Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01No description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13450525 2023-04-01 2024-03-31 13450525 2022-04-01 2023-03-31 13450525 2024-03-31 13450525 2023-03-31 13450525 c:Director1 2023-04-01 2024-03-31 13450525 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 13450525 d:FreeholdInvestmentProperty 2024-03-31 13450525 d:FreeholdInvestmentProperty 2023-03-31 13450525 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 13450525 d:CurrentFinancialInstruments 2024-03-31 13450525 d:CurrentFinancialInstruments 2023-03-31 13450525 d:CurrentFinancialInstruments 1 2024-03-31 13450525 d:CurrentFinancialInstruments 1 2023-03-31 13450525 d:Non-currentFinancialInstruments 2024-03-31 13450525 d:Non-currentFinancialInstruments 2023-03-31 13450525 d:Non-currentFinancialInstruments 1 2024-03-31 13450525 d:Non-currentFinancialInstruments 1 2023-03-31 13450525 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13450525 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13450525 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 13450525 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 13450525 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 13450525 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 13450525 d:ShareCapital 2024-03-31 13450525 d:ShareCapital 2023-03-31 13450525 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 13450525 d:OtherMiscellaneousReserve 2024-03-31 13450525 d:OtherMiscellaneousReserve 2023-03-31 13450525 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 13450525 d:RetainedEarningsAccumulatedLosses 2024-03-31 13450525 d:RetainedEarningsAccumulatedLosses 2023-03-31 13450525 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 13450525 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 13450525 c:OrdinaryShareClass1 2023-04-01 2024-03-31 13450525 c:OrdinaryShareClass1 2024-03-31 13450525 c:OrdinaryShareClass1 2023-03-31 13450525 c:FRS102 2023-04-01 2024-03-31 13450525 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13450525 c:FullAccounts 2023-04-01 2024-03-31 13450525 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13450525 2 2023-04-01 2024-03-31 13450525 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13450525









MELYORK WEST LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MELYORK WEST LIMITED
REGISTERED NUMBER: 13450525

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
15,750,000
13,500,000

  
15,750,000
13,500,000

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
427,395

Debtors: amounts falling due within one year
 5 
1,220,799
640,717

Cash at bank and in hand
 6 
738,343
407,555

  
1,959,142
1,475,667

Creditors: amounts falling due within one year
 7 
(16,176,602)
(6,106,086)

Net current liabilities
  
 
 
(14,217,460)
 
 
(4,630,419)

Total assets less current liabilities
  
1,532,540
8,869,581

Creditors: amounts falling due after more than one year
 8 
-
(9,450,000)

Provisions for liabilities
  

Deferred tax
  
(509,439)
-

  
 
 
(509,439)
 
 
-

Net assets/(liabilities)
  
1,023,101
(580,419)


Capital and reserves
  

Called up share capital 
 11 
100
100

Other reserves
  
1,528,318
-

Profit and loss account
  
(505,317)
(580,519)

  
1,023,101
(580,419)


Page 1

 
MELYORK WEST LIMITED
REGISTERED NUMBER: 13450525
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 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 by: 




J C Burgess
Director

Date: 12 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MELYORK WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

MelYork West Limited is a private company, limited by shares, registered in England and Wales (registered number: 13450525).
The registered address of the Company is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH. The principal place of business of the Company is 7 Trebeck Street, London, W1J 7LU.
The Company's principal activity is that of property investment.
The 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 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

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

Page 3

 
MELYORK WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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 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.

 
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

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.

Page 4

 
MELYORK WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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 3 (2023 - 3).

Page 5

 
MELYORK WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
13,500,000


Additions at cost
1,750


Surplus on revaluation
2,248,250



At 31 March 2024
15,750,000

The 2024 valuations were made by the directors, who have based their valuation on a report prepared by a third-party valuer on 31 December 2023. The valuation method was approached by capitalising the present and future rental income streams adopting rents and yields derived by comparing the Property with similar assets for which rental and investment information is available.




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
13,712,243
13,710,493

13,712,243
13,710,493

The assets of the Company are secured by charges held by the mortgagee.

Page 6

 
MELYORK WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors


2024
2023
£
£

Due after more than one year

Financial instruments
-
427,395

-
427,395

Due within one year

Trade debtors
331,701
394,712

Amounts owed by group undertakings
13,198
100

Other debtors
512,423
75,645

Prepayments and accrued income
131,130
170,260

Financial instruments
232,347
-

1,220,799
1,068,112



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
738,343
407,555

738,343
407,555



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
9,450,000
-

Trade creditors
62,914
10,356

Amounts owed to group undertakings
4,500,000
4,500,000

Other taxation and social security
164,504
55,240

Other creditors
111,099
297,168

Accruals and deferred income
1,888,085
1,243,322

16,176,602
6,106,086


Page 7

 
MELYORK WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
-
9,450,000

-
9,450,000



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
9,450,000
-


9,450,000
-

Amounts falling due 1-2 years

Other loans
-
9,450,000


-
9,450,000



9,450,000
9,450,000



10.


Deferred taxation




2024


£






Charged to profit or loss
(509,439)



At end of year
(509,439)

Page 8

 
MELYORK WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Revaluation surplus on investment property
(509,439)
-

(509,439)
-


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



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



12.


Reserves

Other reserves

Other reserves comprise the revaluation surplus on investment property, net of any deferred tax liability.

Profit and loss account

The profit and loss account comprises accumulated, realised profits less accumulated, realised losses.


13.


Related party transactions

As the Company is part of a small group, particulars need not be given of transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transactions is wholly-owned by such a member.


14.


Controlling party

The immediate parent and controlling party is MelYork West Holdings Limited (registered number: 13514728).

 
Page 9