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 479A of the Companies Act 2006 relating to subsidiary exemption from audit by parent guarantee.

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.

The 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.

51 Mill Hill Road Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 201 Haverstock Hill, London, NW3 4QG.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

The company recognised a trueprofit for the year of £304,229 (period ending 31 December 2023: £30,937) and has net liabilities as at 31 December 2024 of £67,594 (period ending 31 December 2023: £371,823).

The principal activity of the company is that of property development. On 5 April 2024, the sole property held by the company was sold for total consideration of £840,000. The company will remain open without trading until such a time that appropriate steps can be taken for the company to enter into voluntary liquidation. As at the date of approving the financial statements, the director is uncertain of the timeframe on this matter.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, on the basis that Ronly Group Limited, the parent company from 7 September 2023, has confirmed their intention, if required, to provide financial support to enable the company to settle its liabilities as they fall due for at least 12 months from the date of signing the financial statements. It has also confirmed it's intention not to withdraw any funding provided to date.

However, as the company is no longer trading and will ultimately enter into voluntary liquidation, the financial statements have been prepared on a basis other than going concern. Notwithstanding this, there are no material changes in the presentation or the carrying values of the assets and liabilities, and no further liabilities need to be provided for as a result of the decision to liquidate the company.

The comparative reporting period is the period from 01 May 2023 to 31 December 2023. The director opted to shorten the period in the prior year to align with the group. The current year figures relate to the 12 month period ended 31 December 2024. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of the purchase cost of land and buildings and directly attributable development expenditure incurred in bringing the stocks to their present condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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, which include debtors, 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.

Impairment of financial assets

Financial assets reassessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities, including creditors and loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecogntion of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received.

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 historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions 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.

As at 31 December 2024, the company had loans outstanding of £Nil (2023: £425,741) owed to Tram Properties Limited, a company controlled by one of the former directors. During the period, interest was charged of £24,655 waived off (2023: £29,579). Interest accrues on the balance at a rate of 9% per annum.

As at 31 December 2024, a balance of £Nil (2023: £164,886) was owed by the company to the former directors. The loans are interest free. The former directors agreed to repayment of the loans from the net proceeds of sale of the company’s inventory after all other liabilities have been satisfied in full.

As at 31 December 2024, the immediate parent company is Ronly Group Limited, a company registered in England & Wales. The ultimate controlling party is Aleman, Cordero, Galindo & Lee (BVI) Limited.

The parent of the smallest and largest group into which this entity is consolidated is Ronly Group Limited, with the registered address of 3rd Floor 201, Haverstock Hill, London, NW3 4QG.

The outstanding liabilities at the balance sheet date of the company have been guaranteed by Ronly Group Limited pursuant to s479A to s479C of the Companies Act 2006.