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REGISTERED NUMBER: 10648200 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

MDPL (Kingston) Limited

MDPL (Kingston) Limited (Registered number: 10648200)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MDPL (Kingston) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Simon Hall





SECRETARY: BG Secretary Services Limited





REGISTERED OFFICE: c/o BG Group
6 King Street
Frome
Somerset
BA11 1BH





REGISTERED NUMBER: 10648200 (England and Wales)






MDPL (Kingston) Limited (Registered number: 10648200)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 77 97

CURRENT ASSETS
Stocks 5 9,338,926 9,338,926
Debtors 6 400 1,879
Cash at bank 4,612 57,855
9,343,938 9,398,660
CREDITORS
Amounts falling due within one year 7 11,970 83,405
NET CURRENT ASSETS 9,331,968 9,315,255
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,332,045

9,315,352

CREDITORS
Amounts falling due after more than one
year

8

9,463,189

9,443,389
NET LIABILITIES (131,144 ) (128,037 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (131,244 ) (128,137 )
SHAREHOLDERS' FUNDS (131,144 ) (128,037 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MDPL (Kingston) Limited (Registered number: 10648200)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





Simon Hall - Director


MDPL (Kingston) Limited (Registered number: 10648200)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

MDPL (Kingston) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date of the financial statements were approved. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

The company is funded by way of intercompany borrowings administered by its parent undertakings, Millenial Development Projects Limited. As a result, the company is dependent on the ongoing support of the parent company to meet its debts and other financial obligations as they fall due. Millenial Development Projects Limited has pledged to support the company for a period of at least 12 months from the date of approval of these financial statements. The director therefore considers it appropriate to prepare these accounts on a going concern basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment - 20% reducing balance

Stocks and work in progress
Work in progress consists of freehold land and buildings which have been acquired for development and ultimate resale.

Work in progress is stated at the lower of cost and net realisable value. Costs consist of all direct costs including purchase price, legal and professional fees, borrowing costs and property development costs. Net realisable value is based on estimated selling price allowing for all further costs of completion and disposal.

At each reporting date, an assessment is made for impairment. any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.


MDPL (Kingston) Limited (Registered number: 10648200)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MDPL (Kingston) Limited (Registered number: 10648200)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

Cash at bank and in hand
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023
and 31 December 2023 189
DEPRECIATION
At 1 January 2023 92
Charge for year 20
At 31 December 2023 112
NET BOOK VALUE
At 31 December 2023 77
At 31 December 2022 97

5. STOCKS
31.12.23 31.12.22
£    £   
Stocks 9,338,926 9,338,926

Stocks relate to development property work in progress.

MDPL (Kingston) Limited (Registered number: 10648200)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 400 1,879

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 7,249 2,535
Taxation and social security 471 -
Other creditors 4,250 80,870
11,970 83,405

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 9,463,189 9,443,389

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
82 A Ordinary Shares £1 82 82
18 B Ordinary Shares £1 18 18
100 100

The company has two classes of ordinary shares described as follows:

Each 'A' share has full rights in the company with respect to voting, dividends and distributions.

Each 'B' share has full rights in the company with respect to voting (apart from those matters stated in the Articles being reserved for 'A' ordinary shareholders), dividends and distributions.

10. RELATED PARTY DISCLOSURES

The company has unsecured loans in the amount of £9,463,189 with the parent company, Millenial Development Projects Limited. The loans are unsecured and repayable on demand in accordance with the facility agreement with the parent company.

11. PARENT COMPANY

The company is a wholly owned subsidiary of Millenial Development Projects Limited, a company registered in Gibraltar with company number 116785 whose registered office is at World Trade Center, 6 Bayside Road, Gibraltar GX11 1AA.