Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investments | 4 |
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| 5,413,304 | 5,710,818 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 687,002 | 625,609 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (133,056) | (289,794) | ||
| Total assets less current liabilities | 5,280,248 | 5,421,024 | ||
| Creditors: amounts falling due after more than one year | 7, 11 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of MP1 Limited (registered number:
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J Waxman
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
MP1 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 34 Norrice Lea, London, N2 0RE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| Land and buildings |
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| Other property, plant and equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Associates and Joint Ventures are held at cost less impairment.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, excluding directors |
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| Land and buildings | Other property, plant and equipment |
Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Accumulated depreciation | |||||
| At 01 January 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||||
| At 31 December 2024 |
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| At 31 December 2023 |
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| Investments in associates | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed by related parties |
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| Prepayments and accrued income |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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| Trade creditors |
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| Amounts owed to related parties |
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| Amounts owed to directors |
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| Accruals |
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| Other taxation and social security |
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The loan from related parties is secured via a charge on the land leased by the company.
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Amounts owed to related parties |
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The loan from related parties is secured via a charge on the land leased by the company.
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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| after five years |
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Transactions with the entity's directors
| 2024 | 2023 | ||
| £ | £ | ||
| Included within creditors are amounts owed to the director of the company. These amounts are unsecured and interest free with no fixed terms of repayment. | 202 | 202 |
Other related party transactions
| 2024 | 2023 | ||
| £ | £ | ||
| Included within debtors are amounts owed by companies under common control. These amounts are unsecured and interest free with no fixed terms of repayment. | 168,407 | 99,170 | |
| Included within creditors are amounts owed to related parties. These amounts are secured via a charge on the land of the company and bears interest at 4% per annum. There are no fixed terms of repayment | 3,287,023 | 3,345,925 | |
| Included within creditors are amounts owed to companies under common control. These amounts are unsecured and interest free with no fixed terms of repayment. | 0 | 24,325 |
Analysis of the maturity of loans is given below:
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans: Amounts falling due within one year | (205,000) | (295,000) | |
| Bank loans: Amounts falling due 1-2 years | (225,000) | (205,000) | |
| Bank loans: Amounts falling due 2-5 years | (3,166,860) | (745,000) | |
| Bank loans: Amounts falling due after more than 5 years | 0 | (2,632,778) | |
| (3,596,860) | (3,877,778) |
In line with accounting standards, the loan arrangement fees that were incurred when the loan was drawn are netted off the loan balance and released to the profit and loss statement via an effective interest rate method, and are included within interest payable.
Parent Company:
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| 34 Norrice Lea, London, England, N2 0RE |