ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-30true2No description of principal activityfalse2022-07-011falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI679205 2022-07-01 2023-06-30 NI679205 2021-05-12 2022-06-30 NI679205 2023-06-30 NI679205 2022-06-30 NI679205 c:Director1 2022-07-01 2023-06-30 NI679205 c:Director2 2022-07-01 2023-06-30 NI679205 d:FreeholdInvestmentProperty 2022-07-01 2023-06-30 NI679205 d:FreeholdInvestmentProperty 2023-06-30 NI679205 d:CurrentFinancialInstruments 2023-06-30 NI679205 d:CurrentFinancialInstruments 2022-06-30 NI679205 d:Non-currentFinancialInstruments 2023-06-30 NI679205 d:Non-currentFinancialInstruments 2022-06-30 NI679205 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 NI679205 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 NI679205 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 NI679205 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 NI679205 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 NI679205 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 NI679205 d:ShareCapital 2023-06-30 NI679205 d:ShareCapital 2022-06-30 NI679205 d:RetainedEarningsAccumulatedLosses 2023-06-30 NI679205 d:RetainedEarningsAccumulatedLosses 2022-06-30 NI679205 c:FRS102 2022-07-01 2023-06-30 NI679205 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 NI679205 c:FullAccounts 2022-07-01 2023-06-30 NI679205 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI679205 6 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: NI679205

MKB PROPCO LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

MKB PROPCO LTD

REGISTERED NUMBER: NI679205

BALANCE SHEET

AS AT 30 JUNE 2023

		2023		2022
Note		£		£

Fixed assets
Investment property		1,000,000		-
		1,000,000		-
Current assets
Debtors	8		-
Cash at bank and in hand	35,640		1
	35,648		1
Creditors: amounts falling due within one year	(54,117)		-
Net current (liabilities)/assets		(18,469)		1
Total assets less current liabilities		981,531		1
Creditors: amounts falling due after more than one year		(219,373)		-

Net assets		762,158		1

Capital and reserves
Called up share capital	8	1
Profit and loss account	762,150	-
	762,158	1

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MKB PROPCO LTD

REGISTERED NUMBER: NI679205

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2023

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 statement of comprehensive income 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 13 December 2023.

Gordon McElroy	Anne-Marie Kelly
Director	Director

The notes on pages 3 to 6 form part of these financial statements.

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MKB PROPCO LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

1.	General information

MKB PropCo Limited is a private company limited by shares incorporated in Northern Ireland within the United Kingdom. The registration number and address of the registered office are given in the company information section of these financial statements.
The presentation currency is Sterling.

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 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 following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

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.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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MKB PROPCO LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

2.5

Taxation

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.

2.6

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.8

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.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 4

MKB PROPCO LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

3.	Fixed asset investments

		Investments in subsidiary companies
		£

	Additions	110
	Disposals	(110)
	At 30 June 2023	-

4.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	1,000,000
	At 30 June 2023	1,000,000

The investment property was acquired during the year as part of a corporate restructuring process. The directors believe that the fair value of the property has not changed significantly since acquisition. This assumption is based upon consultation with external property advisers.

5.	Cash and cash equivalents
		2023	2022
		£	£

Cash at bank and in hand	35,640	1
	35,640	1

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MKB PROPCO LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

6.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Bank loans	36,507	-
Corporation tax	14,615	-
Other taxation and social security	2,995	-
	54,117	-

7.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

Bank loans	219,373	-
	219,373	-

Bank loans are secured as follows:
i. Fixed and floating charge over all company assets
ii. Unlimited guarantee provided by the company and another company under common control
iii. Fixed and floating charge over all assets of another company under common control

Amounts falling due within one year
Bank loans	36,507	-
	36,507	-

Amounts falling due 2-5 years
Bank loans	219,373	-
	219,373	-

	255,880	-

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