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Company No: 02716513 (England and Wales)

MFM LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MFM LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MFM LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
MFM LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS M K Fenwick
M A Fenwick
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 02716513 (England and Wales)
BANKERS Lloyds Private Banking Limited
50 Grosvenor Street
Mayfair
London
W1K 3LF
MFM LIMITED

BALANCE SHEET

As at 31 December 2023
MFM LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 12,392,076 12,251,619
12,392,076 12,251,619
Current assets
Debtors 4 41,731 881,347
Cash at bank and in hand 179,976 301,300
221,707 1,182,647
Creditors: amounts falling due within one year 5 ( 267,683) ( 991,968)
Net current (liabilities)/assets (45,976) 190,679
Total assets less current liabilities 12,346,100 12,442,298
Net assets 12,346,100 12,442,298
Capital and reserves
Called-up share capital 100 100
Profit and loss account 12,346,000 12,442,198
Total shareholders' funds 12,346,100 12,442,298

For the financial 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 financial statements of MFM Limited (registered number: 02716513) were approved and authorised for issue by the Board of Directors on 03 October 2024. They were signed on its behalf by:

M A Fenwick
Director
MFM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MFM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

MFM Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts invoiced, excluding VAT, in respect of services provided to customers. Turnover is recognised in the period in which services are provided.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 years straight line
Fixtures and fittings 5 years straight line
Office equipment 3 years straight line

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 4 3

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 12,198,773 60,060 98,930 50,648 12,408,411
Additions 131,921 0 21,743 2,788 156,452
At 31 December 2023 12,330,694 60,060 120,673 53,436 12,564,863
Accumulated depreciation
At 01 January 2023 0 32,051 92,113 32,628 156,792
Charge for the financial year 0 2,890 3,571 9,534 15,995
At 31 December 2023 0 34,941 95,684 42,162 172,787
Net book value
At 31 December 2023 12,330,694 25,119 24,989 11,274 12,392,076
At 31 December 2022 12,198,773 28,009 6,817 18,020 12,251,619

4. Debtors

2023 2022
£ £
Trade debtors 0 148
Accrued income 0 830,634
Other debtors 41,731 50,565
41,731 881,347

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 3,474
Corporation tax 119,522 158,048
Other taxation and social security 84,319 146,088
Other creditors 63,842 684,358
267,683 991,968

6. Related party transactions

Transactions with the entity's directors

During the year, the company repaid loans made from the directors amounting to £630,178 (2022 - 202,859), the loans are interest free and repayable upon demand. At the balance sheet date, the amount due to the directors was £27,413 (2022 - £657,591).