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Registered number: 11366881












MATTERHORN CAPITAL S2 BRIDGEFOOT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

MATTERHORN CAPITAL S2 BRIDGEFOOT LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Notes to the financial statements
 
3 - 8


 

MATTERHORN CAPITAL S2 BRIDGEFOOT LIMITED
 
COMPANY INFORMATION


Director
S A M Conway 




Registered number
11366881



Registered office
10 Gloucester Place
Portman Square

London

W1U 8EZ




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:11366881
MATTERHORN CAPITAL S2 BRIDGEFOOT LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
6,750,000
10,000,000

Current assets
  

Debtors: amounts falling due within one year
 6 
12,853
160,527

Cash at bank and in hand
  
122,863
84,558

  
135,716
245,085

Creditors: amounts falling due within one year
 7 
(12,594,494)
(11,775,505)

Net current liabilities
  
 
 
(12,458,778)
 
 
(11,530,420)

Net liabilities
  
(5,708,778)
(1,530,420)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(5,708,878)
(1,530,520)

Net deficit
  
(5,708,778)
(1,530,420)


The director considers 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 director acknowledges his 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 and signed by the sole director:  




S A M Conway
Director

Date: 28 April 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 

MATTERHORN CAPITAL S2 BRIDGEFOOT LIMITED

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

1.


General information

Matterhorn Capital S2 Bridgefoot Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 10 Gloucester Place, Portman Square, London, W1U 8EZ.
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

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The director considers this basis to be appropriate as the company has sufficient facilities available from its shareholders to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved. The director has also received confirmation from its parent undertaking that it will not demand repayment of any funds made, or that it will make, unless the company has sufficient funds to continue operating after the repayments are made.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the rent and other consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.


2.5

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. 

Page 3

 

MATTERHORN CAPITAL S2 BRIDGEFOOT LIMITED

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

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing 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 trade and other creditors, bank and other loans, loans from fellow group companies and preference shares that are classified as debt, 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 recognised. The impairment reversal is recognised in profit or loss.

Page 4

 

MATTERHORN CAPITAL S2 BRIDGEFOOT LIMITED

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

2.Accounting policies (continued)




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.

  
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.7

Share capital

Ordinary shares are classified as equity.

 
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 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.

Page 5

 

MATTERHORN CAPITAL S2 BRIDGEFOOT LIMITED

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods.
Property valuations
Valuation of property is a central component of the business. In estimating the fair value, the company engage a third party qualified valuer to perform a valuation from time to time. There is an inevitable degree of judgment involved in that each property is unique and value can only ultimately be reliably tested in the market itself.


4.


Employees



The average monthly number of employees, including directors, during the year was 1 (2023 - 3).


5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
10,000,000


Additions at cost
38,127


Fair value movements
(3,288,127)



At 31 March 2024
6,750,000

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



Page 6

 

MATTERHORN CAPITAL S2 BRIDGEFOOT LIMITED

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

6.


Debtors

2024
2023
£
£

Other debtors
9,324
18,815

Prepayments
3,529
141,712

12,853
160,527



7.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
3,625,000
3,630,984

Other loans
1,737,375
1,937,375

Trade creditors
117,989
398,398

Amounts owed to group undertakings
3,391,686
2,182,565

Other creditors
3,593,454
3,588,227

Accruals and deferred income
128,990
37,956

12,594,494
11,775,505


The bank and other loans are secured by fixed charges containing floating charges over the investment property of the company.


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



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



9.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. At the year end date, the profit and loss account included net unrealised losses, comprising the fair value adjustments of the company's investment property, of £4,555,224 (2023: £1,267,097), which are not distributable.

Page 7

 

MATTERHORN CAPITAL S2 BRIDGEFOOT LIMITED

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

10.


Related party transactions

The company has taken advantage of the exemptions available under FRS 102 to not disclose transactions with 100% owned group companies. At the balance sheet date, the company owed £1,379,913 (2023: £355,793) to its parent company.
During the year the company received £185,000 (2023: £nil) from related entities. At the balance sheet date, the company owed related entities £2,011,772 (2023: £1,826,772).

 
Page 8