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Forvis Mazars MR Limited (formerly Mazars MR Limited)

Registered number: 06165550
Directors' report and audited financial statements
For the year ended 31 August 2024

 
FORVIS MAZARS MR LIMITED
 
 
COMPANY INFORMATION


Directors
J M Berry 
T J Stanbrook  
P A Verity 




Registered number
06165550



Registered office
30 Old Bailey

London

United Kingdom

EC4M 7AU




Auditor
Crowe U.K. LLP
Statutory Auditor

55 Ludgate Hill

London

EC4M 7JW





 
FORVIS MAZARS MR LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditor's Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 16


 
FORVIS MAZARS MR LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the audited financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the audited financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited 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 directors must not approve the audited financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:


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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are 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 to enable them to ensure that the audited financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is the provision of accountancy and taxation service. The Company has not traded during the year. 

Results and dividends

The profit for the year, after taxation, amounted to £230 (2023 - £NIL).

The directors did not recommend the payment of a dividend for the year (2023 - £NIL).
Further to the launch of the new Forvis Mazars global network on 3 June 2024, the Company changed its name from Mazars MR Limited to Forvis Mazars MR Limited.

Directors

The directors who served during the year and to the date of this report were:

J M Berry 
T J Stanbrook 
P A Verity 

- 1 -

 
FORVIS MAZARS MR LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Going concern

The directors continue to closely monitor and evaluate the market amid the current economic climate and inflationary pressures. Detailed budgets and cash flow forecasts are completed in conjunction with the Company’s ultimate controlling party, Forvis Mazars LLP, and its subsidiaries. Ongoing performance against targets is comprehensively reviewed with forecasts updated on a regular basis. 
The directors are satisfied that the Company has adequate working capital resources to continue in operational existence for the foreseeable future. Whilst the Company is in a net liability position, it is confirmed that Forvis Mazars LLP will make available sufficient funds to enable the Company to continue to operate and that intercompany creditors will not be called upon to the detriment of third-party creditors of either the company or of Forvis Mazars LLP. The directors of the Company, based upon the above, at the time of approval of the financial statements, have concluded that the Company has adequate resources and support to continue in operational existence for the foreseeable future. On this basis, and whilst there are no transactions in the year, the going concern basis has been adopted in preparing the financial statements.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director 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's auditor is aware of that information.

Auditor

The auditor, Crowe U.K. LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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




J M Berry
Director

Date: 17 December 2024

- 2 -

 
FORVIS MAZARS MR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS MR LIMITED
 

Opinion

We have audited the financial statements of Forvis Mazars MR Limited (the ‘company’) for the year ended 31 August 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the company’s affairs as at 31 August 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 3 -

 
FORVIS MAZARS MR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS MR LIMITED
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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:

adequate accounting records have not been kept, or 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
- 4 -

 
FORVIS MAZARS MR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS MR LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are 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 directors determine 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 directors are responsible for assessing the company’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 directors intend either to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

We obtained an understanding of the legal and regulatory frameworks within which the company operate, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and UK Corporate Tax Legislation.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and inappropriate revenue recognition. Our audit procedures to respond to these risks included enquiries of management about their identification and assessment of the risk of irregularities, sample testing on the appropriate journals, reviewing accounting estimates for biases, corroborating balances recognised to supporting documentation on a sample basis and ensuring accounting policies are appropriate under the United Kingdom Generally Accepted Accounting Practice and applicable law.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
 

- 5 -

 
FORVIS MAZARS MR LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS MR LIMITED
 

Use of the audit report

This report is made solely to the company'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 company's members those matters we are required to state to them in an auditor's 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 company and the company's members as a body for our audit work, for this report, or for the opinions we have formed.




Sarah Riches (Senior Statutory Auditor)

  
for and on behalf of
Crowe U.K. LLP

Statutory Auditor   
55 Ludgate Hill
London
EC4M 7JW

17 December 2024
- 6 -

 
FORVIS MAZARS MR LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

  

Interest receivable and similar income
  
284
-

Profit before tax
  
284
-

Tax on profit
 5 
(54)
-

Profit for the financial year
  
230
-

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

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

The notes on pages 10 to 16 form part of these financial statements.

- 7 -

 
FORVIS MAZARS MR LIMITED
REGISTERED NUMBER: 06165550

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 6 
995,872
995,872

  
995,872
995,872

Creditors: amounts falling due within one year
 7 
(1,679,345)
(1,679,575)

Net current liabilities
  
 
 
(683,473)
 
 
(683,703)

Total assets less current liabilities
  
(683,473)
(683,703)

  

Net liabilities
  
(683,473)
(683,703)


Capital and reserves
  

Called up share capital 
 8 
2,000,000
2,000,000

Profit and loss account
  
(2,683,473)
(2,683,703)

  
(683,473)
(683,703)


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




J M Berry
Director

Date: 17 December 2024

The notes on pages 10 to 16 form part of these financial statements.

- 8 -

 
FORVIS MAZARS MR LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2022
2,000,000
(2,683,703)
(683,703)



At 1 September 2023
2,000,000
(2,683,703)
(683,703)


Comprehensive income for the year

Profit for the year
-
230
230


At 31 August 2024
2,000,000
(2,683,473)
(683,473)


The notes on pages 10 to 16 form part of these financial statements.

- 9 -

 
FORVIS MAZARS MR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Forvis Mazars MR Limited (formerly Mazars MR Limited) is a private company, limited by shares and incorporated in England and Wales. The registered number of the company is 06165550. The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU.
The principal activity of the Company is the provision of accountancy and taxation services.

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 management to exercise judgement in applying the company's accounting policies (see note 3).
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

  
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
 
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Forvis Mazars LLP as at 31 August 2024, the Company's ultimate parent undertaking. The consolidated financial statements of Forvis Mazars LLP are prepared in accordance with IFRS and are available to the public and may be obtained from Companies House.

- 10 -

 
FORVIS MAZARS MR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors continue to closely monitor and evaluate the market amid the current economic climate and inflationary pressures. Detailed budgets and cash flow forecasts are completed in conjunction with the Company’s ultimate controlling party, Forvis Mazars LLP, and its subsidiaries. Ongoing performance against targets is comprehensively reviewed with forecasts updated on a regular basis. 
The directors are satisfied that the Company has adequate working capital resources to continue in operational existence for the foreseeable future. Whilst the Company is in a net liability position, it is confirmed that Forvis Mazars LLP will make available sufficient funds to enable the Company to continue to operate and that intercompany creditors will not be called upon to the detriment of third-party creditors of either the Company or of Forvis Mazars LLP. The directors of the Company, based upon the above, at the time of approval of the financial statements, have concluded that the Company has adequate resources and support to continue in operational existence for the foreseeable future. On this basis, and whilst there are no transactions in the year, the going concern basis has been adopted in preparing the financial statements.

 
2.4

Interest income

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

 
2.5

Taxation

Tax is recognised in the Statement of comprehensive income 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 reporting date in the countries where the company operates and generates income.

 
2.6

Debtors: amounts falling due within one year

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.

 
2.7

Creditors: amounts falling due within one year

Short-term creditors are measured at the transaction price. 

- 11 -

 
FORVIS MAZARS MR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

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

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Statement of Financial Position when the company 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 company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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 company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.

- 12 -

 
FORVIS MAZARS MR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors do not consider there to be any critical judgements or key sources of estimation uncertainty relating to the financial statements for the year ended 31 August 2024.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration for their services to the Company during the year (2023 - £NIL).


5.


Taxation


2024
2023
£
£


Current tax on profits for the year
54
-

Total current tax
54
-
- 13 -

 
FORVIS MAZARS MR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
5.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - the same as) the standard rate of corporation tax in the UK of 19% (2023 - 21.5% being the weighted average of the tax rates, where 25% and 19% were
applied). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
284
-


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 21.5% weighted average rate of corporation tax)
54
-

Effects of:

Total tax charge for the year
54
-



From 1 April 2023, the rate of corporation tax in the United Kingdom increased from 19% to 25%. Companies with profits of £50,000 or less continue to be taxed at 19%, which is a new small profits rate. As such, for the prior financial year, a weighted average tax rate of 21.5% was used, whilst for the current financial year the small profits rate of 19% was used.


6.


Debtors: amounts falling due within one year

2024
2023
£
£


Amounts owed by group undertakings
995,872
995,872

995,872
995,872


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

- 14 -

 
FORVIS MAZARS MR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
1,679,291
1,679,291

Corporation tax
54
284

1,679,345
1,679,575


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


8.


Called up share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) ordinary share of £1
1
1
1,999,999 (2023 - 1,999,999) ordinary redeemable shares of £1 each
1,999,999
1,999,999

2,000,000

2,000,000


The ordinary share entitles the holder to one voting right and no right to fixed income.
 
The ordinary redeemable shares have no voting rights, are redeemable at the discretion of the directors and have full participation in all distributions.



9.


Related party transactions

The Company is a wholly owned subsidiary of Forvis Mazars Limited which is wholly owned and controlled by Forvis Mazars LLP and as such has taken advantage of the exemption permitted by Section 33 ‘Related party disclosures’ not to provide disclosures of transactions entered into with other wholly owned members of the group. The Company is included within the consolidated financial statements of Forvis Mazars LLP, which are publicly available and can be obtained from Companies House.

- 15 -

 
FORVIS MAZARS MR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Post balance sheet events

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


11.


Controlling party

The Company is a wholly owned subsidiary of Forvis Mazars Services Limited which is wholly owned and controlled by Forvis Mazars LLP, a limited liability partnership resident in England and Wales, which the directors consider to be the ultimate parent undertaking and controlling party. The Company is included within the consolidated financial statements of Forvis Mazars LLP, being the smallest and largest group in which the Company is consolidated into. The group accounts produced by Forvis Mazars LLP are available from Companies House. The registered address of the LLP is 30 Old Bailey, London, EC4M 7AU.
Forvis Mazars LLP is part of the Forvis Mazars worldwide organisation which comprises all the member entities who have signed a co-operation agreement with Forvis Mazars Group SC. Forvis Mazars Group SC is a Limited Responsibility Co- operative Company headquartered in Belgium which itself has no professional activity and whose shareholders are partners in the member entities.

- 16 -