MM INVESTMENTS (NO. 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
MM Investments (No. 1) Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 21-23 Easton Street, High Wycombe, Buckinghamshire, United Kingdom, HP11 1NT.
The company specialises in investment in real estate.
2.Accounting policies
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Basis of preparation of financial statements
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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 financial statements have been prepared on a going concern basis, notwithstanding the net current liabilities of £55,578 (2023 - £55,578) at the Statement of financial position date. The directors have provided an undertaking that they will support the company for the foreseeable future to enable the company's liabilities to be met as they fall due, and specifically for a period of not less than 12 months from the date of signing of these financial statements. On this basis, the directors believe that the preparation of the accounts on a going concern basis is appropriate.
Investment properties are held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost. At each Statement of financial position date, properties are measured at fair value with changes in fair value recognised in the Statement of comprehensive income.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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