ACCOUNTS - Final Accounts

Registered number: 13320641

THE MEZZANINE LENDING CO. LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

THE MEZZANINE LENDING CO. LIMITED

COMPANY INFORMATION

Directors	A. H. Armstrong
	S. J. Childs
	D. G. Gross
	R. D. Hughes


Company secretary	A. Mortimer


Registered number	13320641


Registered office	1st Floor Sackville House
	143-149 Fenchurch Street
	London
	EC3M 6BL


Independent auditors	Wilder Coe Ltd
	Chartered Accountants and Statutory Auditors
	1st Floor Sackville House
	143-149 Fenchurch Street
	London
	EC3M 6BL

THE MEZZANINE LENDING CO. LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 6

THE MEZZANINE LENDING CO. LIMITED

REGISTERED NUMBER: 13320641

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		857		1,628
Current assets
Debtors	5	81,593		14,355
Cash at bank and in hand		6,451		727,694
		88,044		742,049
Creditors: amounts falling due within one year	6	(1,594,404)		(2,026,610)
Net current liabilities			(1,506,360)		(1,284,561)
Net liabilities			(1,505,503)		(1,282,933)

Capital and reserves
Called up share capital	8	1	1
Profit and loss account		(1,505,504)	(1,282,934)
Shareholders' deficit		(1,505,503)	(1,282,933)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Directors' Report and Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2025.

S. J. Childs	R. D. Hughes
Director	Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

THE MEZZANINE LENDING CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

The Mezzanine Lending Co. Limited (the “Company”) registered at 1st Floor, Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN is a private company limited by shares and incorporated and domiciled in the UK (England & Wales).

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Statement of cash flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company.

2.3

Going concern

The financial statements have been prepared on the going concern basis, notwithstanding the net current liabilities of £1,506,360 (2024: £1,284,561) and net liabilities of £1,505,503 (2024: £1,282,933), which the directors believe to be appropriate for the following reasons.
The Directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the Company will have sufficient funds to meet its liabilities as they fall due for that period.
The company is dependent on the ongoing support from Gross Hill Properties Limited, the company’s immediate parent. Gross Hill Properties Limited has indicated that for at least 12 months from the date of approval of these financial statements and for the foreseeable future, it will continue to make available such funds as are needed by the company.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Page 2

THE MEZZANINE LENDING CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Basic Financial Instruments

Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

2.6

Current and deferred taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the Balance Sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing difference is not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the Balance Sheet date. Deferred tax balances are not discounted.
Unrelieved tax losses and other deferred tax assets are recognised only 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 balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

THE MEZZANINE LENDING CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Employees

The average monthly number of employees, including directors, during the year was 5 (2024 - 7).

Page 4

THE MEZZANINE LENDING CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	Tangible fixed assets

		Office equipment
		£
	Cost
	At 1 April 2024 and 31 March 2025	3,079
	Depreciation
	At 1 April 2024	1,451
	Charge for the year	771
	At 31 March 2025	2,222
	Net book value
	At 31 March 2025	857
	At 31 March 2024	1,628

Debtors

					2025	2024
					£	£


Other debtors	7,810	14,355
Deferred taxation	73,783	-

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	533	171
Amounts owed to group undertakings	1,585,351	1,954,542
Other creditors	-	6,837
Accruals and deferred income	8,520	65,060
	1,594,404	2,026,610

Page 5

THE MEZZANINE LENDING CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	Deferred taxation

		2025
		£

	At beginning of year	-
	Credited to profit or loss	73,783
	At end of year	73,783

The deferred tax asset is made up as follows:
	2025	2024
	£	£

Tax losses carried forward

73,783

8.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1 (2024 - 1) Ordinary Shares share of £1.00	1	1

9.	Related party transactions
	The company has taken advantage of the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly owned by a member of a group.

10.	Ultimate parent company and parent company of larger group

The immediate parent undertaking, Gross Hill Properties Limited, heads the largest group of undertakings for which group financial statements are drawn up, and of which the company is a member.
Gross Hill Properties Limited heads the largest and smallest group of undertakings for which group financial statements are drawn up, and of which the Company is a member, a company incorporated in England and Wales. The consolidated financial statements of these companies are available to the public and may be obtained from Park House, Greyfriars Road, Cardiff, CF10 3AF.
The ultimate parent undertaking of the company is Boughton Holdings Limited, a company incorporated in Gibraltar. Boughton Holdings Limited is under the control of Michael Gross, the main shareholder.

11.	Auditors' information

The Company was subject to an audit for the year ended 31 March 2025. The audit report was issued with an unqualified opinion and signed on 26 September 2025 by Chris Gent BA FCA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.

Page 6