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MRB RESIDENTIAL LIMITED

Registered Number
07772188
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

MRB RESIDENTIAL LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

PANG, Dayong
POON, Yick Pang Philip

Registered Address

9 Buckingham Gate
London
SW1E 6JP

Registered Number

07772188 (England and Wales)
MRB RESIDENTIAL LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investments42,127,7782,127,778
2,127,7782,127,778
Current assets
Debtors30,445,85930,445,859
30,445,85930,445,859
Creditors amounts falling due within one year5(18,080,121)(18,074,175)
Net current assets (liabilities)12,365,73812,371,684
Total assets less current liabilities14,493,51614,499,462
Creditors amounts falling due after one year6(50,461,248)(50,461,248)
Net assets(35,967,732)(35,961,786)
Capital and reserves
Called up share capital11
Profit and loss account(35,967,733)(35,961,787)
Shareholders' funds(35,967,732)(35,961,786)
The financial statements were approved and authorised for issue by the Board of Directors on 27 December 2024, and are signed on its behalf by:
PANG, Dayong
Director
Registered Company No. 07772188
MRB RESIDENTIAL LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After making enquiries and bearing in mind the nature of the company’s business and assets, the directors consider that the company has adequate resources to continue in operational existence for the foreseeable future. The ultimate parent (Tai United Holdings Limited) of the company has provided a letter of support confirming that it will make funds available to the company to enable the company to meet its obligations and liabilities as they fall due to the extent the company itself is unable to meet such obligations and liabilities in the twelve months following the date of signing the financial statements. Having reviewed the company’s financial activities and support from the ultimate parent company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.Average number of employees

20232022
Average number of employees during the year02
3.Impairment of tangible fixed assets
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment. An impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in statement of comprehensive income. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed statement of comprehensive income.
4.Fixed asset investments
The subsidiary undertaking is incorporated in England and Wales and registered office and principal place of business is Chase Business Centre, 39-41 Chase Side, London, N14 5BP. The company's share of interest in MRB Residential Partners LLP is 78.125% and principal activity of MRB Residential Partners LLP is that of property development.

Total

£
Cost or valuation
At 01 January 232,127,778
At 31 December 232,127,778
Net book value
At 31 December 232,127,778
At 31 December 222,127,778
5.Creditors: amounts due within one year

2023

2022

££
Amounts owed to related parties18,070,34118,069,975
Accrued liabilities and deferred income9,7804,200
Total18,080,12118,074,175
6.Creditors: amounts due after one year

2023

2022

££
Amounts owed to related parties50,461,24850,461,248
Total50,461,24850,461,248
The loan notes payable to Wide Flourish Investments Limited are as follows: A loan notes together with the capitalised and accrued interest to that date, amounting to £20,015,389 (2022: £20,015,389). Interest on the A loan notes is compounded semi-annually in arrears on 30 June and 31 December. Interest in accrued at a rate of 10% per annum. However, there was no interest charged during the year. The A loan notes are unsecured. B loan notes together with the capitalised and accrued interest to that date, amounting to £30,445,859 (2022: £30,445,859). Interest on the A loan notes is compounded quarterly in arrears. Interest in accrued at a rate of 20% per annum. However, there was no interest charged during the year. The B loan notes are unsecured.
7.Events after reporting date
The directors have evaluated the subsequent events from the date of the financial statements through to the date the financial statements were available to be issued. There were no subsequent events identified which required accrual or disclosure in these financial statements.
8.Related party transactions
The company has taken advantage of the exemptions under FRS 102 Section 33.1A and has not disclosed transactions with fellow group undertakings.
9.Controlling party
In the opinion of the directors, the immediate parent company is Wide Flourish Investments Limited and the ultimate controlling party is Tai United Holdings Limited.The largest and smallest group in which the results of the company are consolidated is that headed by Tai United Holdings Limited, incorporated in Bermuda. The consolidated financial statements of these groups may be obtained from Room 4202-03A, 42/F., China Resources Building, 26 Harbour Road, Wan Chai, Hong Kong.
10.Further information regarding the company's financial position
Security The company was entered as an additional guarantor of a loan Facility Agreement held with MRB Residential Partners LLP (the Subsidiary). The Bank of East Asia Limited has a cross company fixed floating and first legal charge over 6,7, 8-9 Buckingham gate, London SW1E 6JP.