Mountcharm Limited 31/12/2024 iXBRL

Company registration number: 03000689

Mountcharm Limited

Filleted financial statements

31 December 2024

Mountcharm Limited

Contents

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Mountcharm Limited

Directors responsibilities statement

Year ended 31 December 2024

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Mountcharm Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,730		2,306
Investments	6	1,716,550		2,705,813
		__________		__________
			1,718,280		2,708,119

Current assets
Debtors	7	34,307,015		36,256,333
Cash at bank and in hand		36,375		32,834
		__________		__________
		34,343,390		36,289,167
Creditors: amounts falling due
within one year	8	( 25,033,725)		( 30,819,498)
		__________		__________
Net current assets			9,309,665		5,469,669
			__________		__________
Total assets less current liabilities			11,027,945		8,177,788

Creditors: amounts falling due
after more than one year	9		( 3,000,000)		( 4,000,000)

Provisions for liabilities	10		( 208,022)		( 259,091)

			__________		__________
Net assets			7,819,923		3,918,697
			__________		__________

Capital and reserves
Called up share capital			100		100
Profit and loss account			7,819,823		3,918,597
			__________		__________
Shareholders funds			7,819,923		3,918,697
			__________		__________

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

J R Cooper

Director

Company registration number: 03000689

Mountcharm Limited

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 January 2023	100	3,754,766	3,754,866

Profit for the year		763,831	763,831
	__________	__________	__________
Total comprehensive income for the year	-	763,831	763,831

Dividends paid and payable		( 600,000)	( 600,000)
	__________	__________	__________
Total investments by and distributions to owners	-	( 600,000)	( 600,000)

	__________	__________	__________
At 31 December 2023 and 1 January 2024	100	3,918,594	3,918,694

Profit for the year		4,501,229	4,501,229
	__________	__________	__________
Total comprehensive income for the year	-	4,501,229	4,501,229

Dividends paid and payable		( 600,000)	( 600,000)
	__________	__________	__________
Total investments by and distributions to owners	-	( 600,000)	( 600,000)

	__________	__________	__________
At 31 December 2024	100	7,819,823	7,819,923
	__________	__________	__________

Mountcharm Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Level One, 86 Queens Road, Buckhurst Hill, Essex, IG9 5BS.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.These financial statements present information relating to Mountcharm Limited as an individual undertaking and not as a group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	17,085	72,505	89,590
	__________	__________	__________
Depreciation
At 1 January 2024	16,388	70,896	87,284
Charge for the year	174	402	576
	__________	__________	__________
At 31 December 2024	16,562	71,298	87,860
	__________	__________	__________
Carrying amount
At 31 December 2024	523	1,207	1,730
	__________	__________	__________
At 31 December 2023	697	1,609	2,306
	__________	__________	__________

6. Investments

	Shares in group undertakings and participating interests	Other investments other than loans	Total
	£	£	£
Cost
At 1 January 2024	16,805,280	2,705,513	19,510,793
Disposals	-	( 989,263)	( 989,263)
	__________	__________	__________
At 31 December 2024	16,805,280	1,716,250	18,521,530
	__________	__________	__________
Impairment
At 1 January 2024 and 31 December 2024	16,804,980	-	16,804,980
	__________	__________	__________
Carrying amount
At 31 December 2024	300	1,716,250	1,716,550
	__________	__________	__________
At 31 December 2023	300	2,705,513	2,705,813
	__________	__________	__________

Following the property valuations carried out in December 2020 by professional RICS registered property consultants, the valuations have been updated in line with market conditions and management knowledge of the current achievable sale values of the individual assets.

7. Debtors

	2024	2023
	£	£
Trade debtors	36,077	33,750
Amounts owed by group undertakings and undertakings in which the company has a participating interest	31,503,940	34,369,712
Other debtors	34,270,638	36,220,468
	__________	__________
	65,810,655	70,623,930
	__________	__________

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	500,000	500,000
Trade creditors	478	-
Amounts owed to group undertakings and undertakings in which the company has a participating interest	13,578,973	13,304,566
Corporation tax	-	82,118
Social security and other taxes	5,404	7,292
Other creditors	10,948,870	16,925,522
	__________	__________
	25,033,725	30,819,498
	__________	__________

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	3,000,000	4,000,000
	__________	__________

The above loan is repayable in full on 16 May 2023 and carries interest at 2.50% above the lenders LIBOR. The loan is secured by a First Legal Mortgage over each of thirteen properties owned by the company and associated companies and a Composite Cross Guarantee between Mountcharm Limited and associated undertakings.

10. Provisions

	Deferred tax (note 11)	Total
	£	£
At 1 January 2024	259,091	259,091
Additions	( 51,069)	( 51,069)
	__________	__________
At 31 December 2024	208,022	208,022
	__________	__________

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 10)	208,022	259,091
	__________	__________

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	1,054	1,636
Fair value adjustment of investment property	206,968	257,455
	__________	__________
	208,022	259,091
	__________	__________

12. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2024	2023
	£	£
Financial assets that are debt instruments measured at amortised cost
Trade debtors	36,077	33,750
Other debtors	34,270,938	36,222,583
Cash at bank and in hand	36,375	32,834
	__________	__________
	34,343,390	36,289,167
	__________	__________

Financial liabilities measured at amortised cost
Bank and other loans	500,000	500,000
Trade creditors	478	(-)
Other creditors	24,533,247	30,319,498
	__________	__________
	25,033,725	30,819,498
	__________	__________

13. Summary audit opinion

The auditor's report dated 29 September 2025 was unqualified.

The senior statutory auditor was Nicholas John Godsave for and on behalf of Stanley Rose Audit Services Ltd