Mmfi Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Mmfi Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07042624 . The registered office is Stuart House-East Wing, St. Johns Street, Peterborough, PE1 5DD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	No policy
Plant & Machinery	18% on reducing balance
Fixtures & Fittings	18% on reducing balance
Computer Equipment	18% on reducing balance

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Mmfi Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts Payable are classified as current liabilities if the company does not have an unconditional right at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 18 (2023: 6)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2024	449,383

As at 31 December 2024	449,383

Amortisation
As at 1 January 2024	449,383

As at 31 December 2024	449,383

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

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Mmfi Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2024	3,216	46,269	19,087	43,876	112,448
Additions	-	1,470	1,075	9,629	12,174

As at 31 December 2024	3,216	47,739	20,162	53,505	124,622

Depreciation
As at 1 January 2024	-	17,763	14,642	36,364	68,769
Provided during the period	-	5,396	993	3,085	9,474

As at 31 December 2024	-	23,159	15,635	39,449	78,243

Net Book Value
As at 31 December 2024	3,216	24,580	4,527	14,056	46,379

As at 1 January 2024	3,216	28,506	4,445	7,512	43,679

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	69,638	69,638
Prepayments and accrued income	2,012	1,973
Other debtors	22,995	22,995
Directors' loan accounts	89,058	18,249

	183,703	112,855

7. Current Asset Investments

	2024	2023
	£	£
Unlisted investments	149,999	149,999

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	7,412	7,240
Corporation tax	58,126	48,718
PAYE creditor	2,376	2,291
Other creditors	5,386	5,280
Credit card (NEW)	1,209	628
Axa and Bupa	151	574
Accrued Expenses	3,061	9,018

	77,721	73,749

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Mmfi Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Other loans	101,105	128,347

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	200	200

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		46,379		43,679

			46,379		43,679
CURRENT ASSETS
Debtors	6	183,703		112,855
Investments	7	149,999		149,999
Cash at bank and in hand		78,847		99,424

		412,549		362,278
Creditors: Amounts Falling Due Within One Year	8	(77,721 )		(73,749 )

NET CURRENT ASSETS (LIABILITIES)			334,828		288,529

TOTAL ASSETS LESS CURRENT LIABILITIES			381,207		332,208

Creditors: Amounts Falling Due After More Than One Year	9		(101,105 )		(128,347 )

NET ASSETS			280,102		203,861

CAPITAL AND RESERVES
Called up share capital	10		200		200
Profit and Loss Account			279,902		203,661

SHAREHOLDERS' FUNDS			280,102		203,861