ACCOUNTS - Final Accounts preparation

Registered number: 13834677

MFP BABYLON LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

MFP BABYLON LIMITED

REGISTERED NUMBER: 13834677

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Stocks	4	50,836,793		27,849,608
Debtors: Amounts falling due within one year	5	1,641,115		2,602,181
Cash at bank and in hand	6	296,888		984,879
		52,774,796		31,436,668
Creditors: Amounts falling due within one year	7	(54,807,393)		(32,351,011)
Net liabilities			(2,032,597)		(914,343)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(2,032,697)	(914,443)
	(2,032,597)	(914,343)

For the year ended 31 December 2024 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

W K D Laxton

Director

Date: 4 September 2025

The notes on pages 3 to 5 form part of these financial statements.

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MFP BABYLON LIMITED

REGISTERED NUMBER: 13834677

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

Page 2

MFP BABYLON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

MFP Babylon Limited is a private limited company, limited by shares, registered in England and Wales, registration number 13834677. The registered office and trading address is 2 Babmaes Street, London, United Kingdom, SW1Y 6HD.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

2.2

Going concern

The financial statements for the Company have been prepared on a going concern basis. The Company recorded a loss after tax for the financial year of £1,118,254 and had net liabilities of £2,032,597 at the date of the Statement of Financial Position.
After reviewing the Company's forecasts and projections the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next twelve months following approval of these financial statements.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Borrowing costs

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

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.7

Creditors

Short-term creditors are measured at the transaction price.

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MFP BABYLON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

4.	Stocks
		2024	2023
		£	£

	Property for development	50,836,793	27,849,608

Debtors

					2024	2023
					£	£


Other debtors	1,641,115	2,602,181

6.	Cash
		2024	2023
		£	£

	Cash at bank and in hand	296,888	984,879

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MFP BABYLON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Other loans	31,028,269	12,585,881
Amounts owed to group undertakings	23,779,124	19,765,130
	54,807,393	32,351,011

The intercompany loan is repayable on demand and interest free.

8.	Controlling party

The immediate parent company is MFP Babylon Holdings Limited and the ultimate parent company is Mactaggart Heritable Limited, both of which are registered in England and Wales. Mactaggart Heritable Limited produces consolidated financial statements that are available to the public, from Registrar of Companies at Companies House.
The directors consider there to be no ultimate controlling party.

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