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Registered number: 05851956 MID MEDITERRANEAN CORPORATION LTD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MID MEDITERRANEAN CORPORATION LTD
CONTENTS
| Page
Statement of financial position | 1
Notes to the financial statements | 2 - 6
MID MEDITERRANEAN CORPORATION LTD REGISTERED NUMBER:05851956
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 548 |  | 172
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 64,150 |  | 2,169 |
Cash at bank and in hand |  | 7,188 |  | 3,609 |
|  | 71,338 |  | 5,778 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 6 | (326,802) |  | (271,889) |
Net current liabilities |  |  | (255,464) |  | (266,111)
Net liabilities |  |  | (254,916) |  | (265,939)
Capital and reserves |  |  |  |  |
Called up share capital | 7 |  | 1,000 |  | 1,000
Profit and loss account |  |  | (255,916) |  | (266,939)
|  |  | (254,916) |  | (265,939)
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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 December 2025.
Y Ran
Director
The notes on pages 2 to 6 form part of these financial statements. Page 1
MID MEDITERRANEAN CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Mid Mediterranean Corporation Ltd is a private limited liability company registered in England and Wales. Its registered office and business address is 135 Holland Park Avenue, London, W11 4UT. The company's principal activity is that of a liaison office. 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 | Going concern
At the reporting date, the company has net current liabilities and net liabilities. The director has obtained assurance from Suez Group Finance Limited, the previous shareholder of the company, that they have no intention to recall their loan during the next 12 months, so that the company will be able to carry on trading and meet its financial obligations as and when they fall due for a period of at least twelve months from the date of approval of these financial statements. On this basis, the director considers it appropriate to prepare these financial statements on a going concern basis.
| 2.3 | Foreign currency translation
The company's functional and presentational currency is £ sterling. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non - monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non - money items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of management fees received or receivable. Income from the provision of support services is recognised when the services are provided. Page 2
MID MEDITERRANEAN CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | 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. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:
|  |  |  | Fixtures and fittings | - | 25% | on cost
|  |  |  | Computer equipment | - | 25% | on cost
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.
| 2.6 | Basic financial instruments
The company only enters into transactions that result in basic financial instruments such as other debtors, other creditors, cash at bank and in hand, and loans from related parties. Other debtors are recognised initially at the transaction price less attributable transaction costs. Other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of other debtors. Cash at bank and in hand comprise cash balances and call deposits. Page 3
MID MEDITERRANEAN CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that: 1) 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 2) 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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MID MEDITERRANEAN CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 576 | 3,209 | 3,785
| Additions | - | 563 | 563
| At 31 December 2024 | 576 | 3,772 | 4,348
| Depreciation |  |  |
| At 1 January 2024 | 576 | 3,037 | 3,613
| Charge for the year on owned assets | - | 185 | 185
| At 31 December 2024 | 576 | 3,222 | 3,798
| Net book value |  |  |
| At 31 December 2024 | - | 550 | 550
| At 31 December 2023 | - | 172 | 172
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other debtors | 63,930 | 1,949
| Prepayments and accrued income | 220 | 220
|  | 64,150 | 2,169
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MID MEDITERRANEAN CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 119 | 7,113
| Taxation and social security | 703 | 846
| Other creditors | 319,455 | 257,830
| Accruals and deferred income | 6,525 | 6,100
|  | 326,802 | 271,889
7. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 Ordinary shares of £1 each | 1,000 | 1,000
8. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
| In their report, the auditors emphasised the following matter without qualifying their report: We draw attention to note 2.2 in the financial statements, which indicates that the company has net current liabilities and net liabilities at the reporting date and, in order to continue trading, is reliant on the continuing financial support of Suez Group Finance Limited. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The audit report was signed on 5 December 2025 by Martyn Atkinson FCA (Senior statutory auditor) on behalf of Sopher + Co LLP.
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