Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2023-04-01falseNo description of principal activity22truefalse 10899982 2023-04-01 2024-03-31 10899982 2022-04-01 2023-03-31 10899982 2024-03-31 10899982 2023-03-31 10899982 c:Director1 2023-04-01 2024-03-31 10899982 c:Director2 2023-04-01 2024-03-31 10899982 c:RegisteredOffice 2023-04-01 2024-03-31 10899982 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 10899982 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 10899982 d:CurrentFinancialInstruments 2024-03-31 10899982 d:CurrentFinancialInstruments 2023-03-31 10899982 d:CurrentFinancialInstruments 1 2024-03-31 10899982 d:CurrentFinancialInstruments 1 2023-03-31 10899982 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10899982 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10899982 d:ShareCapital 2024-03-31 10899982 d:ShareCapital 2023-03-31 10899982 d:RetainedEarningsAccumulatedLosses 2024-03-31 10899982 d:RetainedEarningsAccumulatedLosses 2023-03-31 10899982 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10899982 c:OrdinaryShareClass1 2024-03-31 10899982 c:OrdinaryShareClass1 2023-03-31 10899982 c:OrdinaryShareClass2 2023-04-01 2024-03-31 10899982 c:OrdinaryShareClass2 2024-03-31 10899982 c:OrdinaryShareClass2 2023-03-31 10899982 c:OrdinaryShareClass3 2023-04-01 2024-03-31 10899982 c:OrdinaryShareClass3 2024-03-31 10899982 c:OrdinaryShareClass3 2023-03-31 10899982 c:OrdinaryShareClass4 2023-04-01 2024-03-31 10899982 c:OrdinaryShareClass4 2024-03-31 10899982 c:OrdinaryShareClass4 2023-03-31 10899982 c:FRS102 2023-04-01 2024-03-31 10899982 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10899982 c:FullAccounts 2023-04-01 2024-03-31 10899982 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10899982 2 2023-04-01 2024-03-31 10899982 6 2023-04-01 2024-03-31 10899982 d:OtherDeferredTax 2024-03-31 10899982 d:OtherDeferredTax 2023-03-31 10899982 1 2024-03-31 10899982 2 2024-03-31 10899982 1 2023-03-31 10899982 2 2023-03-31 10899982 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 10899982












THE M FAMILY INVESTMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

THE M FAMILY INVESTMENT COMPANY LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 

THE M FAMILY INVESTMENT COMPANY LIMITED
 
COMPANY INFORMATION


Directors
K Matsumoto 
M Matsumoto 




Registered number
10899982



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10899982
THE M FAMILY INVESTMENT COMPANY LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
10,469
10,469

Investments
 5 
97,746,091
91,848,992

  
97,756,560
91,859,461

Current assets
  

Debtors: amounts falling due within one year
 6 
6,320,928
3,344,695

Cash at bank and in hand
  
2,518,407
6,928,971

  
8,839,335
10,273,666

Creditors: amounts falling due within one year
 7 
(96,819,944)
(96,734,472)

Net current liabilities
  
 
 
(87,980,609)
 
 
(86,460,806)

Total assets less current liabilities
  
9,775,951
5,398,655

Provisions for liabilities
  

Deferred tax
 8 
(125,216)
(551,585)

Net assets
  
9,650,735
4,847,070


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
9,650,635
4,846,970

Total equity
  
9,650,735
4,847,070


Page 2


 
REGISTERED NUMBER:10899982
THE M FAMILY INVESTMENT COMPANY LIMITED
    
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 profit and loss account 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: 




K Matsumoto
Director

Date: 24 March 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

THE M FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The M Family Investment Company Limited is a private company limited by shares incorporated and registered in England and Wales. Its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Income from other fixed asset investments

Income from other fixed asset investments comprises dividends receivable and bond interest income, which are recognised at the point of declaration by the underlying investee company and in line with any other pre-conditions.

  
2.4

Intangible assets

Intangible assets relate to the company's investment in crypto-currencies. Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company 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 Profit and loss account 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.

Page 4

 

THE M FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including other debtors and cash and bank balances 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including other creditors, bank loans 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been
Page 5

 

THE M FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

recognised. The impairment reversal is recognised in profit or loss.
Financial instruments (continued)
Derecognition of financial assets and financial liabilities
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) despite having retained some significant risks and rewards of ownership, 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. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.7

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.

  
2.8

Share capital

Ordinary shares are classified as equity.

 
2.9

Interest income

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

 
2.10

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. 

 
2.11

Borrowing costs

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

 
2.12

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Page 6

 

THE M FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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 Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 7

 

THE M FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 8

 

THE M FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Crypto currency

£



Cost


At 1 April 2023
10,469



At 31 March 2024

10,469






Net book value



At 31 March 2024
10,469



At 31 March 2023
10,469




5.


Fixed asset investments





Investments in associates
Listed investments
Unlisted investments
Total

£
£
£
£



Valuation


At 1 April 2023 (as restated)
1,220,060
53,859,432
36,769,500
91,848,992


Additions
125,000
41,175,859
4,959,078
46,259,937


Disposals
-
(43,548,833)
(243,598)
(43,792,431)


Revaluations
-
3,681,288
811,003
4,492,291



At 31 March 2024

1,345,060
55,167,746
42,295,983
98,808,789



Impairment


Charge for the period
1,062,698
-
-
1,062,698



At 31 March 2024

1,062,698
-
-
1,062,698



Net book value



At 31 March 2024
282,362
55,167,746
42,295,983
97,746,091



At 31 March 2023 (as restated)
1,220,060
53,859,432
36,769,500
91,848,992

Page 9

 

THE M FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

As restated
2024
2023
£
£


Amounts owed by group undertakings
78,991
78,991

Other debtors
5,880,920
2,279,928

Prepayments and accrued income
361,017
-

Financial instruments
-
985,776

6,320,928
3,344,695


Financial instruments measured at fair value through profit or loss include derivative financial instruments held as part of a trading portfolio. The derivative financial instruments are comprised of forward contracts.


7.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Bank overdrafts
5,861,602
5,643,568

Bank loans
19,454,829
20,906,496

Other taxation and social security
25,241
24,691

Other creditors
71,334,845
70,039,717

Accruals and deferred income
143,427
120,000

96,819,944
96,734,472


The bank loans are secured by a fixed and floating charge over the assets of the company. The bank loans bear interest at a rate of 4.58% and 0.65% per annum and are repayable annually.
At the balance sheet date, the company owed a total of £71,117,168 ('As restated' 2023: £69,052,225) to the director, this being unsecured, interest free and repayable on demand.

Page 10

 

THE M FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Deferred taxation




2024


£






At beginning of year
(551,585)


Charged to profit or loss
426,369



At end of year
(125,216)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax on unrealised capital gains
(125,216)
(551,585)


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



40 (2023 - 40) Ordinary - A shares of £1.00 each
40
40
20 (2023 - 20) Ordinary - B shares of £1.00 each
20
20
20 (2023 - 20) Ordinary - C shares of £1.00 each
20
20
20 (2023 - 20) Ordinary - D shares of £1.00 each
20
20

100

100


10.
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.

Transactions with  other related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2024
 
2023 
2024 
2023 




£
 
£ 
£ 
£ 



Shareholder
Loan
(2,064,943)
(13,567,426)
(71,117,168)
(69,052,225)


Amounts owed to related parties are unsecured, interest free and due for repayment within one year.

Page 11

 

THE M FAMILY INVESTMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Prior year adjustment

The comparative figures in these financial statements have been restated to recognise investment movements which had not been previously identified, primarily through the directors' loan account as made personally on behalf of the company. 
The effect of the prior year adjustment on the comparative figures in these financial statements was a total increase in net assets of £19,022. A detailed breakdown of the changes were as follows:
- Investments increased by £4,716,573
- Debtors decreased by £528,127
- Cash and cash equivalents decreased by £442,327
- Creditors due within one year increased by £3,727,097
- Loss for the year decreased by £19,022


12.


Capital commitments

At the balance sheet date, the company has capital commitments of £18,228,854 (2023: £22,865,930).

 
Page 12