Mishon Welton Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 05830818 (England and Wales)
Mishon Welton Limited
Company Information
Director
R James
Company number
05830818
Registered office
94 Church Road
Hove
East Sussex
BN3 2EB
Accountants
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Business address
94 Church Road
Hove
East Sussex
BN3 2EB
Mishon Welton Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Mishon Welton Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,677
21,099
Current assets
Debtors
4
120,296
74,782
Cash at bank and in hand
19,378
9,646
139,674
84,428
Creditors: amounts falling due within one year
5
(346,444)
(243,732)
Net current liabilities
(206,770)
(159,304)
Total assets less current liabilities
(166,093)
(138,205)
Creditors: amounts falling due after more than one year
6
(17,419)
(21,938)
Provisions for liabilities
(10,169)
(5,275)
Net liabilities
(193,681)
(165,418)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(193,781)
(165,518)
Total equity
(193,681)
(165,418)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Mishon Welton Limited
Balance Sheet (Continued)
As at 31 December 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 23 October 2025
R James
Director
Company Registration No. 05830818
Mishon Welton Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 3
1
Accounting policies
Company information

Mishon Welton Limited is a private company limited by shares incorporated in England and Wales. The registered office is 94 Church Road, Hove, East Sussex, BN3 2EB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Subsequent to the year end the company has traded well and the directors are confident that the net loss position reported on the Balance Sheet will be reversed in the year and consequently consider that preparing these financial statements on the going concern basis is appropriate.

1.3
Turnover

Turnover, which excludes VAT, comprises commissions and fees receivable. Commissions earned on sales of property is recognised on exchange of contracts.

1.4
Tangible fixed assets

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

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:

Leasehold land and buildings
Over the life of the lease
Plant and machinery
25% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line

The gain or loss arising 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.

1.5
Impairment of fixed assets

At each reporting period 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 impairment loss. If any such indication exists, 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.

Mishon Welton Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial 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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Mishon Welton Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 5
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Mishon Welton Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 6
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
18,510
69,072
87,582
Additions
-
0
36,295
36,295
Disposals
-
0
(156)
(156)
At 31 December 2024
18,510
105,211
123,721
Depreciation and impairment
At 1 January 2024
18,510
47,973
66,483
Depreciation charged in the year
-
0
16,561
16,561
At 31 December 2024
18,510
64,534
83,044
Carrying amount
At 31 December 2024
-
0
40,677
40,677
At 31 December 2023
-
0
21,099
21,099
Mishon Welton Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 7
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,367
28,200
Amounts owed by group undertakings
77,519
22,579
Other debtors
1,913
13,735
Prepayments and accrued income
10,497
10,268
120,296
74,782
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,076
9,965
Trade creditors
21,446
9,738
Amounts owed to group undertakings
289,719
213,170
Taxation and social security
15,244
307
Other creditors
5,640
6,802
Accruals and deferred income
4,319
3,750
346,444
243,732
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,419
21,938
7
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,906
1,923

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The balance outstanding at the year end in respect of defined contribution schemes was £605 (20 23: £nil).

Mishon Welton Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 8
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
98 Ordinary shares of £1 each
98
98
1 Ordinary A share of £1 each
1
1
1 Ordinary B share of £1 each
1
1
100
100
9
Parent company

The company's ultimate parent company is RJ Property Group Holdings Limited, a company registered in England and Wales.

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