| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| MREI 1 Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| MREI 1 Ltd |
| MREI 1 Ltd (Registered number: 14288994) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MREI 1 Ltd |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 Kingfisher Court |
| Bowesfield Park |
| Stockton on Tees |
| TS18 3EX |
| MREI 1 Ltd (Registered number: 14288994) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his 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. |
| The financial statements were approved by the director and authorised for issue on |
| MREI 1 Ltd (Registered number: 14288994) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| MREI 1 Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| Notwithstanding the company's net liabilities of £142,997 at 30 September 2024 (2023 ; £86,757) the financial statements have been prepared on a going concern basis. This basis assumes the continuing support of the company's associated companies. The director has received confirmation of such support from the associated companies. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents rents and service charges receivable, excluding value added tax. |
| Investment property |
| Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
| Following a review by the Director at the year end, no revision was considered necessary to the fair value of the investment properties at 30 September 2024. The Director assessed the properties using his overall knowledge of each property and the property condition combined with the appropriate industry rental yield multiples. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| 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 year 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. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
| MREI 1 Ltd (Registered number: 14288994) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Investment properties were reviewed at 30 September 2024 by the director. No revision was considered necessary to the fair value of the investment properties at the year end. The valuations were reviewed by the director based on any professional valuations undertaken during the year, his knowledge of the local property market, the property condition and market comparable information being rent and market rental yields. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by participating interests | 841,262 | 25,000 |
| VAT |
| Prepayments and accrued income |
| As shown above, debtors include £841,262 (2023 : £25,000) owing from associated undertakings. Due to liquidity concerns within the property sector generally, and therefore within the associated debtor undertakings, the timescale for recovery of these debtor balances is unknown, but considered by the director to be greater than one year for a significant proportion of this amount. There are no formal terms of repayment for these balances. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to participating interests | 21,619,909 | 12,717,579 |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| As shown above, creditors include £21,619,909 (2023 : £12,717,579) owing to associated undertakings. The company is dependent upon the support of its associated companies with regard to the timing of the payment of these associated company creditors. Given the liquidity concerns within the property sector generally, and therefore within the associated companies, the timescale for payment of these balances is unknown. There are no formal terms of payment for these associated company balances. |
| MREI 1 Ltd (Registered number: 14288994) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| 8. | RELATED PARTY DISCLOSURES |
| During the year the company traded with the following related parties, and/or provided or received funds to assist or to be assisted with working capital requirements as necessary. |
| Other related parties - common control |
| 2024 | 2023 |
| £ | £ |
| Purchases of land (freehold investment property) | - | (2,220,000 | ) |
| Sales of land (freehold investment property) | 1,900,000 | - |
| Development work | (7,595,000 | ) | (6,500,000 | ) |
| Management charges | (27,342 | ) | (2,622 | ) |
| Salaries/wages recharged | (75,422 | ) | (21,429 | ) |
| Net receipt of finance | (2,288,304 | ) | (3,948,528 | ) |
| Balance at year end - debtor | 841,262 | 25,000 |
| Balance at year end - creditor | (21,619,909 | ) | (12,717,579 | ) |
| 9. | PARENT UNDERTAKING |
| The immediate and ultimate parent company is Mandale Real Estate Investments Ltd. The parent's registered office address is the same as MREI 1 Ltd as detailed on the Company Information page. |