MML INC. LIMITED

Company Registration Number:
05304042 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

MML INC. LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

MML INC. LIMITED

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 1,713,105 1,714,027
Total fixed assets: 1,713,105 1,714,027
Current assets
Debtors:   16,748 22,041
Cash at bank and in hand: 14,965 21,034
Total current assets: 31,713 43,075
Creditors: amounts falling due within one year: 4 (1,974,752) (1,934,003)
Net current assets (liabilities): (1,943,039) (1,890,928)
Total assets less current liabilities: (229,934) (176,901)
Total net assets (liabilities): (229,934) (176,901)
Capital and reserves
Called up share capital: 3 3
Profit and loss account: (229,937) (176,904)
Shareholders funds: (229,934) (176,901)

The notes form part of these financial statements

MML INC. LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 24 September 2024
and signed on behalf of the board by:

Name: Mr D Lebbe
Status: Director

The notes form part of these financial statements

MML INC. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Tangible fixed assets and depreciation policy

Depreciation is not provided on land and buildings.

Other accounting policies

Going concern MML Inc. Limited holds the long leasehold on a commercial property. Until June 2018 this was sublet to Knightsbridge Dry Cleaners Limited, a company controlled by the shareholders of MML Inc. Limited. In 2018 Knightsbridge Dry Cleaners Limited entered into voluntary liquidation. At the date of this report the Company is seeking to sublet the commercial property and to sell the long leasehold. Following a sale of the long leasehold the Company will repay the shareholder loans and then enter into voluntary liquidation. The main Company asset is the long leasehold, shown at cost. In the opinion of the director there is no requirement to revalue this asset in light of the circumstances set out above. At 31 December 2023 the Company had negative equity. The main creditors are loans owed to shareholders which increased by £45,000 in the period under review in order to support the Company. The shareholders and director undertake to support the Company until the long leasehold is sold.

MML INC. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 0 0

MML INC. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible Assets

Total
Cost £
At 01 January 2023 1,714,950
At 31 December 2023 1,714,950
Depreciation
At 01 January 2023 923
Charge for year 922
At 31 December 2023 1,845
Net book value
At 31 December 2023 1,713,105
At 31 December 2022 1,714,027

Included within Tangible fixed assets are Land and buildings £1,711,260 (2022 - £1,711,260) which comprise the costs of acquiring a 999 year lease on a commercial property, which commenced on 10 December 2004 and expires on 9 December 3003. The Director is of the opinion that a fair value cannot be measured reliably and so the property is included under Tangible fixed assets. The Director is of the opinion that there has been no impairment in value.

MML INC. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Creditors: amounts falling due within one year note

Creditors - amounts falling due within one year comprise Trade creditors £10,041 (2022 - £14,097) and Other creditors £1,964,711 (2022 - £1,919,906).

MML INC. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Related party transactions

Name of the related party: Mrs M Lebbe
Relationship:
Shareholder
Description of the Transaction: During the year Mrs M Lebbe, a shareholder of the company, provided an additional loan of £45,000. At 31 December 2023 shareholder loans to the Company totalled £1,591,459 (2022 - £1,546,459. No interest arises on the loan and it is repayable on demand. This amount is included in Other Creditors.
£
Balance at 01 January 2023 1,546,459
Balance at 31 December 2023 1,591,459
Name of the related party: Mr D Lebbe
Relationship:
Director and Shareholder
Description of the Transaction: At 31 December 2023 Director loans to the Company totalled £372,359 (2022 - £372,359). No interest arises on the loan and it is repayable on demand. This amount is included within Other Creditors.
£
Balance at 01 January 2023 372,359
Balance at 31 December 2023 372,359
Name of the related party: 71 Egerton Gardens Limited
Relationship:
Freeholder
Description of the Transaction: Mrs M Lebbe is a shareholder and Mr D Lebbe is a director of 71 Egerton Gardens Limited. At 31 December 2023, 71 Egerton Gardens Limited owed the Company £6,346 (2022 - £6,346) from transactions arising in previous periods. This amount is included in Debtors.
£
Balance at 01 January 2023 6,346
Balance at 31 December 2023 6,346