Registered number
13648322
MIM London Limited
Filleted Accounts
31 December 2024
MIM London Limited
Registered number: 13648322
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,612,500 3,880,000
Current assets
Debtors 4 1,968 15,468
Cash at bank and in hand 225,325 175,367
227,293 190,835
Creditors: amounts falling due within one year 5 (239,249) (255,824)
Net current liabilities (11,956) (64,989)
Total assets less current liabilities 3,600,544 3,815,011
Creditors: amounts falling due after more than one year 6 (3,593,700) (3,544,900)
Provisions for liabilities - (32,352)
Net assets 6,844 237,759
Capital and reserves
Called up share capital 100,000 100,000
Fair value reserve 7 (138,091) 129,409
Profit and loss account 44,935 8,350
Shareholders' funds 6,844 237,759 -
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
MIM London 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).
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 the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment properties
Investment properties which are held to earn rental income and/or capital appreciation are stated at their fair valuation at the balance sheet date. The properties are revalued annually by the directors or external professional valuers. The aggregate surplus or defiict is recognised in the income statement. No depreciation is provided in regard of investment properties. Defered tax is provided on these gains at the rate expected to apply when the propety is sold.
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
Land and buildings
£
Cost
At 1 January 2024 3,880,000
Loss on revaluation (267,500)
At 31 December 2024 3,612,500
Depreciation
At 31 December 2024 -
Net book value
At 31 December 2024 3,612,500
At 31 December 2023 3,880,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 3,750,591 3,750,591
Cumulative depreciation based on historical cost - -
3,750,591 3,750,591
4 Debtors 2024 2023
£ £
Trade debtors - 13,500
Other debtors 1,968 1,968
1,968 15,468
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 14,705 13,784
Other creditors 224,544 242,040
239,249 255,824
Other creditors includes interest due to related parties and parent undertaking of £167,808 (2023: £160,597).
6 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to parent undertaking 3,443,700 2,343,700
Other creditors 150,000 1,201,200
3,593,700 3,544,900
The amount due to parent undertaking bears interest at a rate of 7.5% per annum at the balance sheet date
and is repayable by December 2026.
Other creditors includes unsecured loans from the ultimate controlling shareholder and his wife and bears
interest at 31 December 2024 at the rate of 7.5% per annum. (2023: 7% per annum) and is repayable by
December 2026.
7 Fair Value Reserve 2024 2023
£ £
At 1 January 2024 129,409 28,875
Fair value (loss)/gain on investment properties (267,500) 100,534
At 31 December 2024 (138,091) 129,409
8 Controlling party
At the balance sheet date, the parent undertaking is MIM (Mizrahi Investments Malta) Limited, a company incorporated in Malta. Its registered office is 93 Mill Street, Zone 5, Central Business Park, Qormi, Malta. In the opinion of the directors. The ultimate controlling party is Y L Mizrahi Bardavid by virtue of his majority shareholding in the parent undertaking.
9 Other information
MIM London 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
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