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Registered number: 13608914









MCML INVESTMENTS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MCML INVESTMENTS LIMITED
 
 
COMPANY INFORMATION


Director
R J Walsh 




Registered number
13608914



Registered office
101 New Cavendish Street
1st Floor South

London

W1W 6XH




Independent auditors
Harris & Trotter LLP
Chartered Accountants & Statutory Auditors

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
MCML INVESTMENTS LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 6
Consolidated Statement of Comprehensive Income
7
Consolidated Balance Sheet
8 - 9
Company Balance Sheet
10 - 11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14 - 15
Consolidated Analysis of Net Debt
16
Notes to the Financial Statements
17 - 33


 
MCML INVESTMENTS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The director presents their report and financial statements for the year ended 31 March 2024.
The principal activity of the Group throughout the year was that of investments and property.

Business review
 
The director believes that the Group is in a satisfactory financial position.

Principal risks and uncertainties
 
The principal risk to the Group is high interest rates, which have resulted in significant slowdown in activity in the UK property market.

Financial key performance indicators
 
The financial key performance indicators the Group uses are profit before taxation.

Other key performance indicators
 
Management uses no other key performance indicators other than financial key performance indicators.


This report was approved by the board and signed on its behalf.



R J Walsh
Director

Date: 17 March 2025

Page 1

 
MCML INVESTMENTS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director

The director who served during the year was:

R J Walsh 

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,117,803 (2023 - £4,261,372).

A dividend of £1,000,000 (2023: £1,000,000) has been declared.

Future developments

There are no significant future developments.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

 
MCML INVESTMENTS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Post balance sheet events

There have been no significant events affecting the Group since the year-end.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





R J Walsh
Director

Date: 17 March 2025

Page 3

 
MCML INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCML INVESTMENTS LIMITED
 

Disclaimer of Opinion


We were engaged to audit the financial statements of MCML Investments Limited and its subsidiaries ('the Group') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


We do not express an opinion on the accompanying financial statements of the Group. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.


Basis for disclaimer of opinion

We were unable to obtain sufficient appropriate audit evidence about multiple elements of the financial  statements.


The possible effects of this inability to obtain sufficient appropriate audit evidence are deemed to be both material and pervasive to the financial statements.


Opinion on other matters prescribed by the Companies Act 2006


Notwithstanding our disclaimer of an opinion on the financial statements, in our opinion, based on the  work undertaken in the course of the audit:
• the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the directors’ report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception


Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the Group and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the directors’ report.
Arising from the limitation of our work referred to above:
• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
• we were unable to determine whether adequate accounting records have been kept.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• returns adequate for our audit have not been received from branches not visited by us; or 
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of director’s remuneration specified by law are not made.





Page 4

 
MCML INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCML INVESTMENTS LIMITED (CONTINUED)


Responsibilities of director


As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements


Our responsibility is to conduct an audit of the Group’s financial statements in accordance with International Standards on Auditing (UK) and to issue an Auditor’s Report. However, because of the matter described in the Basis for Disclaimer of Opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
 

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.


Report on Other Legal and Regulatory Requirements



Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).




 
Page 5

 
MCML INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MCML INVESTMENTS LIMITED (CONTINUED)


 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:


• We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates.


We did not identify any key audit matters relating to irregularities, including fraud.
 

Use of our report


This report is made solely to the Group's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Group's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and the Group's members, as a body, for our audit work, for this report, or for the opinions we have formed.



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.





 







Hugh Lask (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants
Statutory Auditors
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

17 March 2025
Page 6

 
MCML INVESTMENTS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023
Note
 £
£

  

Turnover
 3 
461,406
12,293,525

Gross profit
  
461,406
12,293,525

Administrative expenses
  
(898,463)
(7,127,884)

Profit on disposal of fixed asset investments
  
414
-

Fair value movements
  
362,977
(266,787)

Operating (loss)/profit
 5 
(73,666)
4,898,854

Share of profit / (loss) of joint ventures
  
(23,885)
(50,430)

Share of profit of associates
  
58,766
33,309

Total operating (loss)/profit
  
(38,785)
4,881,733

Income from fixed assets investments
 8 
352,765
158,425

Interest receivable and similar income
 9 
991,383
637,178

Interest payable and similar expenses
 10 
(83,252)
(98,564)

Profit before taxation
  
1,222,111
5,578,772

Tax on profit
 11 
(104,308)
(1,317,400)

Profit for the financial year
  
1,117,803
4,261,372

Profit for the year attributable to:
  

Owners of the parent Company
  
1,117,803
4,261,372

  
1,117,803
4,261,372

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 17 to 33 form part of these financial statements.

Page 7

 
MCML INVESTMENTS LIMITED
REGISTERED NUMBER: 13608914

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
30,874
262,589

Investments
 14 
14,583,287
14,583,464

Investment property
 15 
7,109,286
7,109,286

  
21,723,447
21,955,339

Current assets
  

Debtors: amounts falling due after more than one year
 16 
690,071
654,880

Debtors: amounts falling due within one year
 16 
27,189,164
28,898,617

Current asset investments
 17 
1,440,537
22,640,590

Cash at bank and in hand
 18 
18,625,192
1,848,843

  
47,944,964
54,042,930

Creditors: amounts falling due within one year
 19 
(2,518,050)
(7,735,464)

Net current assets
  
 
 
45,426,914
 
 
46,307,466

Total assets less current liabilities
  
67,150,361
68,262,805

Creditors: amounts falling due after more than one year
  
-
(1,230,247)

Provisions for liabilities
  

Net assets excluding pension asset
  
67,150,361
67,032,558

Net assets
  
67,150,361
67,032,558


Capital and reserves
  

Called up share capital 
 22 
102
102

Profit and loss account
 23 
67,150,259
67,032,456

Equity attributable to owners of the parent Company
  
67,150,361
67,032,558

  
67,150,361
67,032,558


Page 8

 
MCML INVESTMENTS LIMITED
REGISTERED NUMBER: 13608914
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R J Walsh
Director

Date: 17 March 2025

The notes on pages 17 to 33 form part of these financial statements.

Page 9

 
MCML INVESTMENTS LIMITED
REGISTERED NUMBER: 13608914

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
11,309,194
12,698,883

  
11,309,194
12,698,883

Current assets
  

Debtors: amounts falling due within one year
 16 
12,158,633
11,118,273

Current asset investments
 17 
1,440,537
16,636,251

Cash at bank and in hand
 18 
16,012,176
100,772

  
29,611,346
27,855,296

Creditors: amounts falling due within one year
 19 
(2,088,244)
(1,582,703)

Net current assets
  
 
 
27,523,102
 
 
26,272,593

Total assets less current liabilities
  
38,832,296
38,971,476

  

  

Net assets excluding pension asset
  
38,832,296
38,971,476

Net assets
  
38,832,296
38,971,476


Capital and reserves
  

Called up share capital 
 22 
102
102

Profit and loss account brought forward
  
38,971,374
44,166,227

Profit/(loss) for the year
  
860,820
(4,194,853)

Other changes in the profit and loss account

  

(1,000,000)
(1,000,000)

Profit and loss account carried forward
  
38,832,194
38,971,374

  
38,832,296
38,971,476


Page 10

 
MCML INVESTMENTS LIMITED
REGISTERED NUMBER: 13608914
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


R J Walsh
Director

Date: 17 March 2025

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
MCML INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 April 2022
102
63,771,084
63,771,186
63,771,186



Profit for the year
-
4,261,372
4,261,372
4,261,372

Dividends: Equity capital
-
(1,000,000)
(1,000,000)
(1,000,000)



At 1 April 2023
102
67,032,456
67,032,558
67,032,558



Profit for the year
-
1,117,803
1,117,803
1,117,803

Dividends: Equity capital
-
(1,000,000)
(1,000,000)
(1,000,000)


At 31 March 2024
102
67,150,259
67,150,361
67,150,361


The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
MCML INVESTMENTS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
102
44,166,227
44,166,329



Loss for the year
-
(4,194,853)
(4,194,853)

Dividends: Equity capital
-
(1,000,000)
(1,000,000)



At 1 April 2023
102
38,971,374
38,971,476



Profit for the year
-
860,820
860,820

Dividends: Equity capital
-
(1,000,000)
(1,000,000)


At 31 March 2024
102
38,832,194
38,832,296


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
MCML INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,117,803
4,261,372

Adjustments for:

Depreciation of tangible assets
(8,552)
37,374

Loss on disposal of tangible assets
36,301
-

Interest paid
83,252
98,565

Interest received
(1,344,148)
(795,603)

Taxation charge
104,308
7,386,733

Decrease/(increase) in debtors
1,658,025
(4,457,489)

Decrease in amounts owed by groups
-
3,723,181

(Increase) in amounts owed by associates
(43,774)
(39,261)

(Decrease) in creditors
(4,564,073)
(3,303,019)

Increase/(decrease)) in amounts owed to groups
8,472,813
(460,081)

Loss on disposal of unlisted investments
-
552,675

Net fair value (gains)/losses recognised in P&L
(362,977)
266,787

Foreign exchange gain
-
(157,315)

Share of operating profit in joint ventures
23,885
50,430

Impairments of intercompany balances
-
3,929,803

Share of partnership loss
-
50,592

Corporation tax (paid)
(3,669,568)
(6,416,515)

Net cash generated from operating activities

1,503,295
4,728,229


Cash flows from investing activities

Purchase of tangible fixed assets
-
(816)

Sale of tangible fixed assets
(14,392)
-

Purchase of investment properties
-
(7,109,286)

Purchase of unlisted and other investments
(2,297,083)
(4,427,056)

Sale of unlisted and other investments
2,356,028
-

Purchase of short-term listed investments
(8,036,510)
(8,735,612)

Sale of short-term listed investments
23,208,163
9,246,452

Purchase of short-term unlisted investments
-
(6,004,339)

Interest received
991,383
637,178

Dividends received
352,765
158,425

Net cash from investing activities

16,560,354
(16,235,054)

Cash flows from financing activities

Dividends paid
(1,000,000)
(1,000,000)

Interest paid
(83,252)
(98,565)
Page 14

 
MCML INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£


Net cash used in financing activities
(1,083,252)
(1,098,565)

Net increase/(decrease) in cash and cash equivalents
16,980,397
(12,605,390)

Cash and cash equivalents at beginning of year
1,644,795
14,250,185

Cash and cash equivalents at the end of year
18,625,192
1,644,795


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
18,625,192
1,848,843

Bank overdrafts
-
(204,048)

18,625,192
1,644,795


The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
MCML INVESTMENTS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,848,843

16,776,349

18,625,192

Bank overdrafts

(204,048)

204,048

-

Liquid investments

8,991,251

(7,550,714)

1,440,537


10,636,046
9,429,683
20,065,729

The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

MCML Investments Limited is a private company, limited by shares and incorporated in England and Wales (registered number: 13608914). The registered office address of the Company is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The principal activity of the Group is that of property and investments.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.

Page 17

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 18

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Group 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.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

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 19

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

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

 
2.9

Taxation

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 and the Group operate and generate income.

 
2.10

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:

Motor vehicles
-
4 years
Fixtures and fittings
-
5 years
Computer equipment
-
5 years

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.

 
2.11

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 20

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.14

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.

 
2.15

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 21

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Financial instruments

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

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 22

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 23

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Income
461,406
12,293,525

461,406
12,293,525



4.


Other operating income

2024
2023
£
£

Profit on disposal of listed investments
414
-

414
-



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Exchange differences
(27,947)
(157,315)

Other operating lease rentals
-
63,317


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
10,000
8,000


7.


Employees





The Group and Company have no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Page 24

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Income from investments

2024
2023
£
£



Income from current asset investments
15,649
79,575

15,649
79,575


Dividends received from unlisted investments
337,116
78,850

337,116
78,850



9.


Interest receivable

2024
2023
£
£


Other interest receivable
991,383
637,178

991,383
637,178


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
906
-

Other loan interest payable
-
34,054

Other interest payable
82,346
64,510

83,252
98,564

Page 25

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
104,308
1,317,400


Total current tax
104,308
1,317,400

Deferred tax

Total deferred tax
-
-


Tax on profit
104,308
1,317,400

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2023 - 25%).



12.


Dividends

2024
2023
£
£


Dividends analysis
1,000,000
1,000,000

1,000,000
1,000,000

Page 26

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets

Group






Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
332,282
1,622
2,614
336,518


Disposals
(54,307)
-
-
(54,307)


Transfers between classes
(185,980)
-
-
(185,980)



At 31 March 2024

91,995
1,622
2,614
96,231



Depreciation


At 1 April 2023
72,646
649
633
73,928


Charge for the year on owned assets
22,999
324
504
23,827


Disposals
(32,398)
-
-
(32,398)



At 31 March 2024

63,247
973
1,137
65,357



Net book value



At 31 March 2024
28,748
649
1,477
30,874



At 31 March 2023
259,636
973
1,981
262,590

Page 27

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Fixed asset investments

Group





Investments in associates
Unlisted investments
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 April 2023
50
10,965,532
3,617,883
14,583,465


Additions
-
395,479
1,901,605
2,297,084


Disposals
-
(181,783)
(2,174,245)
(2,356,028)


Share of profit/(loss)
58,766
-
-
58,766



At 31 March 2024
58,816
11,179,228
3,345,243
14,583,287




Company





Investments in subsidiary companies
Investments in associates
Unlisted investments
Other fixed asset investments
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
101
50
10,965,532
1,733,200
12,698,883


Additions
-
-
395,479
79,815
475,294


Disposals
-
-
(181,783)
(1,683,200)
(1,864,983)



At 31 March 2024
101
50
11,179,228
129,815
11,309,194




Page 28

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Canning Town Regen Ltd
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Revenue & Capital Ltd
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Mirai Fly Ltd
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Mirai Trocoll Ltd
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Mirai Meadowship Ltd
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Revenue + Capital Ltd
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
City of London Devco Ltd
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Canning Town Regen No2 Ltd
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Homes & Community Ltd
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%




Page 29

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Investment property

Group


Freehold investment property

£



Valuation


At 1 April 2023
7,109,286



At 31 March 2024
7,109,286

The 2024 valuations were made by the director, on an open market value for existing use basis.






16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
690,071
654,880
-
-

690,071
654,880
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
27,039
3,662,338
-
-

Amounts owed by group undertakings
-
-
1,499,720
2,602,398

Amounts owed by joint ventures and associated undertakings
2,615,193
2,571,419
2,509,475
2,515,052

Other debtors
24,513,161
22,627,443
8,149,438
6,000,823

Prepayments and accrued income
33,771
37,417
-
-

27,189,164
28,898,617
12,158,633
11,118,273


Page 30

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Current asset investments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Listed investments
1,440,537
8,991,251
1,440,537
8,991,251

Unlisted investments
-
6,004,339
-
-

Unlisted investments (liquid)
-
7,645,000
-
7,645,000

1,440,537
22,640,590
1,440,537
16,636,251



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
18,625,192
1,848,843
16,012,176
100,772

Less: bank overdrafts
-
(204,048)
-
-

18,625,192
1,644,795
16,012,176
100,772



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
204,048
-
-

Trade creditors
936,425
1,017,596
816,000
818,995

Amounts owed to group undertakings
-
-
1,037,031
659,989

Corporation tax
160,736
1,840,278
160,736
53,128

Other taxation and social security
58,885
377,084
-
-

Other creditors
76,477
2,615,602
74,477
50,591

Accruals and deferred income
1,285,527
1,680,856
-
-

2,518,050
7,735,464
2,088,244
1,582,703


Page 31

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Accruals and deferred income
-
1,230,247

-
1,230,247





21.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
20,065,728
24,489,433
17,452,713
16,737,023


Financial liabilities

Financial assets measured at amortised cost
42,370,728
44,136,961
23,467,777
23,817,156

Financial liabilities measured at amortised cost
(2,464,837)
(8,965,711)
(2,088,163)
(1,582,703)


Financial assets measured at fair value through profit or loss comprise cash and deposit balances, and listed investments.


Financial assets measured at amortised cost comprise trade debtors, loans receivable, accrued income and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, accruals and other creditors.


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



102 (2023 - 102) Ordinary shares of £1.00 each
102
102


Page 32

 
MCML INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Reserves

Profit and loss account

The profit and loss reserves comprises all accumulated realised profits less all accumulated realised losses.


24.


Related party transactions

FRS 102 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
Included within debtors due within 1 year is £2,615,193 (2023: £2,515,051) owed by an associate, £6,715,511 (2023: £5,996,897) owed by the director, and, £7,406,988 (2023: £6,139,929) owed by connected companies.

 
Page 33