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Registration number: 03238037

Middlesex Textiles (UK) Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2024

Middlesex Textiles (UK) Limited

Contents

Balance Sheet | 1
Statement of Changes in Equity | 2
Notes to the Unaudited Financial Statements | 3 to 8

Middlesex Textiles (UK) Limited

(Registration number: 03238037)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 5 | 18,187 | 13,018
Investment property | 6 | 3,959,258 | 3,959,258
|  | 3,977,445 | 3,972,276
Current assets |  |  |
Debtors | 7 | 6,932 | 23,216
Cash at bank and in hand |  | 436,810 | 1,588,379
|  | 443,742 | 1,611,595
Creditors: Amounts falling due within one year | 8 | (16,551) | (25,785)
Net current assets |  | 427,191 | 1,585,810
Total assets less current liabilities |  | 4,404,636 | 5,558,086
Provisions for liabilities |  | (791,396) | (744,500)
Net assets |  | 3,613,240 | 4,813,586
Capital and reserves |  |  |
Called up share capital | 12 | 680 | 680
Capital redemption reserve |  | 320 | 320
Revaluation reserve |  | 2,660,235 | 2,707,131
Retained earnings |  | 952,005 | 2,105,455
Shareholders' funds |  | 3,613,240 | 4,813,586

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 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 September 2025 and signed on its behalf by:

......................................... Mr D L Joseph Company secretary and director

Middlesex Textiles (UK) Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Capital redemption reserve £ | Revaluation reserve £ | Retained earnings £ | Total £
At 1 January 2024 | 680 | 320 | 2,707,131 | 2,105,455 | 4,813,586
Profit for the year | - | - | - | 54,050 | 54,050
Other comprehensive income | - | - | (46,896) | - | (46,896)
Total comprehensive income | - | - | (46,896) | 54,050 | 7,154
Dividends | - | - | - | (1,207,500) | (1,207,500)
At 31 December 2024 | 680 | 320 | 2,660,235 | 952,005 | 3,613,240

| Share capital £ | Capital redemption reserve £ | Revaluation reserve £ | Retained earnings £ | Total £
At 1 January 2023 | 680 | 320 | 2,849,631 | 2,835,489 | 5,686,120
Profit for the year | - | - | - | 99,966 | 99,966
Other comprehensive income | - | - | (142,500) | - | (142,500)
Total comprehensive income | - | - | (142,500) | 99,966 | (42,534)
Dividends | - | - | - | (830,000) | (830,000)
At 31 December 2023 | 680 | 320 | 2,707,131 | 2,105,455 | 4,813,586

Middlesex Textiles (UK) 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: 3rd Floor, 166 College Road, Harrow, Middlesex, HA1 1BH, United Kingdom.

These financial statements were authorised for issue by the Board on 12 September 2025.

2 | Accounting policies

Turnover and revenue recognition

Turnover is measured at fair value of the consideration received or receivable from the investment in and letting of land and property and other investment activities, which are exempt from VAT.

Going concern

The directors believe that the company is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus may continue to adopt the going concern basis of accounting in preparing the financial statements.

Tangible assets

Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The gain or loss 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.

Depreciation

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Asset class | Depreciation method and rate
Plant and Machinery | 10% reducing balance method

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or defecit on revaluation is recognised in a separate non-distributable fair value reserve.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property under tangible fixed assets.

Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost or valuation, net of any impairment losses. Any fixed asset investments carried at revalued amounts are recorded at their fair value at the date of the valuation less any subsequent impairment losses. The surplus or defecit on revaluation is recognised in profit or loss.

Impairment of fixed assets

Middlesex Textiles (UK) Limited

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

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairnent loss. If any such indication existsm the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financiaal 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 current liabilities.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent it relates to items reognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of timing difference.

Rental profit

Net rental profit amounting to £67,064 (2023: £70,394) arises on properties situated in Israel and are in accordance with accounts prepared by Israeli accountants. The properties are managed by a local firm of managing agents and controlled by a local solicitor who reports to the directors in the United Kingdom.

Foreign Exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit or loss.

Middlesex Textiles (UK) Limited

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

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptionhs are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statement are rounded to the nearest £.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4 | Taxation

Tax charged/(credited) in the profit and loss account

| 2024 £ | 2023 £
Current taxation |  |
UK corporation tax | 18,565 | 28,271
Deferred taxation |  |
Arising from origination and reversal of timing differences | - | 12,628
Tax expense in the income statement | 18,565 | 40,899

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
Deferred tax arising on revaluation of property: £46,896 (2023: £142,500)
The applicable rate of UK Corporation Tax was 25% (2023: 23.52%).

Deferred tax

Deferred tax assets and liabilities

Middlesex Textiles (UK) Limited

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

2024 | Liability £
Property revaluations | 791,396
| 791,396

2023 | Liability £
Property revaluations | 744,500
| 744,500

Deferred tax on property revaluations is not expected to reverse in the next year, or foreseeable future.

5 | Tangible assets

| Other tangible assets £ | Total £
Cost or valuation
At 1 January 2024 | 41,195 | 41,195
Additions | 6,471 | 6,471
At 31 December 2024 | 47,666 | 47,666
Depreciation
At 1 January 2024 | 28,177 | 28,177
Charge for the year | 1,302 | 1,302
At 31 December 2024 | 29,479 | 29,479
Carrying amount
At 31 December 2024 | 18,187 | 18,187
At 31 December 2023 | 13,018 | 13,018

6 | Investment properties

| 2024 £
At 1 January at fair value | 3,959,258
At 31 December at fair value | 3,959,258

Middlesex Textiles (UK) Limited

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

The freehold investment properties situated in Eilat Israel were revalued in December 2024 by Mr. Ilan Bar-Hanin, a local independent property management firm, on the basis of open market value for existing use. In Mr. Ilan Bar-Hanin's opinion there is no uplift in the previous market valuation undertaken in December 2022, which valued the properties at £3,959,258 (16,900,000 NIS). The directors consider the valuation at 31 December 2024 not to be materially different from the actual market value. If the investment properties were included in the balance sheet on an historic cost basis, then the carrying amount would be £507,627 (2023: £507,627).
A provision for deferred tax in the region of £791,396 arising on the revaluation has been made in these financial statements.

7 | Debtors

Current | 2024 £ | 2023 £
Other debtors | 6,932 | 23,216
| 6,932 | 23,216

8 | Creditors

Creditors: amounts falling due within one year

| 2024 £ | 2023 £
Due within one year |  |
Taxation and social security | 6,587 | 14,666
Accruals and deferred income | 6,150 | 6,750
Other creditors | 3,814 | 4,369
| 16,551 | 25,785

9 | Dividends

Interim dividends paid

|  | 2024 £ |  | 2023 £
Interim dividend of 11.0294 (2023 - 44.12) per each Ordinary Shares |  | 7,500 |  | 30,000
Interim dividend of 1,764.7059 (2023 - 1,176.47) per each Ordinary Shares |  | 1,200,000 |  | 800,000
|  | 1,207,500 |  | 830,000

The directors do not propose a final dividend.

Middlesex Textiles (UK) Limited

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

10 | Related party transactions

At the balance sheet date, the company owed the directors £2,390 (2023: £2,048).
These loans are unsecured, interest free and repayable on demand.

11 | Controlling party

In the opinion of the director, the controlling party throughout the current period was Mr D. L. Joseph who is a director and the sole shareholder. The controlling party throughout the previous period and up to 31/12/2022 was Mr M. J. Mahalla who was the sole director and shareholder.

12 | Called up share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 680 | 680 | 680 | 680