset investments





Investment in subsidiary company

£



Cost or valuation


At 1 July 2023
53,256



At 30 June 2024
53,256




Page 9

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Debtors

2024
2023
£
£


Trade debtors
5,677
5,677

Amounts owed by group undertakings
1,111,584
1,109,102

Client bank accounts - see note 9
42,427
30,571

Prepayments and accrued income
4,152
9,390

1,163,840
1,154,740



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
63,670
66,978

63,670
66,978



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
51,696

Trade creditors
3,667
4,423

Accruals and deferred income
11,389
12,862

Other creditors
223,834
223,834

Corporation tax
2,907
6,570

Client accounts - see note 7
42,427
30,571

284,224
329,956


Page 10

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,390,650
1,351,520

1,390,650
1,351,520


The following liabilities were secured:

2024
2023
£
£



Mortgage loan
1,390,650
1,403,216

1,390,650
1,403,216

Details of security provided:

The loan is secured on the investment properties owned by the company and its subsidiary
IPMG (Industrial Planning & Marketing Group) Limited. In addition there is a guarantee given by 
IPMG (Industrial Planning & Marketing Group) Limited.

Page 11

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
51,696


-
51,696

Amounts falling due 1-2 years

Bank loans
-
52,000


-
52,000

Amounts falling due 2-5 years

Bank loans
1,390,650
1,299,520


1,390,650
1,299,520


1,390,650
1,403,216



12.


Deferred taxation




2024


£






At beginning of year
(24,500)


Charged to profit or loss
(41,250)



At end of year
(65,750)

Page 12

 
MIDLAND & CONTINENTAL INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Property capital gains
(24,500)
(24,500)

Property revaluation
(41,250)
-

(65,750)
(24,500)


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



14.


Reserves

Revaluation reserve

The revaluation reserve is £672,019 following the revaluation of £165,000 in the year (2023 - £507,019).

Profit and loss account

The profit and loss account reserve is £443,023 after the loss in the year of £28,856 (2023 - £471,879).


15.



Subsidiary undertaking



Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

IPMG (Industial Planning and Marketing) Limited
British Virgin Islands
Ordinary
100%

The reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Reserves
Profit/(Loss)

IPMG (Industial Planning and Marketing) Limited
1,226,662
7

 
Page 13