Caseware UK (AP4) 2025.0.111 2025.0.111 2025-03-31 2025-03-31 2024-04-01 false 1 1 true true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13206937 2024-04-01 2025-03-31 13206937 2023-04-01 2024-03-31 13206937 2025-03-31 13206937 2024-03-31 13206937 1 2024-04-01 2025-03-31 13206937 d:Director2 2024-04-01 2025-03-31 13206937 c:Buildings 2024-04-01 2025-03-31 13206937 c:Buildings 2025-03-31 13206937 c:Buildings 2024-03-31 13206937 c:CurrentFinancialInstruments 2025-03-31 13206937 c:CurrentFinancialInstruments 2024-03-31 13206937 c:Non-currentFinancialInstruments 2025-03-31 13206937 c:Non-currentFinancialInstruments 2024-03-31 13206937 c:CurrentFinancialInstruments c:WithinOneYear 2025-03-31 13206937 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 13206937 c:Non-currentFinancialInstruments c:AfterOneYear 2025-03-31 13206937 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 13206937 c:ShareCapital 2025-03-31 13206937 c:ShareCapital 2024-03-31 13206937 c:RevaluationReserve 2025-03-31 13206937 c:RevaluationReserve 2024-03-31 13206937 c:RetainedEarningsAccumulatedLosses 2025-03-31 13206937 c:RetainedEarningsAccumulatedLosses 2024-03-31 13206937 c:AcceleratedTaxDepreciationDeferredTax 2025-03-31 13206937 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 13206937 d:FRS102 2024-04-01 2025-03-31 13206937 d:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 13206937 d:FullAccounts 2024-04-01 2025-03-31 13206937 d:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 13206937 2 2024-04-01 2025-03-31 13206937 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Registered number: 13206937 MERCIA REAL ESTATE (PULP) LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
MERCIA REAL ESTATE (PULP) LIMITED CONTENTS
| Page
Balance sheet | 1 - 2
Notes to the financial statements | 3 - 8
MERCIA REAL ESTATE (PULP) LIMITED REGISTERED NUMBER: 13206937 BALANCE SHEET AS AT 31 MARCH 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 11,200,000 |  | 11,789,966
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 5,495,514 |  | 5,202,924 |
Cash at bank and in hand |  | 93,393 |  | 179,902 |
|  | 5,588,907 |  | 5,382,826 |
Creditors: amounts falling due within one year | 7 | (2,853,159) |  | (2,267,110) |
Net current assets |  |  | 2,735,748 |  | 3,115,716
Total assets less current liabilities |  |  | 13,935,748 |  | 14,905,682
Creditors: amounts falling due after more than one year | 8 |  | (12,184,285) |  | (12,081,755)
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (876,989) |  | (1,025,506) |
|  |  | (876,989) |  | (1,025,506)
Net assets |  |  | 874,474 |  | 1,798,421
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Revaluation reserve |  |  | 2,630,971 |  | 3,076,521
Profit and loss account |  |  | (1,756,597) |  | (1,278,200)
|  |  | 874,474 |  | 1,798,421
Page 1
MERCIA REAL ESTATE (PULP) LIMITED REGISTERED NUMBER: 13206937 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 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 profit and loss account 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 on 15 July 2026.
K M Loundes
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
MERCIA REAL ESTATE (PULP) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Mercia Real Estate (PULP) Limited (the company) is a private company limited by shares, incorporated and domiciled in England. The address of its registered office is Ground Floor, 35 Newhall Street, Birmingham, B3 3PU. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 company is dependant upon the support from it's ultimate parent company. They have indicated that they will continue to provide financial support to the company for the foreseeable future. Accordingly these financial statements have been prepared on the going concern basis.
| 2.3 | Revenue
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 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.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 3
MERCIA REAL ESTATE (PULP) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | 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.
| 2.8 | Investment property
Investment property is carried at fair value determined annually by the director 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.
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | 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
MERCIA REAL ESTATE (PULP) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
4. | Prior year adjustment
The correction of a prior period error relates to a freehold investment property which had been incorrectly included in the financial statements of a related party when it should have been in this company. This has resulted in a increase in the revaluation reserve of £1,421,250, an increase in the freehold investment property of £1,895,000 and an increase in the deferred tax liability of £473,750. Page 5
MERCIA REAL ESTATE (PULP) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Tangible fixed assets
|  | Investment property
|  | £
| Valuation |
| At 1 April 2024 | 11,789,966
| Additions | 4,100
| Revaluations | (594,066)
| At 31 March 2025 | 11,200,000
| Net book value |
| At 31 March 2025 | 11,200,000
| At 31 March 2024 | 11,789,966
| The correction of a prior period error relates to a freehold investment property which had been incorrectly included in the financial statements of a related party when it should have been in this company. This has resulted in a increase in the revaluation reserve of £1,421,250, an increase in the freehold investment property of £1,895,000 and an increase in the deferred tax liability of £473,750. See note 4.
Cost or valuation at 31 March 2025 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At cost | -
|  | At valuation | 11,200,000
|  |  | 11,200,000
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cost | 7,696,236 | 7,692,136
| Net book value | 7,696,236 | 7,692,136
Page 6
MERCIA REAL ESTATE (PULP) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 68,867 | 77,212
| Amounts owed by group undertakings | 36,524 | 13,666
| Amounts owed by associated undertakings | 5,373,464 | 5,111,346
| Other debtors | 16,659 | -
| Prepayments and accrued income | - | 700
|  | 5,495,514 | 5,202,924
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 64,000 | 64,000
| Trade creditors | 39,169 | 31,668
| Amounts owed to group undertakings | 147,236 | 147,237
| Amounts owed to associated undertakings | 2,317,324 | 1,659,544
| Other taxation and social security | - | 42,407
| Other creditors | 24,271 | 25,171
| Accruals and deferred income | 261,159 | 297,083
|  | 2,853,159 | 2,267,110
| Bank loans are secured by a fixed and floating charge over all the property and undertakings of the company, personal guarantees of the shareholders and cross guarantees by associated companies.
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 12,184,285 | 12,081,755
| Bank loans are secured by a fixed and floating charge over all the property and undertakings of the company, personal guarantees of the shareholders and cross guarantees by associated companies.
Page 7
MERCIA REAL ESTATE (PULP) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Deferred taxation
|  | 2025
|  | £ Restated
| At beginning of year | (1,025,506)
| Charged to profit or loss | 148,517
| At end of year | (876,989)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (876,989) | (1,025,506)
10. | Post balance sheet events
During December 2025 the company and the group that is a member of, undertook a restructuring and refinancing initiative, in order to put the company & group in a strong position for the future and enable the company to continue as a going concern.
11. | Controlling party
The Company's ultimate parent undertaking is Mercia Real Estate (UK) Limited.
Page 8