Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302023-10-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08641464 2023-10-01 2024-09-30 08641464 2022-10-01 2023-09-30 08641464 2024-09-30 08641464 2023-09-30 08641464 c:Director1 2023-10-01 2024-09-30 08641464 d:LeaseholdInvestmentProperty 2024-09-30 08641464 d:LeaseholdInvestmentProperty 2023-09-30 08641464 d:CurrentFinancialInstruments 2024-09-30 08641464 d:CurrentFinancialInstruments 2023-09-30 08641464 d:Non-currentFinancialInstruments 2024-09-30 08641464 d:Non-currentFinancialInstruments 2023-09-30 08641464 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 08641464 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 08641464 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 08641464 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 08641464 d:ShareCapital 2024-09-30 08641464 d:ShareCapital 2023-09-30 08641464 d:RetainedEarningsAccumulatedLosses 2024-09-30 08641464 d:RetainedEarningsAccumulatedLosses 2023-09-30 08641464 c:FRS102 2023-10-01 2024-09-30 08641464 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 08641464 c:FullAccounts 2023-10-01 2024-09-30 08641464 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08641464 d:OtherDeferredTax 2024-09-30 08641464 d:OtherDeferredTax 2023-09-30 08641464 2 2023-10-01 2024-09-30 08641464 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 08641464










MARKET ROAD LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
MARKET ROAD LIMITED
REGISTERED NUMBER: 08641464

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
23,460,000
23,460,000

  
23,460,000
23,460,000

Current assets
  

Debtors: amounts falling due within one year
 5 
11,520,649
13,123,690

Cash at bank and in hand
 6 
36,908
159,531

  
11,557,557
13,283,221

Creditors: amounts falling due within one year
 7 
(20,649,410)
(21,983,683)

Net current liabilities
  
 
 
(9,091,853)
 
 
(8,700,462)

Total assets less current liabilities
  
14,368,147
14,759,538

Creditors: amounts falling due after more than one year
 8 
(10,920,000)
(11,600,000)

Provisions for liabilities
  

Deferred tax
  
(3,214,543)
(3,214,543)

  
 
 
(3,214,543)
 
 
(3,214,543)

Net assets/(liabilities)
  
233,604
(55,005)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
233,504
(55,105)

  
233,604
(55,005)


Page 1

 
MARKET ROAD LIMITED
REGISTERED NUMBER: 08641464
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 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 by: 


A Valik
Director

Date: 27 June 2025

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

Page 2

 
MARKET ROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Market Road Limited (8641464) is a private company limited by shares, incorporated in England and Wales. The address of the registered office is 14th Floor 33 Cavendish Square, London, W1G 0PW.

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 based on the continued support of the company's parent which, in the opinion of the directors, the company has for the foreseeable future.

 
2.3

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.

 
2.4

Interest income

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

 
2.5

Investment property

Investment property is carried at fair value determined annually by the Directors 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 the Profit and loss account.

 
2.6

Debtors

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

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.
Page 3

 
MARKET ROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due within the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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.
Page 4

 
MARKET ROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

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.

 
2.10

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
MARKET ROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 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 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 6

 
MARKET ROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 October 2023
23,460,000



At 30 September 2024
23,460,000

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


2024
2023
£
£


Historic cost
24,521,412
24,521,412


5.


Debtors

2024
2023
£
£


Trade debtors
-
1,800

Amounts owed by group undertakings
11,076,964
12,974,650

Other debtors
320,373
30,000

Prepayments and accrued income
123,312
117,240

11,520,649
13,123,690



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
36,908
159,531


Page 7

 
MARKET ROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
10,189
56,782

Amounts owed to group undertakings
20,350,239
21,656,820

Other creditors
288,982
270,081

20,649,410
21,983,683



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,920,000
11,600,000


The bank loan is secured by way of a fixed charge over the investment properties and a fixed and floating charge over all other assets of the company.


9.


Deferred taxation




2024


£






At beginning of year
(3,214,543)



At end of year
(3,214,543)

2024
2023
£
£


Fair value adjustment
(3,214,543)
(3,214,543)

A deferred tax liability has been included in the accounts to recognise the potential tax liability arising on the Nil Gain/Nil Loss transfer that occurred when the company acquired the property from the fellow group company.

 
Page 8