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REGISTERED NUMBER: 10329110 (England and Wales)















Unaudited Financial Statements

for the Period 28 December 2022 to 30 June 2024

for

144 Midland Road Limited

144 Midland Road Limited (Registered number: 10329110)






Contents of the Financial Statements
for the Period 28 December 2022 to 30 June 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


144 Midland Road Limited (Registered number: 10329110)

Balance Sheet
30 June 2024

2024 2022
Notes £    £   
Current assets
Stocks - 804,666
Debtors 4 2,820 21,928
Cash at bank 91,728 328
94,548 826,922
Creditors
Amounts falling due within one year 5 4,589,319 5,222,867
Net current liabilities (4,494,771 ) (4,395,945 )
Total assets less current liabilities (4,494,771 ) (4,395,945 )

Capital and reserves
Called up share capital 6 100 100
Retained earnings (4,494,871 ) (4,396,045 )
Shareholders' funds (4,494,771 ) (4,395,945 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

144 Midland Road Limited (Registered number: 10329110)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2025 and were signed on its behalf by:





N S Bremner - Director


144 Midland Road Limited (Registered number: 10329110)

Notes to the Financial Statements
for the Period 28 December 2022 to 30 June 2024

1. Statutory information

144 Midland Road Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10329110

Registered office: 49 Hathaway Court
Rochester
ME1 1QX

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements show the company had net liabilities of £4,542,461 at the balance sheet date. Of this amount almost £3.9m is owed to Ordan UK Ltd a company controlled by a former director Mr Dodi. As outlined in note 10 the directors are expecting to make a claim against Mr Dodi and Ordan UK Ltd for an amount exceeding this liability which would enable all debts to be settled and on this basis they have prepared the accounts on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


144 Midland Road Limited (Registered number: 10329110)

Notes to the Financial Statements - continued
for the Period 28 December 2022 to 30 June 2024

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

3. Employees and directors

The average number of employees during the period was 2 (2022 - 5 ) .

4. Debtors: amounts falling due within one year
2024 2022
£    £   
Amounts owed by group undertakings 2,770 2,770
Other debtors 50 19,158
2,820 21,928

5. Creditors: amounts falling due within one year
2024 2022
£    £   
Bank loans and overdrafts - 330,643
Trade creditors 13,075 69,834
Amounts owed to group undertakings 4,023,154 4,172,487
Other creditors 553,090 649,903
4,589,319 5,222,867

6. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: £    £   
100 Ordinary £1 100 100

7. Directors' advances, credits and guarantees

At the year end there were balances due to directors of £542,905 (2022: £638,712).

144 Midland Road Limited (Registered number: 10329110)

Notes to the Financial Statements - continued
for the Period 28 December 2022 to 30 June 2024

8. Related party disclosures

Other related parties


2024 2022
£    £   
Amount due to related party at the balance sheet date 49,642 49,642

Entities with control/significant influence over the company


2024 2022
£    £   
Amount due to related party at the balance sheet date 4,023,153 4,122,846

Other related parties


2024 2022
£    £   
Amount due from related party at the balance sheet date 2,770 2,770

144 Midland Road Limited (Registered number: 10329110)

Notes to the Financial Statements - continued
for the Period 28 December 2022 to 30 June 2024

9. Post balance sheet events

On 10 November 2023 Mr Dodi (the controlling shareholder and controlling director of Ordan Limited and other relevant associated companies) was removed as a director of the Company for reasons which included a lack of transparency on the accounts, failure of his fiduciary duties and failure to act in the best interests of the Company.

The directors have engaged a third party to carry out a forensic accounting exercise and without seeking to pre-empt the conclusions of this, an initial review of the Company's financial records by its directors has unearthed extensive evidence of what would seem to be material misappropriation of Company assets by Mr Dodi. This includes, but is not limited to, a clear pattern of funds having apparently been introduced to the Company by way of undocumented and undisclosed (to other directors) "loans" by Ordan which were thereafter improperly utilised and paid away by the Company at the direction of Mr Dodi (solely and without reference to other directors) in order to discharge obligations to other entities controlled by Mr Dodi, for example, Nofax Enterprises Limited, in respect of which the Company had no liability. At the same time this scheme wrongfully created an entirely false debtor/creditor position in the books and records of the Company as between the Company and Ordan. Given his controlling position at Ordan and his directorship of that company, Ordan would have had imputed knowledge (if not actual knowledge) of his breaches of duty as a director of the Company. Moreover, Ordan would appear to have been an active participant in this programme.

The directors believe that losses flowing from Mr Dodi's activities could be as high as £11m (or more). Recent discussions with the forensic accounting team are encouraging and from the present information available to them (subject to further analysis and clarification) they expect to be able to support a claim of not less that £3.9m.