M.M. Knitwear (1982) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

M.M. Knitwear (1982) Limited

Company Information

Director

Mr M Ahmad

Registered office

Jamal Buildings 10 Mandale Triangle Thornaby Cleveland TS17 6BU

Accountants

Chuhan and Singh Partnership Limited Chartered Accountants81 Borough Road Middlesbrough TS1 3AA

M.M. Knitwear (1982) Limited

(Registration number: 01559524)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	575,123	578,317
Investment property	5	4,657,000	4,657,000
Investments	6	100	100
		5,232,223	5,235,417
Current assets
Debtors	7	79,356	82,916
Cash at bank and in hand		34,038	35,641
		113,394	118,557
Creditors: Amounts falling due within one year	8	(301,344)	(268,546)
Net current liabilities		(187,950)	(149,989)
Total assets less current liabilities		5,044,273	5,085,428
Creditors: Amounts falling due after more than one year	8	(356,391)	(423,597)
Provisions for liabilities		(475,406)	(475,747)
Net assets		4,212,476	4,186,084
Capital and reserves
Called up share capital		47,000	47,000
Revaluation reserve		2,485,331	2,485,331
Retained earnings		1,680,145	1,653,753
Shareholders' funds		4,212,476	4,186,084

M.M. Knitwear (1982) Limited

(Registration number: 01559524)
Balance Sheet as at 31 December 2024 (continued)

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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 September 2025
 

......................................... Mr M Ahmad Director

M.M. Knitwear (1982) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Jamal Buildings
10 Mandale Triangle
Thornaby
Cleveland
TS17 6BU

These financial statements were authorised for issue by the director on 8 September 2025.

2	Accounting policies

Revenue recognition

Turnover represents rental income received. Rental income is recognised on an accrual basis.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

M.M. Knitwear (1982) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures & fittings	12% straight line
Motor vehicles	20% straight line

Investment property

Investment properties are shown at market value. The director does not believe that market value is materially different to that shown in the accounts.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

M.M. Knitwear (1982) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 7).

M.M. Knitwear (1982) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Tangible assets

	Freehold property £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	551,934	705,968	21,007	1,278,909
Additions	-	6,016	-	6,016
Disposals	-	(643,687)	-	(643,687)
At 31 December 2024	551,934	68,297	21,007	641,238
Depreciation
At 1 January 2024	-	679,587	21,005	700,592
Charge for the year	-	9,018	-	9,018
Eliminated on disposal	-	(643,495)	-	(643,495)
At 31 December 2024	-	45,110	21,005	66,115
Carrying amount
At 31 December 2024	551,934	23,187	2	575,123
At 31 December 2023	551,934	26,381	2	578,317
The Freehold Property was revalued in July 2018 by Robert Simpson Chartered Surveyors. The directors are of the opinion that there have been no material changes since this date.

M.M. Knitwear (1982) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5	Investment properties

	2024 £
At 1 January 2024	4,657,000
At 31 December 2024	4,657,000

The investment properties were valued in July 2018 by Robert Simpson Chartered Surveyors. The directors are of the opinion that there have been no material changes since this date.

6	Investments

	2024 £	2023 £
Investments in subsidiaries	100	100