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Registered number: 13834677










MFP BABYLON LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MFP BABYLON LIMITED
REGISTERED NUMBER: 13834677

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
27,849,608
11,837,208

Debtors: Amounts falling due within one year
 5 
2,602,181
3,482,605

Cash at bank and in hand
 6 
984,879
414,598

  
31,436,668
15,734,411

Creditors: Amounts falling due within one year
 7 
(32,351,011)
(16,200,000)

Net current liabilities
  
 
 
(914,343)
 
 
(465,589)

Total assets less current liabilities
  
(914,343)
(465,589)

  

Net liabilities
  
(914,343)
(465,589)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(914,443)
(465,689)

  
(914,343)
(465,589)


Page 1

 
MFP BABYLON LIMITED
REGISTERED NUMBER: 13834677
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 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 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 by: 




................................................
W K D Laxton
Director

Date: 19 September 2024

Page 2

 
MFP BABYLON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MFP Babylon Limited is a private limited company, limited by shares, registered in England and Wales, registration number 13834677. The registered office and trading address is 2 Babmaes Street, London, United Kingdom, SW1Y 6HD.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements for the Company have been prepared on a going concern basis. The Company recorded a loss after tax for the financial year of £448,753 and had net liabilities of £914,343 at the date of the Statement of Financial Position.
After reviewing the Company's forecasts and projections the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next twelve months following approval of these financial statements.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Borrowing costs

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

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 3

 
MFP BABYLON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. 

 
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.


3.


Employees




The average monthly number of employees, including directors, during the year was 0 (2022 - 0).


4.


Stocks

2023
2022
£
£

Property for development
27,849,608
11,837,208



5.


Debtors

2023
2022
£
£


Other debtors
2,602,181
3,482,605



6.


Cash

2023
2022
£
£

Cash at bank and in hand
984,879
414,598


Page 4

 
MFP BABYLON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
12,585,881
-

Amounts owed to group undertakings
19,765,130
16,200,000

32,351,011
16,200,000


The intercompany loan is repayable on demand and interest free.


8.


Controlling party

The immediate parent company is MFP Babylon Holdings Limited and the ultimate parent company is Mactaggart Heritable Limited, both of which are registered in England and Wales. Mactaggart Heritable Limited produces consolidated financial statements that are available to the public, from Registrar of Companies at Companies House.
The directors consider there to be no ultimate controlling party.

Page 5