0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06336077 2023-01-01 2023-12-31 06336077 2023-12-31 06336077 2022-12-31 06336077 2022-01-01 2022-12-31 06336077 2022-12-31 06336077 2021-12-31 06336077 bus:Director2 2023-01-01 2023-12-31 06336077 core:WithinOneYear 2023-12-31 06336077 core:WithinOneYear 2022-12-31 06336077 core:ShareCapital 2023-12-31 06336077 core:ShareCapital 2022-12-31 06336077 core:RetainedEarningsAccumulatedLosses 2023-12-31 06336077 core:RetainedEarningsAccumulatedLosses 2022-12-31 06336077 bus:SmallEntities 2023-01-01 2023-12-31 06336077 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06336077 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06336077 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06336077 bus:FullAccounts 2023-01-01 2023-12-31 06336077 core:OtherRelatedParties 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 06336077
MML Investments Limited
Filleted Unaudited Financial Statements
31 December 2023
MML Investments Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Stocks
3,035,854
2,827,825
Debtors
4
454,829
459,144
Cash at bank and in hand
89,005
44,765
------------
------------
3,579,688
3,331,734
Creditors: amounts falling due within one year
5
4,163,515
3,777,742
------------
------------
Net current liabilities
583,827
446,008
---------
---------
Total assets less current liabilities
( 583,827)
( 446,008)
---------
---------
Net liabilities
( 583,827)
( 446,008)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 583,927)
( 446,108)
---------
---------
Shareholders deficit
( 583,827)
( 446,008)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
D Lakhani
Director
Company registration number: 06336077
MML Investments Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 80 Commercial Square, LE2 7SR, Leicester.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is dependent upon continuing financial support being made available by the shareholders to enable the company to continue in operation as a going concern and meet its liabilities as they fall due. In view of the above arrangement, the directors are satisfied for the forseeable future, being a period of twelve months from the date of these financial statements that the company has sufficient resources to enable it to continue in operation as a going concern to meet its liabilities as they fall due for payment.
Deferred taxation
A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing differences. Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Stocks
Stocks which comprises of development properties are valued at the lower of cost and estimated net realisable value. Stock includes principally the property cost, construction costs, project management costs and all associated costs incurred during the course of development. Net realisable value is the price at which the stock can be realised in the normal course of business, less further costs to completion of sale. Interest and loan arrangement fees payable to acquire properties for resale is written off as incurred.
4. Debtors
2023
2022
£
£
Other debtors
454,829
459,144
---------
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
4,163,515
3,777,742
------------
------------
Other creditors includes a loan of £3,600,000 (2022: £3,600,000) which is interest bearing an interest of 4% per annum. The loan was repayable by 20 September 2022. The loan is being rolled over on the same terms with no confirmed payment date.
6. Related party transactions
At the balance sheet date, the company owed £560,815 (2022: £145,105) to M Lakhani, the ultimate shareholder of the company .