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Registered number: 14490802
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2024
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MELCORPO SOLUTIONS
COMPANY INFORMATION
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MELCORPO SOLUTIONS
CONTENTS
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MELCORPO SOLUTIONS
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2024
The Director present their Strategic Report on the Company for the year ended 30 December 2024.
The company is a non-trading holding company for a number of subsidiaries principally engaged in commercial property and operating leisure assets. The group holds a number of commercial properties in the UK. The principal activities of the group includes rental income from commercial property investment and the operation of a number leisure businesses within the retail portfolio.
The company's trading performance is very closely aligned to the long-term performance of commercial rental property market and the leisure market.
Business performance for the property segment of the company during the financial period ended 30 December 2024 was satisfactory and as long as current occupancy levels are maintained, current trading levels can be maintained. The risks and uncertainties faced by the group are typical of those in the property investment and property management sector. The main source of income for the leisure part of the company is box office revenue. Admissions, is the key driver of box office revenue and this depends on the number, timing and popularity of the films available from the studios. Financial risk management (i) Foreign exchange rate risk management The company is exposed to transactional foreign currency risk on trading activities conducted by subsidiaries in currencies other than their functional currency. Company policy is to manage foreign currency exposures commercially and through netting of exposures wherever possible. (ii) Interest rate risk management The company is exposed to interest rate risk as the company holds borrowings on both a fixed and floating basis. This exposure to interest rate risk is managed by optimising the mix of fixed and floating rate borrowings. At 30 December 2024 all cash, short term deposits and other liquid investments had a maturity of less than 3 months. Amounts receivable in respect of rentals consist of a large number of customers, spread across diverse geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable. (iii) Price risk management The company's exposure to equity securities price risk due to financial asset investments held is considered to be low as the level of securities held versus the company's net assets is not material
This report was approved by the board and signed on its behalf.
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MELCORPO SOLUTIONS
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2024
The director presents his report and the financial statements for the period ended 30 December 2024.
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The director who served during the period was:
There have been no significant events affecting the Company since the year end.
The auditors, Strata Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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MELCORPO SOLUTIONS
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
This report was approved by the board on
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MELCORPO SOLUTIONS
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELCORPO SOLUTIONS
We have audited the financial statements of Melcorpo Solutions (the 'Company') for the period ended 30 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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MELCORPO SOLUTIONS
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELCORPO SOLUTIONS (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
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MELCORPO SOLUTIONS
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELCORPO SOLUTIONS (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the Company's business, controls, legal and regulatory frameworks, laws and regulations and assessed the susceptibility of the Company's financial statements to material misstatement from irregularities, including fraud, are instances of non-compliance with laws and regulations. Based on the understanding we designed our audit procedures to detecting irregularities, including fraud. Testing undertaken included making enquiries of management, journal entry testing, review of bank letters, board minutes, reviewing financial statement disclosures and testing the supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Audit Firm
3 Harmony Court
Dublin 2
D02 VY52
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MELCORPO SOLUTIONS
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 DECEMBER 2024
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MELCORPO SOLUTIONS
REGISTERED NUMBER: 14490802
BALANCE SHEET
AS AT 30 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 9 to 11 form part of these financial statements.
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MELCORPO SOLUTIONS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2024
Melcorpo Solutions (the “company”) is a private unlimited company, incorporated and tax resident in the United Kingdom under company registration number 14490802. The company was incorporated on 17 November 2022. The address of the company's registered office is 31 Howcroft Crescent London N3 1PA.
The company's ultimate parent and ultimate controlling party at 30 December 2024 was Annick Unlimited, a company incorporated in the Isle of Man under company registration number 020499V with its registered office at Suite 1, 4th Floor Exchange House, 54-58 Athol Street, Douglas, IM1 1JD, Isle of Man. Annick Unlimited prepares group financial statements and is both the smallest and the largest group for which group financial statements are drawn up and of which the company is a member. These financial statements are the company’s separate financial statements for the financial year ending 30 December 2024.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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
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MELCORPO SOLUTIONS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
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 with 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.
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.
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.
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MELCORPO SOLUTIONS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2024
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