Mount Finance Corporation Limited
Unaudited Financial Statements
For the year ended 31 July 2024
Pages for Filing with Registrar
Company Registration No. 10852391 (England and Wales)
Mount Finance Corporation Limited
Company Information
Director
I Feger
(Appointed 24 September 2024)
Company number
10852391
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Mount Finance Corporation Limited
Balance Sheet
As at 31 July 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
41,584,081
38,971,086
Current assets
Debtors
4
520,314
334,308
Cash at bank and in hand
446,395
3,394
966,709
337,702
Creditors: amounts falling due within one year
5
(30,452,287)
(26,009,773)
Net current liabilities
(29,485,578)
(25,672,071)
Total assets less current liabilities
12,098,503
13,299,015
Creditors: amounts falling due after more than one year
6
(12,850,000)
(13,850,000)
Net liabilities
(751,497)
(550,985)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(752,497)
(551,985)
Total equity
(751,497)
(550,985)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Mount Finance Corporation Limited
Balance Sheet (Continued)
As at 31 July 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
I Feger
Director
Company Registration No. 10852391
Mount Finance Corporation Limited
Notes to the Financial Statements
For the year ended 31 July 2024
Page 3
1
Accounting policies
Company information

Mount Finance Corporation Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. At the year end the company has net liabilities of £751,497 (2023: £550,985) and net current liabilities of £29,485,578 (2023: £25,672,071). Included within other creditors is a balance of £18,099,900 (2023: £18,099,900) which represents a debt on a cash facility agreement. The agreement allows borrowing up to £20,000,000 to finance the operations of the company, with no set repayment date. The loan is therefore classified as short term however the facility will not be recalled if to do so will jeopardise the going concern of the business.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Mount Finance Corporation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
Page 4
2
Employees

The average monthly number of persons (including directors) employed by the company during the year 2024 was nil (2023: nil).

 

3
Investment property
2024
£
Fair value
At 1 August 2023
38,971,086
Additions
2,612,995
At 31 July 2024
41,584,081

The property was valued on an open market basis on 31 July 2022 by the director.

 

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
18,116
18,116
Prepayments and accrued income
4,260
3,995
22,376
22,111
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
497,938
312,197
Total debtors
520,314
334,308
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
184,624
457,648
Other creditors
30,254,665
25,539,337
Accruals and deferred income
12,998
12,788
30,452,287
26,009,773
Mount Finance Corporation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
Page 5
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,850,000
13,850,000

The loan is secured by a fixed and floating charge over the assets of the company.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Related party transactions

Included within debtors is the amount £18,116 (2023: £18,116), due from the parent company.

 

Included within other creditors is the amount of £7,332,659 (2023: £7,549,437) due to the parent company.

 

Included within other creditors is the amount of £18,099,900 (2023: £18,099,900) due to ICCM Limited, a connected company.

 

Included within other creditors is the amount of £4,822,106 (2023: £nil) due to Building Materials Investment, a connected company.

9
Parent company

The controlling party and ultimate parent company is Ginza Property S.A., a company registered in Luxembourg, owning 90% of the share capital in the company. The parent company operates from 18, rue Robert Stümper, L - 2557 Luxembourg.

 

From 9th July 2023, the 10% shareholder was Building Material Investment S.A., a company registered in Luxembourg. This was previously ICCM Limited.

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