Company registration number 03762268 (England and Wales)
MANCHESTER SQUARE ENTERPRISES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MANCHESTER SQUARE ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MANCHESTER SQUARE ENTERPRISES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
3
164,719
2,012,127
Debtors falling due within one year
3
1,825,053
60,690
1,989,772
2,072,817
Creditors: amounts falling due within one year
4
(6,363,727)
(6,336,539)
Net current liabilities
(4,373,955)
(4,263,722)
Capital and reserves
Called up share capital
25,100
25,100
Profit and loss reserves
(4,399,055)
(4,288,822)
Total equity
(4,373,955)
(4,263,722)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
T E Cullen
Director
Company registration number 03762268 (England and Wales)
MANCHESTER SQUARE ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Manchester Square Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Manchester Square, London, W1U 3PH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
With reference to the company's net liabilities of £4,373,955 the directors believe that the company is able to continue to meet all of its obligations since the directors of the company's parent undertaking, Pentland Capital Limited, have confirmed that it is the intention to continue to provide financial support for a period of at least 12 months from the date of approval of the company's financial statements.true
Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial instruments classified as receivable or payable within one year are not amortised.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MANCHESTER SQUARE ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
There were no employees of the company in either the current or prior year.
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
36,717
Other debtors
1,825,053
23,973
1,825,053
60,690
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
164,719
2,012,127
Total debtors
1,989,772
2,072,817
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
6,356,522
6,313,425
Other creditors
7,205
23,114
6,363,727
6,336,539
MANCHESTER SQUARE ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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.
Senior Statutory Auditor:
Paul Davis
Statutory Auditor:
Bright Grahame Murray
Date of audit report:
11 June 2025
6
Related party transactions
Pentland Capital Holdings Limited, of which the company is a wholly owned subsidiary, has presented in its consolidated accounts, which are publicly available, a related parties disclosure note under the provisions of Section 33 of FRS102.
Accordingly the company has taken advantage of the exemption available to dispense with disclosing related party transactions with entities within the group, or investees of the group qualifying as related parties.
7
Parent company
The immediate parent undertaking is Pentland Capital Limited (formerly known as Pentland Group Limited), a company registered in England and Wales. The ultimate parent undertaking is Pentland Capital Holdings Limited, a company registered in Jersey. R S Rubin and his close family are considered the ultimate controlling party by virtue of their control of Pentland Capital Holdings Limited. Consolidated financial statements will be prepared by Pentland Capital Holdings Limited, which is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements for the year ended 31 December 2024. The consolidated financial statements of Pentland Capital Holdings Limited can be obtained from the company's registered office at 26 New Street, St Helier, Jersey, JE2 3RA.