REGISTERED NUMBER: |
MFP Real Estate (UK) Limited |
Financial Statements |
for the Year Ended 31 July 2024 |
REGISTERED NUMBER: |
MFP Real Estate (UK) Limited |
Financial Statements |
for the Year Ended 31 July 2024 |
MFP Real Estate (UK) Limited (Registered number: 06644669) |
Contents of the Financial Statements |
for the year ended 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MFP Real Estate (UK) Limited |
Company Information |
for the year ended 31 July 2024 |
Directors: |
Registered office: |
Registered number: |
MFP Real Estate (UK) Limited (Registered number: 06644669) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Creditors |
Amounts falling due within one year | 5 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 6 |
Retained earnings | 7 | ( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MFP Real Estate (UK) Limited (Registered number: 06644669) |
Notes to the Financial Statements |
for the year ended 31 July 2024 |
1. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
The company has not traded throughout the year. |
Critical accounting judgements and estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(a) Critical judgements in applying the Company's accounting policies |
The Company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the Company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
(b) Key accounting estimates and assumptions |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the Company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Financial instruments |
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price. |
Trade receivables are assets due for services that have been acquired in the ordinary course of business from suppliers. Accounts receivables are classified as current assets if receipt is expected within one year or less. If not, they are presented as non-current assets. Trade receivables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
2. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
3. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Called up share capital not paid |
MFP Real Estate (UK) Limited (Registered number: 06644669) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
4. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Accruals and deferred income |
5. | Called up share capital |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Share capital 1 | £1 | 100 | 100 |
6. | Reserves |
Retained |
earnings |
£ |
At 1 August 2023 | ( |
) |
Profit for the year |
At 31 July 2024 | ( |
) |
7. | Related party disclosures |
At the balance sheet date the company owed MFP Real Estate LLC £796,220 (2023 - £796,220). |
8. | Ultimate controlling party |
MFP Real Estate LLC (incorporated in USA) is regarded by the directors as being the company's ultimate parent company. |