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Company No: 10867697 (England and Wales)

MP1 LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

MP1 LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

MP1 LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
MP1 LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,775,618 5,073,132
Investments 4 637,686 637,686
5,413,304 5,710,818
Current assets
Debtors 5 619,376 397,060
Cash at bank and in hand 67,626 228,549
687,002 625,609
Creditors: amounts falling due within one year 6 ( 820,058) ( 915,403)
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 ( 6,487,118) ( 6,696,031)
Net liabilities ( 1,206,870) ( 1,275,007)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 1,206,970 ) ( 1,275,107 )
Total shareholder's deficit ( 1,206,870) ( 1,275,007)

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

Directors' responsibilities:

The financial statements of MP1 Limited (registered number: 10867697) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Waxman
Director

25 June 2025

MP1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
MP1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Other property, plant and equipment 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The company as lessee
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.

Impairment of assets

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

Associates and Joint Ventures are held at cost less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, excluding directors 0 0

3. Tangible assets

Land and buildings Other property, plant
and equipment
Total
£ £ £
Cost
At 01 January 2024 83,741 6,536,969 6,620,710
0 0 0
At 31 December 2024 83,741 6,536,969 6,620,710
Accumulated depreciation
At 01 January 2024 19,819 1,527,759 1,547,578
Charge for the financial year 3,350 294,164 297,514
At 31 December 2024 23,169 1,821,923 1,845,092
Net book value
At 31 December 2024 60,572 4,715,046 4,775,618
At 31 December 2023 63,922 5,009,210 5,073,132

4. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 January 2024 637,686 637,686
At 31 December 2024 637,686 637,686
Carrying value at 31 December 2024 637,686 637,686
Carrying value at 31 December 2023 637,686 637,686

5. Debtors

2024 2023
£ £
Amounts owed by related parties 168,407 74,845
Prepayments and accrued income 439,312 311,352
Other debtors 11,657 10,863
619,376 397,060

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 205,000 295,000
Trade creditors 61 3,942
Amounts owed to related parties 63,168 105,731
Amounts owed to directors 202 202
Accruals 513,315 491,377
Other taxation and social security 38,312 19,151
820,058 915,403

The bank loans are secured via a charge on the land and a floating charge across the assets of the company.
The loan from related parties is secured via a charge on the land leased by the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 3,391,860 3,582,778
Amounts owed to related parties 3,095,258 3,113,253
6,487,118 6,696,031

The bank loans are secured via a charge on the land and a floating charge across the assets of the company.
The loan from related parties is secured via a charge on the land leased by the company.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 41,320 40,000
between one and five years 165,280 160,000
after five years 619,800 640,000
826,400 840,000

10. Related party transactions

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

11. Loans

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.

12. Ultimate controlling party

Parent Company:

Pogbie Holdings Limited
34 Norrice Lea, London, England, N2 0RE

The ultimate controlling party is Hermia Community Energy C.I.C