Company registration number 04460479 (England and Wales)
MPA DEVELOPMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
MPA DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MPA DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
€
€
€
€
Fixed assets
Investments
4
1,724,290
88,080
Current assets
Debtors
5
244
237
Cash at bank and in hand
40,776
1,927
41,020
2,164
Creditors: amounts falling due within one year
6
(295,191)
(216,379)
Net current liabilities
(254,171)
(214,215)
Net assets/(liabilities)
1,470,119
(126,135)
Capital and reserves
Called up share capital
7
1,313,527
1,313,527
Profit and loss reserves
156,592
(1,439,662)
Total equity
1,470,119
(126,135)

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
Mr A Masucci
Director
Company registration number 04460479 (England and Wales)
MPA DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

MPA Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fore Royal, Gorley Road, Ringwood, Hampshire, BH24 3LD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in euro, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

1.2
Going concern

The financial statements have been prepared on a going concern basis. At the balance sheet date there were net current liabilities of €254,171, however creditors falling due within one year include a loan of €224,141 from the shareholder. As stated in note 7 to these financial statements, whilst this loan has no set date for repayment, the shareholder has confirmed that it will not be seeking repayment of all or part of the loan unless the company has sufficient cash resources to enable it to make such repayments whilst still being able to meet its financial commitments. Furthermore, the directors are confident that the shareholder will continue to introduce further loans so as to enable the company to meet its financial commitments as they fall due.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

MPA DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

1.5
Foreign exchange

Transactions in currencies other than euro are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Carrying value of fixed asset investments

The balance sheet carrying value of investments in group undertakings and other equity investments is based upon a detailed review of the latest available financial statements of the relevant companies and upon any information available to the directors which may lead them to believe that the net assets of these undertakings will realise less than their balance sheet carrying value within those financial statements. If, however, the net assets were to realise less than these estimates this could potentially generate a material loss on disposal depending upon the circumstances of any future sale.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
MPA DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
4
Fixed asset investments
2024
2023
€
€
Shares in group undertakings
1,724,290
88,080
Movements in fixed asset investments
Shares in subsidiaries
Other equity investments
Total
€
€
€
Cost or valuation
At 1 January 2024
1,111,364
200,000
1,311,364
Additions
925,000
-
925,000
Disposals
(1)
(200,000)
(200,001)
At 31 December 2024
2,036,363
-
2,036,363
Impairment
At 1 January 2024
1,023,284
200,000
1,223,284
Impairment losses
(711,210)
-
(711,210)
Disposals
(1)
(200,000)
(200,001)
At 31 December 2024
312,073
-
312,073
Carrying amount
At 31 December 2024
1,724,290
-
1,724,290
At 31 December 2023
88,080
-
88,080

None of the shares in investments are publicly traded. The company received no dividends or other distributions recognised as income from its subsidiary companies during either the current or previous year. The company has not disclosed summarised financial information about the investments in its subsidiary companies on the grounds that it is exempt from preparing consolidated financial statements.

5
Debtors
2024
2023
Amounts falling due within one year:
€
€
Prepayments and accrued income
244
237
MPA DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
€
€
Amounts owed to group undertakings
224,141
214,900
Taxation and social security
69,058
-
0
Other creditors
1,992
1,479
295,191
216,379

The amount owing to group undertakings is an unsecured, interest free loan from the immediate parent company with no set date for repayment.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary £1 shares of €1.2310745 each
1,066,976
1,066,976
1,313,527
1,313,527
8
Controlling party

For the period from 01 January 2024 until 05 November 2024 the entire share capital of the company was held by Fideus Grigioni Sagl, a company incorporated in Switzerland which was regarded as the company's immediate and ultimate parent undertaking. The legal ownership of the entire share capital of the company was transferred to GeneGIS SA, a company incorporated in Switzerland, on 05 November 2024. GeneGIS SA has been regarded as the company's immediate and ultimate parent undertaking since then. GeneGIS SA is controlled by Mr Salvatore Cincotti and his immediate family.

The shares were held by Fideus Grigioni Sagl in a fiduciary capacity. The company was under the ultimate control of Mr Vincy Amarjit Singh up until 22 July 2024 when ultimate control was transferred to Mr Salvatore Cincotti.

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