Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 No description of principal activity 0 0 2024-01-01 false true true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10965783 2024-01-01 2024-12-31 10965783 2023-01-01 2023-12-31 10965783 2024-12-31 10965783 2023-12-31 10965783 2023-01-01 10965783 c:Director2 2024-01-01 2024-12-31 10965783 d:FreeholdInvestmentProperty 2024-01-01 2024-12-31 10965783 d:FreeholdInvestmentProperty 2024-12-31 10965783 d:FreeholdInvestmentProperty 2023-12-31 10965783 d:FreeholdInvestmentProperty 2 2024-01-01 2024-12-31 10965783 d:CurrentFinancialInstruments 2024-12-31 10965783 d:CurrentFinancialInstruments 2023-12-31 10965783 d:Non-currentFinancialInstruments 2024-12-31 10965783 d:Non-currentFinancialInstruments 2023-12-31 10965783 d:Non-currentFinancialInstruments 1 2024-12-31 10965783 d:Non-currentFinancialInstruments 1 2023-12-31 10965783 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 10965783 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10965783 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 10965783 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10965783 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 10965783 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 10965783 d:ShareCapital 2024-12-31 10965783 d:ShareCapital 2023-12-31 10965783 d:RetainedEarningsAccumulatedLosses 2024-12-31 10965783 d:RetainedEarningsAccumulatedLosses 2023-12-31 10965783 c:FRS102 2024-01-01 2024-12-31 10965783 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 10965783 c:FullAccounts 2024-01-01 2024-12-31 10965783 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10965783 d:WithinOneYear 2024-12-31 10965783 d:WithinOneYear 2023-12-31 10965783 d:BetweenOneFiveYears 2024-12-31 10965783 d:BetweenOneFiveYears 2023-12-31 10965783 d:MoreThanFiveYears 2024-12-31 10965783 d:MoreThanFiveYears 2023-12-31 10965783 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 10965783 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10965783 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 10965783 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 10965783 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 10965783 MACTAGGART INVESTMENT COMPANY LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MACTAGGART INVESTMENT COMPANY LIMITED REGISTERED NUMBER: 10965783 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 5 |  | 46,100,000 |  | 42,000,000
|  |  | 46,100,000 |  | 42,000,000
Current assets |  |  |  |  |
Debtors: Amounts falling due after more than one year | 6 | 848,131 |  | 1,518,590 |
Debtors: Amounts falling due within one year | 6 | 966,012 |  | 1,341,510 |
Cash at bank and in hand | 7 | 579,346 |  | 1,567,075 |
|  | 2,393,489 |  | 4,427,175 |
Creditors: Amounts falling due within one year | 8 | (43,679,562) |  | (21,978,779) |
Net current liabilities |  |  | (41,286,073) |  | (17,551,604)
Total assets less current liabilities |  |  | 4,813,927 |  | 24,448,396
Creditors: Amounts falling due after more than one year | 9 |  | - |  | (23,775,001)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | (6,308,368) |  | (5,451,454) |
|  |  | (6,308,368) |  | (5,451,454)
Net liabilities |  |  | (1,494,441) |  | (4,778,059)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account |  |  | (1,494,442) |  | (4,778,060)
|  |  | (1,494,441) |  | (4,778,059)
Page 1
MACTAGGART INVESTMENT COMPANY LIMITED REGISTERED NUMBER: 10965783 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 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:
................................................ W K D Laxton
Director
Date: 4 September 2025
The notes on pages 3 to 9 form part of these financial statements. Page 2
MACTAGGART INVESTMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Mactaggart Investment Company Limited is a private company, limited by shares, registered in England and Wales. Its registered number is 10965783 and trading address is 2 Babmaes Street, London, United Kingdom, SW1Y 6HD. 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 presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements for the Company have been prepared on a going concern basis. The Company recorded a profit before tax for the financial year of £4,245,512 and had net liabilities of £1,494,441 at the date of the Statement of Financial Position. After reviewing the Company's forecasts and projections the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next twelve months following approval of these financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 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 consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
| 2.4 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss 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.
| 2.5 | 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 3
MACTAGGART INVESTMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | 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 reporting 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 reporting 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 reporting date.
| 2.7 | Investment property
Investment property is carried at fair value determined annually by external valuers 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.
| 2.8 | 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.
| 2.9 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.10 | 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. Page 4
MACTAGGART INVESTMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 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, loans to related parties and investments in ordinary shares. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements under FRS 102 requires the directors to make certain judgements, estimates and assumptions that affect the application of accounting policies, the reported amounts of assets and liabilities as at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements that are not readily apparent from other sources. However, the actual results may differ from these estimates. The key area where management has made significant judgements is around estimates regarding the valuation of investment properties held at the balance sheet date. The Company holds its investment properties at fair value. In order to arrive at this value, the Company considers various factors including, but not limited to, the classification, location and condition of the property; recent market transactions involving similar assets; and an appraisal of the current market environment. Reference is also made to reports prepared by independent valuation experts where considered appropriate. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
4. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
Page 5
MACTAGGART INVESTMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2024 | 42,000,000
| Additions at cost | 561,390
| Gain on revaluation | 3,538,610
| At 31 December 2024 | 46,100,000
The 2024 valuations were made by Cushman & Wakefield, on an open market value for existing use basis in January 2025. The directors do not consider these valuations to be materially different to those as at 31 December 2024.
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Financial instruments (after 1 yr) | 848,131 | 1,518,590
| Debtors due after more than one year relates entirely to an interest rate swap that is measured at fair value.
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Other debtors | 966,012 | 1,341,510
7. | Cash
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 579,346 | 1,567,075
Page 6
MACTAGGART INVESTMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 23,775,001 | -
| Amounts owed to group undertakings | 19,283,279 | 21,424,384
| Other taxation and social security | 96,304 | -
| Accruals and deferred income | 524,978 | 554,395
|  | 43,679,562 | 21,978,779
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | - | 23,775,001
| The bank loan is due for repayment in full in October 2025, after being extended from its previous repayment date in October 2022. Interest is charged at SONIA plus 2% per annum and is subject to a swap agreement as described below. The loan is secured on the investment properties owned by the Company. Financial instruments include an interest rate swap agreement taken out by the Company. The swap expires in October 2025 and provides for a fixed interest rate of 0.879% per annum over loans of £23.775 million.
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 23,775,001 | -
| Amounts falling due 2-5 years |  |
| Bank loans | - | 23,775,001
Page 7
MACTAGGART INVESTMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (5,451,454) | (7,411,415)
| Movement in the year | (856,914) | 1,959,961
| At end of year | (6,308,368) | (5,451,454)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (751,459) | (484,367)
| Capital gains | (5,556,909) | (4,967,087)
|  | (6,308,368) | (5,451,454)
12. | Receivables under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 1,936,739 | 1,950,449
| Later than 1 year and not later than 5 years | 3,457,360 | 2,956,616
| Later than 5 years | 19,035 | -
|  | 5,413,134 | 4,907,065
13. | Related party transactions
| Advantage has been taken by the company of the exemptions provided by Section 33.1A of FRS 102 not to disclose group transactions because it is a wholly owned subsidiary of a company preparing consolidated accounts.
Page 8
MACTAGGART INVESTMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Controlling party
The immediate and ultimate parent company is Mactaggart Heritable Limited which is registered in England and Wales. Mactaggart Heritable Limited produces consolidated financial statements that are available to the public from Registrar of Companies at Companies House. There is not considered to be one single ultimate controlling party.
Page 9