| MIZRAHI ONE LIMITED |
| Registered number: |
11082602 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Investment Properties |
3 |
|
|
4,480,000 |
|
|
5,340,000 |
|
| Current assets |
| Debtors |
4 |
|
(1,052) |
|
|
(6,000) |
| Cash at bank and in hand |
|
|
288,663 |
|
|
162,766 |
|
|
|
287,611 |
|
|
156,766 |
|
| Creditors: amounts falling due within one year |
5 |
|
(289,329) |
|
|
(4,276,073) |
|
| Net Current Liabilities |
|
|
|
(1,718) |
|
|
(4,119,307) |
|
| Total assets less current liabilities |
|
|
|
4,478,282 |
|
|
1,220,693 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(4,000,000) |
|
|
- |
|
|
| Net Assets |
|
|
|
478,282 |
|
|
1,220,693 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2,000,000 |
|
|
2,000,000 |
| Fair value reserve |
8 |
|
|
(3,557,435) |
|
|
(2,697,435) |
| Profit and loss account |
|
|
|
2,035,717 |
|
|
1,918,128 |
|
| Shareholders' funds |
|
|
|
478,282 |
|
|
1,220,693 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Y L Mizrahi Bardavid |
| Director |
| Approved by the board on 23 May 2025 |
|
| MIZRAHI ONE LIMITED |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The accounts are prepared on a going concern basis, and the company has net current liablities at the balance sheet date. The directors having reviewed the required cash flow forecast for the next 12 months and the impact of the loan facilities falling due for repayment. The parent company and the ultimate benefical owner have agreed to continue to support the company as loan facilities fall due for repayment. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rental of investment properties and ancillary property cost recharges. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Investment Properties |
|
|
|
|
|
|
|
|
Investment Properties |
| £ |
|
Fair Value |
|
At 1 January 2024 |
5,340,000 |
|
Fair value loss on investment properties |
(860,000) |
|
At 31 December 2024 |
4,480,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 December 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
4,480,000 |
|
At 31 December 2023 |
5,340,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2024 |
|
2023 |
| £ |
£ |
|
Historical cost |
8,037,435 |
|
8,037,435 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
8,037,435 |
|
8,037,435 |
|
The investment properties were valued at 31 December 2024 and 31 December 2023 by the directors. The valuations were prepared by considering the aggregate of the net rents receivable from the properties and where relevant associated costs. A yield which reflects the specific risks inherent in the net cash flows is then applied to arrive at the property valuations. |
|
|
| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
(10,050) |
|
(6,000) |
|
Other debtors |
8,998 |
|
- |
|
|
|
|
|
|
(1,052) |
|
(6,000) |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans (secured) |
- |
|
2,646,393 |
|
Taxation and social security costs |
54,958 |
|
34,470 |
|
Other creditors |
234,371 |
|
1,595,210 |
|
|
|
|
|
|
289,329 |
|
4,276,073 |
|
|
|
|
|
|
|
|
|
|
Included in other creditors is accrued interest due to a director of £Nil (2023: £73,836) and to parent |
|
company of £126,192 (2023: £Nil). |
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Other creditors |
4,000,000 |
|
- |
|
|
|
|
|
|
4,000,000 |
|
- |
|
|
|
|
|
|
|
|
|
|
Included in other creditors is a loan from parent company of £4,000,000 (2023: £Nil) where interest is |
|
charged at a rate 7% per annum as at 31 December 2024. The loan is repayable in June 2029. |
|
| 7 |
Loans |
2024 |
|
2023 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
- |
|
2,646,393 |
|
|
|
|
|
|
|
|
|
|
The bank lender had a first charge over the property assets and a debenture over the Company as part its loan security arrangements. The loan carried interest at a rate of 2.1% above UK Base Rate. The loan was repaid in June 2024. |
|
|
| 8 |
Fair Value Reserve |
2024 |
|
2023 |
| £ |
£ |
|
|
At 1 January 2024 |
(2,697,435) |
|
(1,737,435) |
|
Fair value loss on investment properties |
(860,000) |
|
(960,000) |
|
|
At 31 December 2024 |
(3,557,435) |
|
(2,697,435) |
|
|
|
|
|
|
|
|
|
|
| 9 |
Controlling party |
|
|
At the balance sheet date, the parent company is MIM (Mizrahi Investments Malta) Limited, a company incorporated in Malta. Its registered office is 93 Mill Street, Zone 5, Central Business District, Qormi, Malta. In the opinion of the directors, the ultimate controlling party of the company is Y L Mizrahi Bardavid by virtue of his majority shareholding in the parent undertaking. |
|
| 10 |
Other information |
|
|
Mizrahi One Limited is a private company limited by shares and incorporated in England. Its registered office is Building 3, North London Business Park, Oakleigh Road South, London N11 1GN. |