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2024-04-30 10732581 dpl:GroupUndertakings 2023-05-01 2024-04-30 10732581 dpl:ParticipatingInterests 2023-05-01 2024-04-30 10732581 dpl:GroupUndertakings core:ListedExchangeTraded 2023-05-01 2024-04-30 10732581 core:ListedExchangeTraded 2023-05-01 2024-04-30 10732581 dpl:GroupUndertakings core:UnlistedNon-exchangeTraded 2023-05-01 2024-04-30 10732581 core:UnlistedNon-exchangeTraded 2023-05-01 2024-04-30 10732581 core:NetGoodwill 2025-04-30 10732581 core:IntangibleAssetsOtherThanGoodwill 2025-04-30 10732581 core:LandBuildings 2025-04-30 10732581 core:PlantMachinery 2025-04-30 10732581 core:Vehicles 2025-04-30 10732581 core:FurnitureFittings 2025-04-30 10732581 core:OfficeEquipment 2025-04-30 10732581 core:AfterOneYear 2025-04-30 10732581 core:WithinOneYear 2025-04-30 10732581 core:ListedExchangeTraded 2025-04-30 10732581 core:UnlistedNon-exchangeTraded 2025-04-30 10732581 core:ShareCapital 2025-04-30 10732581 core:SharePremium 2025-04-30 10732581 core:RevaluationReserve 2025-04-30 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core:Non-currentFinancialInstruments core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2024-04-30 10732581 core:Non-currentFinancialInstruments core:ImpairmentLossReversalProvisionsForImpairmentInvestments 2024-04-30 10732581 core:Non-currentFinancialInstruments core:AcquisitionsIncreaseInProvisionsForImpairmentInvestments 2024-04-30 10732581 core:Non-currentFinancialInstruments core:DisposalsDecreaseInProvisionsForImpairmentInvestments 2024-04-30 10732581 core:Non-currentFinancialInstruments core:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments 2024-04-30 10732581 bus:Director1 2024-05-01 2025-04-30

M CAPITAL ASSETS LTD

Registered Number
10732581
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2025

M CAPITAL ASSETS LTD
Company Information
for the year from 1 May 2024 to 30 April 2025

Director | HOWARD, Mark

Registered Address | 19 Eastern Parade Southsea
| Portsmouth
| PO4 9RB

Registered Number | 10732581 (England and Wales)

M CAPITAL ASSETS LTD
Balance Sheet as at
30 April 2025

| Notes | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |
Tangible assets | 3 |  |  | - |  |  |  | 389
Investments | 5 |  |  | 15,044 |  |  |  | 15,044
Investment property | 4 |  |  | 2,732,711 |  |  |  | 2,732,711
|  |  |  | 2,747,755 |  |  |  | 2,748,144
Current assets |  |  |  |  |  |  |  |
Debtors | 6 | 4,372,038 |  |  |  | 3,392,069 |  |
Cash at bank and on hand |  | 14,805 |  |  |  | 135,883 |  |
|  | 4,386,843 |  |  |  | 3,527,952 |  |
Creditors amounts falling due within one year | 7 | (6,701,735) |  |  |  | (5,790,773) |  |
Net current assets (liabilities) |  |  |  | (2,314,892) |  |  |  | (2,262,821)
Total assets less current liabilities |  |  |  | 432,863 |  |  |  | 485,323
Provisions for liabilities | 8 |  |  | (86,593) |  |  |  | (86,593)
Net assets |  |  |  | 346,270 |  |  |  | 398,730
Capital and reserves |  |  |  |  |  |  |  |
Called up share capital |  |  |  | 1 |  |  |  | 1
Revaluation reserve |  |  |  | 259,778 |  |  |  | 259,778
Profit and loss account |  |  |  | 86,491 |  |  |  | 138,951
Shareholders' funds |  |  |  | 346,270 |  |  |  | 398,730

- The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
- The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
- These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
- The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 25 February 2026, and are signed on its behalf by:
HOWARD, Mark Director Registered Company No. 10732581

M CAPITAL ASSETS LTD
Notes to the Financial Statements
for the year ended 30 April 2025

1. | Accounting policies
--- | ---

| Statutory information
--- | ---
| The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| Statement of compliance
--- | ---
| The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

| Going concern
--- | ---
| 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 the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

| Revenue from rendering of services
--- | ---
| Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

| Foreign currency translation
--- | ---
| Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

| Current taxation
--- | ---
| Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

| Deferred tax
--- | ---
| Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

| Tangible fixed assets and depreciation
--- | ---
| All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

| Investments
--- | ---
| Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

| Investment property
--- | ---
| Investment property is carried at fair value, derived from the current market prices for comparable real estate determined periodically by valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

| Financial instruments
--- | ---
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

| Share capital
--- | ---
| Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

| Related parties
--- | ---
| A related party is defined as a person or entity that has control or joint control over the company, has significant influence over the company, or is a member of the key management personnel of the company. Close members of the family of such individuals, and entities controlled or significantly influenced by such individuals, are also considered related parties.

2. | Average number of employees
--- | ---

|  | 2025 |  | 2024
| Average number of employees during the year | 1 |  | 1

3. | Tangible fixed assets
--- | ---

|  | Plant & machinery |  | Total
--- | --- | --- | --- | ---
|  | £ |  | £
| Cost or valuation
| At 01 May 24 | 1,559 |  | 1,559
| At 30 April 25 | 1,559 |  | 1,559
| Depreciation and impairment
| At 01 May 24 | 1,170 |  | 1,170
| Charge for year | 389 |  | 389
| At 30 April 25 | 1,559 |  | 1,559
| Net book value
| At 30 April 25 | - |  | -
| At 30 April 24 | 389 |  | 389

4. | Investment property
--- | ---

|  | £
| Fair value at 01 May 24 | 2,732,711
| At 30 April 25 | 2,732,711

5. | Fixed asset investments
--- | ---

|  | Investments in groups1 |  | Total
--- | --- | --- | --- | ---
|  | £ |  | £
| Cost or valuation
| At 01 May 24 | 15,044 |  | 15,044
| At 30 April 25 | 15,044 |  | 15,044
| Net book value
| At 30 April 25 | 15,044 |  | 15,044
| At 30 April 24 | 15,044 |  | 15,044

| Notes
--- | ---
| 1Investments in group undertakings and participating interests

6. | Debtors: amounts due within one year
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade debtors / trade receivables | 1,888,675 |  | 3,316,444
| Other debtors | 2,483,363 |  | 75,625
| Total | 4,372,038 |  | 3,392,069

7. | Creditors: amounts due within one year
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade creditors / trade payables | - |  | 3,505
| Taxation and social security | 911 |  | 368
| Other creditors | 6,684,387 |  | 5,768,908
| Accrued liabilities and deferred income | 16,437 |  | 17,992
| Total | 6,701,735 |  | 5,790,773

8. | Provisions for liabilities
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Net deferred tax liability (asset) | 86,593 |  | 86,593
| Total | 86,593 |  | 86,593

9. | Related party transactions
--- | ---
| Mark Howard is a director of the company and is therefore considered a related party. Mark Howard is also a director of Pompey Properties Limited and NX Two Limited, which are therefore related parties. At the reporting date, the following balances were outstanding: • Amounts owed to the director, Mark Howard, totalled £6,679,387 • Amounts owed by Pompey Properties Limited totalled £985,670. • Amounts owed by NX Two Limited totalled £1,497,693 The balances are unsecured, interest-free and have no fixed repayment terms unless otherwise stated. No guarantees have been given or received in respect of these balances. There were no amounts written off or impaired during the year in respect of these balances.