| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 28 December 2022 to 30 June 2024 |
| for |
| 144 Midland Road Limited |
| REGISTERED NUMBER: |
| 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 |
| Debtors | 4 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 5 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities | ( |
) | ( |
) |
| Capital and reserves |
| Called up share capital | 6 |
| Retained earnings | ( |
) | ( |
) |
| Shareholders' funds | ( |
) | ( |
) |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| Registered number: |
| Registered office: |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| 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 |
| 4. | Debtors: amounts falling due within one year |
| 2024 | 2022 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 5. | Creditors: amounts falling due within one year |
| 2024 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors |
| 6. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2022 |
| value: | £ | £ |
| 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. |