Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseThe company's principal activity is that of a liaison office.22falsetrue 05851956 2023-01-01 2023-12-31 05851956 2022-01-01 2022-12-31 05851956 2023-12-31 05851956 2022-12-31 05851956 c:Director1 2023-01-01 2023-12-31 05851956 d:FurnitureFittings 2023-01-01 2023-12-31 05851956 d:FurnitureFittings 2023-12-31 05851956 d:FurnitureFittings 2022-12-31 05851956 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05851956 d:OfficeEquipment 2023-12-31 05851956 d:OfficeEquipment 2022-12-31 05851956 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05851956 d:ComputerEquipment 2023-01-01 2023-12-31 05851956 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05851956 d:CurrentFinancialInstruments 2023-12-31 05851956 d:CurrentFinancialInstruments 2022-12-31 05851956 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05851956 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05851956 d:ShareCapital 2023-12-31 05851956 d:ShareCapital 2022-12-31 05851956 d:RetainedEarningsAccumulatedLosses 2023-12-31 05851956 d:RetainedEarningsAccumulatedLosses 2022-12-31 05851956 c:OrdinaryShareClass1 2023-01-01 2023-12-31 05851956 c:OrdinaryShareClass1 2023-12-31 05851956 c:FRS102 2023-01-01 2023-12-31 05851956 c:Audited 2023-01-01 2023-12-31 05851956 c:FullAccounts 2023-01-01 2023-12-31 05851956 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05851956 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05851956 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05851956














MID MEDITERRANEAN CORPORATION LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2023

 
MID MEDITERRANEAN CORPORATION LTD
 

CONTENTS



Page
Statement of financial position
 
1
Notes to the financial statements
 
2 - 6


 
MID MEDITERRANEAN CORPORATION LTD
REGISTERED NUMBER:05851956

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
172
257

Current assets
  

Debtors: amounts falling due within one year
 5 
2,169
1,601

Cash at bank and in hand
  
3,609
7,818

  
5,778
9,419

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(271,889)
(296,222)

Net current liabilities
  
 
 
(266,111)
 
 
(286,803)

  

Net liabilities
  
(265,939)
(286,546)


Capital and reserves
  

Called up share capital 
 7 
1,000
1,000

Profit and loss account
  
(266,939)
(287,546)

  
(265,939)
(286,546)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 profit and loss account 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 19 September 2024.




Y Ran
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
MID MEDITERRANEAN CORPORATION LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Mid Mediterranean Corporation Ltd is a private limited liability company registered in England and Wales. Its registered office and business address is 135 Holland Park Avenue, London, W11 4UT.
The company's principal activity is that of a liaison office.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the reporting date, the company has net current liabilities and net liabilities. The director has obtained assurance from Suez Group Finance Limited, the previous shareholder of the company, that they have no intention to recall their loan during the next 12 months, so that the company will be able to carry on trading and meet its financial obligations as and when they fall due for a period of at least twelve months from the date of approval of these financial statements. On this basis, the director considers it appropriate to prepare these financial statements on a going concern basis.

 
2.3

Foreign currency translation

The company's functional and presentational currency is £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non - monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non - money items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of management fees received or receivable.
Income from the provision of support services is recognised when the services are provided.

Page 2

 
MID MEDITERRANEAN CORPORATION LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Fixtures and fittings
-
25%
on cost
Computer equipment
-
25%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.6

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as other debtors, other creditors, cash at bank and in hand, and loans from related parties.
Other debtors are recognised initially at the transaction price less attributable transaction costs. Other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of  other debtors.
Cash at bank and in hand comprise cash balances and call deposits.

Page 3

 
MID MEDITERRANEAN CORPORATION LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

Tax is recognised in the Statement of Comprehensive Income, 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 Statement of Financial Position date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 4

 
MID MEDITERRANEAN CORPORATION LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 January 2023
576
3,209
3,785



At 31 December 2023

576
3,209
3,785



Depreciation


At 1 January 2023
576
2,952
3,528


Charge for the year on owned assets
-
85
85



At 31 December 2023

576
3,037
3,613



Net book value



At 31 December 2023
-
172
172



At 31 December 2022
-
257
257


5.


Debtors

2023
2022
£
£


Other debtors
1,949
1,381

Prepayments and accrued income
220
220

2,169
1,601



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,113
4,114

Taxation and social security
846
844

Other creditors
257,830
285,464

Accruals and deferred income
6,100
5,800

271,889
296,222


Page 5

 
MID MEDITERRANEAN CORPORATION LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1 each
1,000
1,000



8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

Material uncertainty related to going concern
We draw attention to note 2.2 in the financial statements, which indicates that the company has net current liabilities and net liabilities at the reporting date and, in order to continue trading, is reliant on the continuing financial support of Suez Group Finance Limited. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 19 September 2024 by Martyn Atkinson FCA (Senior statutory auditor) on behalf of Sopher + Co LLP.

 
Page 6