| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2025 |
| for |
| MSBW Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2025 |
| for |
| MSBW Limited |
| MSBW Limited (Registered number: 10626402) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MSBW Limited |
| Company Information |
| for the Year Ended 31 December 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| TOR |
| Saint-Cloud Way |
| Maidenhead |
| Berkshire |
| SL6 8BN |
| MSBW Limited (Registered number: 10626402) |
| Balance Sheet |
| 31 December 2025 |
| 31.12.25 | 31.12.24 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| MSBW Limited (Registered number: 10626402) |
| Balance Sheet - continued |
| 31 December 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MSBW Limited (Registered number: 10626402) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2025 |
| 1. | STATUTORY INFORMATION |
| MSBW Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about MSBW Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Critical accounting judgements and key sources of estimation uncertainty |
| The estimates and underlying assumptions are reviewed on a regular and ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future period. |
| There are no critical estimates. |
| Turnover |
| Turnover relates to investment income generated from the company's principal activity of making investments. Income is recognised when the company has the right to receive the income. |
| Turnover is also derived from the company's principal activity of property development. Revenue comprises the fair value of the consideration received or receivable, net of applicable Value Added Tax, Stamp Duty Land Tax, rebates and discounts. Revenue is recognised in the income statement on legal completion of the sale of the property at the fair value of consideration received. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| MSBW Limited (Registered number: 10626402) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are held at the lower of cost and net realisable value. Costs comprise purchased property / land costs, direct materials and direct labour together with an apportionment of overhead incurred to bring the stocks to their present location and condition. Net realisable value represents estimated selling price less all estimated costs to sell, including sales and marketing costs. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Investments |
| Investments are initially recognised at cost. With the exception of investments which qualify as basic financial instruments which are accounted for in accordance with the accounting policy for financial instruments, investments are revalued at the balance sheet date to fair value with a gain or loss arising being reported through the income statement. |
| MSBW Limited (Registered number: 10626402) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | FIXED ASSET INVESTMENTS |
| 31.12.25 | 31.12.24 |
| £ | £ |
| Shares in group undertakings |
| Other investments not loans |
| Other loans |
| Additional information is as follows: |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2025 | 3,574,792 |
| Additions | 232,974 |
| Disposals | ( |
) | (292,427 | ) |
| Revaluations | 333,169 |
| At 31 December 2025 | 3,848,508 |
| NET BOOK VALUE |
| At 31 December 2025 | 3,848,508 |
| At 31 December 2024 | 3,574,792 |
| Cost or valuation at 31 December 2025 is represented by: |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| Valuation in 2025 | - | 157,281 | 157,281 |
| Cost | 2,000 | 3,689,227 | 3,691,227 |
| 2,000 | 3,846,508 | 3,848,508 |
| MSBW Limited (Registered number: 10626402) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| Other |
| loans |
| £ |
| At 1 January 2025 |
| New in year |
| At 31 December 2025 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2025 |
| and 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| At 31 December 2024 |
| Fair value at 31 December 2025 is represented by: |
| £ |
| Valuation in 2025 | 800,000 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.25 | 31.12.24 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.25 | 31.12.24 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| MSBW Limited (Registered number: 10626402) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 8. | PROVISIONS FOR LIABILITIES |
| 31.12.25 | 31.12.24 |
| £ | £ |
| Deferred tax | 125,113 | 88,708 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2025 |
| Provided during year |
| Balance at 31 December 2025 |
| 9. | RELATED PARTY DISCLOSURES |
| At the year end a total of £106,676 (2024: £2,160) was owed to the company from companies under common control. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |