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Registered number: 02020520










MERCIA REAL ESTATE PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MERCIA REAL ESTATE PROPERTIES LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 4


 
MERCIA REAL ESTATE PROPERTIES LIMITED
REGISTERED NUMBER: 02020520

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
2
2

Current assets
  

Stocks
  
1,027,797
1,027,797

Debtors
 5 
42,265
119,220

Cash at bank and in hand
  
22,554
13,592

  
1,092,616
1,160,609

Creditors: amounts falling due within one year
 6 
(1,152,758)
(1,209,990)

Net current liabilities
  
 
 
(60,142)
 
 
(49,381)

  

Net liabilities
  
(60,140)
(49,379)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(60,142)
(49,381)

  
(60,140)
(49,379)


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 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 on 14 March 2025.


Mr K M Loundes
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
MERCIA REAL ESTATE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Mercia Real Estate Properties Limited is a private company limited by shares incorporated and domiciled in England.  The address of the registered office is Maddox House, 117 Edmund Street, Birmingham, West Midlands B3 2HJ. The address of the company's principal place of business is 1st Floor, Sixty Circular Road, Douglas, Isle of Man IM1 1AE. 

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 Section 1A of 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 Company is dependent upon the financial support of its other related undertakings. The directors have received assurances from its creditors that they will continue to provide the the necessary financial support to enable the Company to continue in operational existence for the foreseeable future. 
Accordingly, these financial statements have been prepared on the going concern basis.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of property sales completed during the year.
Rent receivable is the amount receivable from the short term rental of properties held as work in progress whilst awaiting development.

 
2.4

Interest income

Interest income is recognised on a receivable basis.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Work in progress

Work in progress is stated at the lower of cost and net realisable value.

 
2.7

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.

Page 2

 
MERCIA REAL ESTATE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Taxation

Tax is recognised in the statement of income and retained earnings, 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2023
2



At 31 March 2024
2




This represents the cost of the company's wholly owned dormant subsidiary undertaking, Mercia Real Estate Investments Limited, a company registered in England and Wales.

Page 3

 
MERCIA REAL ESTATE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
7,305
11,421

Amounts owed by related undertakings
3,000
75,530

Other debtors
31,488
32,269

Prepayments and accrued income
472
-

42,265
119,220



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,952
3,697

Amounts owed to related undertakings
846,209
929,558

Other creditors
280,047
256,461

Accruals and deferred income
18,550
20,274

1,152,758
1,209,990



7.


Related party transactions

The company has granted fixed and floating charges over its assets in relation to security for a related party bank loan.


8.


Controlling party

During the year the company was under the control of P.R. White.

 
Page 4