Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31false2023-08-01Property development & rentals11truetrue 13261992 2023-08-01 2024-07-31 13261992 2022-08-01 2023-07-31 13261992 2024-07-31 13261992 2023-07-31 13261992 c:Director2 2023-08-01 2024-07-31 13261992 d:CurrentFinancialInstruments 2024-07-31 13261992 d:CurrentFinancialInstruments 2023-07-31 13261992 d:Non-currentFinancialInstruments 2024-07-31 13261992 d:Non-currentFinancialInstruments 2023-07-31 13261992 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 13261992 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 13261992 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 13261992 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 13261992 d:ShareCapital 2024-07-31 13261992 d:ShareCapital 2023-07-31 13261992 d:RetainedEarningsAccumulatedLosses 2024-07-31 13261992 d:RetainedEarningsAccumulatedLosses 2023-07-31 13261992 c:OrdinaryShareClass1 2023-08-01 2024-07-31 13261992 c:OrdinaryShareClass1 2024-07-31 13261992 c:OrdinaryShareClass1 2023-07-31 13261992 c:FRS102 2023-08-01 2024-07-31 13261992 c:Audited 2023-08-01 2024-07-31 13261992 c:FullAccounts 2023-08-01 2024-07-31 13261992 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 13261992 c:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 13261992 2 2023-08-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13261992









MPR SUBCO LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
MPR SUBCO LIMITED
REGISTERED NUMBER: 13261992

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
4,459,961
4,983,629

Debtors: amounts falling due within one year
 4 
5,465,435
5,244,036

Cash at bank and in hand
  
15,716
-

  
9,941,112
10,227,665

Creditors: amounts falling due within one year
 5 
(741,008)
(2,844,801)

Net current assets
  
 
 
9,200,104
 
 
7,382,864

Total assets less current liabilities
  
9,200,104
7,382,864

Creditors: amounts falling due after more than one year
 6 
(2,029,168)
-

  

Net assets
  
7,170,936
7,382,864


Capital and reserves
  

Called up share capital 
 7 
9,710,100
9,710,100

Profit and loss account
  
(2,539,164)
(2,327,236)

  
7,170,936
7,382,864


Page 1

 
MPR SUBCO LIMITED
REGISTERED NUMBER: 13261992
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

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 income and retained earnings 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 by: 






G D Thwaites
Director

Date: 25 February 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
MPR SUBCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The Company is a private company limited by shares and is incorporated in England and Wales.
The principal activity of the Company is that of property development.
The Registered Office address is 35 Ballards Lane, London, N3 1XW.

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

Going concern

The financial statements have been prepared on the going concern basis as in the opinion of the directors the company will generate future income sufficient to cover the liabilities of the company.
The company has made a loss in the year and relies on the support of a group entity which has confirmed its intention to provide support for a period of twelve months from the date of signing of the accounts.

 
2.3

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:

Turnover represents the sale proceeds of property sales completed during the year. Other income relates to the letting of  property.

 
2.4

Interest income

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

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
 

Page 3

 
MPR SUBCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

 
MPR SUBCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Employees

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


        2024
        2023
            No.
            No.







Directors
1
1


4.


Debtors

2024
2023
£
£


Trade debtors
1,245
1,245

Amounts owed by group undertakings
5,448,568
5,235,373

Other debtors
3,122
7,418

Prepayments and accrued income
12,500
-

5,465,435
5,244,036


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
1,919,172

Trade creditors
13,676
-

Amounts owed to group undertakings
707,794
813,445

Other creditors
4,345
-

Accruals and deferred income
15,193
112,184

741,008
2,844,801


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
The bank loan was repaid during the current year.

Page 5

 
MPR SUBCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,029,168
-


The loan bears interest at 6.37% per annum, is secured over a charge on the property held in stock, a corporate guarantee limited to £11,250,000.00 from Tranos (UK) Limited, joint & several personal guarantees limited to £1,000,000.00 from G Thwaites and B Thwaites, a cross company guarantee limited to £12,815,000 by AA Subco Limited and the Company in favour of the funder, a debenture with fixed and floating charges over the undertaking and assets of Tranos (UK) Limited and is repayable in February 2029. 


7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



9,710,100 (2023 - 9,710,100) Ordinary shares of £1.00 each
9,710,100
9,710,100



8.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.


9.


Controlling party

The parent undertaking is Maiden Park Residence Limited, a company registered in England & Wales.
The registered office is 35 Ballards Lane, London, N3 1XW.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2024 was unqualified.

The audit report was signed on 26 February 2025 by Nick Bishop FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 6