Company No: 02716513 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	M K Fenwick
	M A Fenwick

SECRETARY

M K Fenwick

REGISTERED OFFICE	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

COMPANY NUMBER

02716513 (England and Wales)

BANKERS	Lloyds Private Banking Limited
	50 Grosvenor Street
	Mayfair
	London
	W1K 3LF

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	12,556,233		12,392,076
		12,556,233		12,392,076
Current assets
Debtors	4	1,331,444		41,731
Cash at bank and in hand		846,564		179,976
		2,178,008		221,707
Creditors: amounts falling due within one year	5	( 1,535,522)		( 267,683)
Net current assets/(liabilities)		642,486		(45,976)
Total assets less current liabilities		13,198,719		12,346,100
Net assets		13,198,719		12,346,100
Capital and reserves
Called-up share capital		100		100
Profit and loss account		13,198,619		12,346,000
Total shareholders' funds		13,198,719		12,346,100

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 financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of MFM Limited (registered number: 02716513) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

M A Fenwick Director

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

MFM 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 22 Chancery Lane, London, WC2A 1LS, 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 Balance Sheet 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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account 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 represents amounts invoiced, excluding VAT, in respect of services provided to customers. Turnover is recognised in the period in which services are provided.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 freehold land and development property, 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	not depreciated
Plant and machinery	10 years straight line
Fixtures and fittings	5 years straight line
Office equipment	3 years straight line

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	4		4

3. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	12,330,694		60,060		120,673		53,436		12,564,863
Additions	175,309		0		2,408		3,762		181,479
At 31 December 2024	12,506,003		60,060		123,081		57,198		12,746,342
Accumulated depreciation
At 01 January 2024	0		34,941		95,684		42,162		172,787
Charge for the financial year	0		4,086		5,865		7,371		17,322
At 31 December 2024	0		39,027		101,549		49,533		190,109
Net book value
At 31 December 2024	12,506,003		21,033		21,532		7,665		12,556,233
At 31 December 2023	12,330,694		25,119		24,989		11,274		12,392,076

4. Debtors

	2024		2023
	£		£
Other debtors	1,331,444		41,731

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Taxation and social security	1,509,494		203,841
Other creditors	26,028		63,842
	1,535,522		267,683

6. Related party transactions

Transactions with the entity's directors

During the year, the company advanced £874,905 to the directors (2023 - repaid £630,178), the loans are interest free and repayable upon demand. At the balance sheet date, the amount due from the directors was £847,492 (2023 due to the directors - £27,413).