Mount Finance Corporation Limited
Unaudited Financial Statements
For the year ended 31 July 2023
Pages for Filing with Registrar
Company Registration No. 10852391 (England and Wales)
Mount Finance Corporation Limited
Company Information
Director
S Delnard
Company number
10852391
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Mount Finance Corporation Limited
Balance Sheet
As at 31 July 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
38,971,086
35,379,955
Current assets
Debtors
4
334,308
334,015
Cash at bank and in hand
3,394
148,734
337,702
482,749
Creditors: amounts falling due within one year
5
(26,009,773)
(22,366,673)
Net current liabilities
(25,672,071)
(21,883,924)
Total assets less current liabilities
13,299,015
13,496,031
Creditors: amounts falling due after more than one year
6
(13,850,000)
(13,850,000)
Net liabilities
(550,985)
(353,969)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(551,985)
(354,969)
Total equity
(550,985)
(353,969)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 April 2024
S Delnard
Director
Mount Finance Corporation Limited
Balance Sheet (Continued)
As at 31 July 2023
Page 2
Company Registration No. 10852391
Mount Finance Corporation Limited
Notes to the Financial Statements
For the year ended 31 July 2023
Page 3
1
Accounting policies
Company information
Mount Finance Corporation Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. At the year end the company has net liabilities of £550,985 (2022: £353,969) and net current liabilities of £25,672,071 (2022: £21,883,924). Included within other creditors is a balance of £18,099,900 (2022: £17,999,900) which represents a debt on a cash facility agreement. The agreement allows borrowing up to £20,000,000 to finance the operations of the company, with no set repayment date. The loan is therefore classified as short term however the facility will not be recalled if to do so will jeopardise the going concern of the business.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Mount Finance Corporation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year 2023 was nil (2022: nil).
3
Investment property
2023
£
Fair value
At 1 August 2022
35,379,955
Additions
3,591,131
At 31 July 2023
38,971,086
The property was valued on an open market basis on 31 July 2022 by the director.
4
Debtors
2023
2022
as restated
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
18,116
18,116
Other debtors
3,995
3,702
22,111
21,818
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
312,197
312,197
Total debtors
334,308
334,015
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
457,648
1,020
Other creditors
25,539,337
22,353,753
Accruals and deferred income
12,788
11,900
26,009,773
22,366,673
Mount Finance Corporation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 5
6
Creditors: amounts falling due after more than one year
2023
2022
as restated
£
£
Bank loans and overdrafts
13,850,000
13,850,000
The loan is secured by a fixed and floating charge over the assets of the company.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Related party transactions
Included within debtors is the amount £18,116 (2022: £18,116), due from the parent company.
Included within other creditors is the amount of £7,549,437 (2022: £4,353,853) due to the parent company.
Included within other creditors is the amount of £18,099,900 (2022: £17,999,900) due to ICCM Limited, a connected company.
9
Parent company
The controlling party and ultimate parent company is Ginza Property S.A., a company registered in Luxembourg, owning 90% of the share capital in the company. The parent company operates from 18, rue Robert Stümper, L - 2557 Luxembourg.
The 10% shareholder is ICCM Limited, a company registered in UAE.