Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312025-05-01No description of principal activity2024-01-01false33truetrue 14947180 2024-01-01 2024-12-31 14947180 2023-06-20 2023-12-31 14947180 2024-12-31 14947180 2023-12-31 14947180 c:Director1 2024-01-01 2024-12-31 14947180 c:Director2 2024-01-01 2024-12-31 14947180 c:Director3 2024-01-01 2024-12-31 14947180 c:RegisteredOffice 2024-01-01 2024-12-31 14947180 d:Buildings 2024-01-01 2024-12-31 14947180 d:Buildings 2024-12-31 14947180 d:Buildings 2023-12-31 14947180 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 14947180 d:PlantMachinery 2024-01-01 2024-12-31 14947180 d:PlantMachinery 2024-12-31 14947180 d:PlantMachinery 2023-12-31 14947180 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 14947180 d:FurnitureFittings 2024-01-01 2024-12-31 14947180 d:FurnitureFittings 2024-12-31 14947180 d:FurnitureFittings 2023-12-31 14947180 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 14947180 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 14947180 d:CurrentFinancialInstruments 2024-12-31 14947180 d:CurrentFinancialInstruments 2023-12-31 14947180 d:Non-currentFinancialInstruments 2024-12-31 14947180 d:Non-currentFinancialInstruments 2023-12-31 14947180 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 14947180 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14947180 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 14947180 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 14947180 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 14947180 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 14947180 d:ShareCapital 2024-01-01 2024-12-31 14947180 d:ShareCapital 2024-12-31 14947180 d:ShareCapital 2023-06-20 2023-12-31 14947180 d:ShareCapital 2023-12-31 14947180 d:SharePremium 2024-01-01 2024-12-31 14947180 d:SharePremium 2024-12-31 14947180 d:SharePremium 2023-06-20 2023-12-31 14947180 d:SharePremium 2023-12-31 14947180 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 14947180 d:RetainedEarningsAccumulatedLosses 2024-12-31 14947180 d:RetainedEarningsAccumulatedLosses 2023-06-20 2023-12-31 14947180 d:RetainedEarningsAccumulatedLosses 2023-12-31 14947180 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 14947180 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 14947180 c:FRS102 2024-01-01 2024-12-31 14947180 c:Audited 2024-01-01 2024-12-31 14947180 c:FullAccounts 2024-01-01 2024-12-31 14947180 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14947180 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 14947180 2 2024-01-01 2024-12-31 14947180 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure
Registered number: 14947180












MILTON KEYNES RETAIL PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MILTON KEYNES RETAIL PROPERTIES LIMITED
 

COMPANY INFORMATION


Directors
M. Freed 
G. Katz 
S. Biro 




Registered number
14947180



Registered office
Enterprise House
First Floor

2 The Crest

London

NW4 2HN




Independent auditors
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
MILTON KEYNES RETAIL PROPERTIES LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11

 
MILTON KEYNES RETAIL PROPERTIES LIMITED
REGISTERED NUMBER: 14947180

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
25,344,069
25,790,987

Current assets
  

Debtors
 5 
257,687
742,004

Cash at bank and in hand
  
518,434
188,347

  
776,121
930,351

Creditors: amounts falling due within one year
 6 
(319,866)
(277,421)

Net current assets
  
 
 
456,255
 
 
652,930

Total assets less current liabilities
  
25,800,324
26,443,917

Creditors: amounts falling due after more than one year
 7 
(12,962,250)
(12,989,327)

Provisions
  

Deferred Taxation
  
(129,508)
-

  
 
 
(129,508)
 
 
-

Net assets
  
12,708,566
13,454,590


Capital and reserves
  

Allotted, called up and fully paid share capital
  
1,000
1,000

Share premium account
  
12,369,000
13,449,000

Profit and loss account
  
338,566
4,590

Equity Shareholders' Funds
  
12,708,566
13,454,590


Page 1

 
MILTON KEYNES RETAIL PROPERTIES LIMITED
REGISTERED NUMBER: 14947180

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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 comprehensive income 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 
30 April 2025.




M. Freed
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 2
 

 
MILTON KEYNES RETAIL PROPERTIES LIMITED


 

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



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



At Incorporation


Profit for the period
-
-
4,590
4,590



Contributions by and distributions to owners


Shares issued during the period
1,000
13,449,000
-
13,450,000





At 1 January 2024
1,000
13,449,000
4,590
13,454,590





Profit for the year
-
-
333,976
333,976



Contributions by and distributions to owners


Reduction in share premium
-
(1,080,000)
-
(1,080,000)



At 31 December 2024
1,000
12,369,000
338,566
12,708,566




The notes on pages 4 to 11 form part of these financial statements.
Page 3
 
MILTON KEYNES RETAIL PROPERTIES LIMITED
 

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

1.


General information

Milton Keynes Retail Properties Limited (Company number: 14947180), having is registered office at Enterprise House First Floor, 2 The Crest, London, NW4 2HN, is a private limited company incorporated in England and Wales.
The comparative period is for 6 months, a shortened period covering activity from 20 June 2023 to 31 December 2023.
The principal place of business is Elder Gate, Milton Keynes, MK9 1DL.

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

Statement of cash flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7, from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.

 
2.3

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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
MILTON KEYNES RETAIL PROPERTIES LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
18%
Fixtures and fittings
-
6%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Page 5

 
MILTON KEYNES RETAIL PROPERTIES LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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. 

 
2.10

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.

  
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

 
2.12

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.13

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

 
2.14

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.

Page 6

 
MILTON KEYNES RETAIL PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 Statement of Comprehensive Income.

The current corporation 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 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




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

Page 7

 
MILTON KEYNES RETAIL PROPERTIES LIMITED
 

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

4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2024 and at 31 December 2024
25,191,622
16,676
1,077,818
26,286,116



Depreciation


At 1 January 2024
493,275
82
1,772
495,129


Charge for the year
-
3,002
64,669
67,671


Release of lease charges for the year
379,247
-
-
379,247



At 31 December 2024

872,522
3,084
66,441
942,047



Net book value



At 31 December 2024
24,319,100
13,592
1,011,377
25,344,069



At 31 December 2023
24,698,347
16,594
1,076,046
25,790,987

Finance leases

The Company holds properties and land which are leased to the tenant for a term of 35 years beginning on 23 January 2015, the tenant is entitled to substantially all of the useful economic life of the assets. The assets are therefore held as a finance lease being the fair value of future lease income discounted at an implicit rate of 5.46%.


5.


Debtors

2024
2023
£
£


Trade debtors
54,700
613,092

Amounts owed by group undertakings
100,000
-

Prepayments and accrued income
102,987
128,912

257,687
742,004


Page 8

 
MILTON KEYNES RETAIL PROPERTIES LIMITED
 

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

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
33,650
-

Other taxation and social security
101,432
70,421

Accruals and deferred income
184,784
207,000

319,866
277,421



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (secured - see note 8)
12,962,250
12,989,327



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Bank loans fully repayable within 5 years
12,962,250
12,989,327



The loan with Santander UK Plc is repayable in full on the termination date and is secured by fixed legal charges over the property to which it relates and a floating charge over the assets of the Company. The loan incurs interest at the variable rate of SONIA + 2.3% per annum and is repayable by 20 December 2028.

Page 9

 
MILTON KEYNES RETAIL PROPERTIES LIMITED
 

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

9.


Deferred taxation




2024


£






Credited to profit or loss
(129,508)



At end of year
(129,508)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(129,508)
-


10.


Contingent liabilities

The Company is party to a multi-lateral cross guarantee between itself, Nakashi LLP, Sutton Retail Properties Limited and Leigh Retail Properties Limited in favour of Santander UK Plc in respect of loans of the group undertakings. A contingent liability therefore exists to the extent of the indebtedness to Santander of the group undertakings. At 31 December 2024 the contingent liability was £38,631,600 (2023: £38,712,297). No liability is expected to crystallise in this respect.


11.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A not to disclose transactions with group entities on the grounds that it is a wholly-owned subsidiary undertaking.


12.


Immediate and ultimate parent undertaking

At 31 December 2024 and 31 December 2023, the Company's immediate parent undertaking was Nakashi LLP, a company incorporated in England and Wales.
As at 31 December 2024 and 31 December 2023, the Company's ultimate parent undertaking was Eastgate Property 3 LLC, a company incorporated in the USA.
The group in which the Company's results are consolidated is headed by Nakashi LLP. The consolidated accounts may be obtained from:
Enterprise House 
First Floor
2 The Crest
London
NW4 2HN
There is no smaller or larger group in which the Company's results are consolidated.

Page 10

 
MILTON KEYNES RETAIL PROPERTIES LIMITED
 

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

13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 1 May 2025 by Caryl King BSc ACA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.


Page 11