| 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 |