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Company No: 03931938 (England and Wales)

# MIKPROUD ASSETS LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

MIKPROUD ASSETS LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

MIKPROUD ASSETS LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
MIKPROUD ASSETS LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Investments | 3 | 454,400 |  | 446,597
|  | 454,400 |  | 446,597
Current assets |  |  |  |
Debtors | 4 | 3,660,171 |  | 3,550,680
Cash at bank and in hand |  | 1,103,202 |  | 1,001,937
|  | 4,763,373 |  | 4,552,617
Creditors: amounts falling due within one year | 5 | ( 156,182) |  | ( 279,559)
Net current assets |  | 4,607,191 |  | 4,273,058
Total assets less current liabilities |  | 5,061,591 |  | 4,719,655
Net assets |  | 5,061,591 |  | 4,719,655
Capital and reserves |  |  |  |
Called-up share capital | 6 | 2 |  | 2
Profit and loss account |  | 5,061,589 |  | 4,719,653
Total shareholders' funds |  | 5,061,591 |  | 4,719,655

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Mikproud Assets Limited (registered number: 03931938) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P B Koopman Director |

29 December 2025

MIKPROUD ASSETS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
MIKPROUD ASSETS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Mikproud Assets Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in Pounds Sterling which is the functional currency of the Company and rounded to the nearest £.

##### Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

##### Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents the Company's share of profit of a limited liability partnership of which it is a member.
Turnover is recognised when profits are irrevocably allocated in accordance with the underlying methodology of the LLP deed.

##### Interest income

Interest income is charged to Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

##### Cash and cash equivalents

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 creditors: amounts falling due within one year.

##### Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

***Offsetting***
Financial assets and liabilities are offset and 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.

Investments
Investments in subsidiaries and associates are measured at cost less accumulated impairment.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the company during the year, including directors | 2 |  | 2

#### 3. Fixed asset investments

Investments in subsidiaries

| 2025
| £
Cost |
At 01 April 2024 | 4,631
Additions | 100
At 31 March 2025 | 4,731
Carrying value at 31 March 2025 | 4,731
Carrying value at 31 March 2024 | 4,631

The loans to participating interests shown below represent the company's loans and capital contributions to a limited liability partnership of which the company is a member.
The amount is repayable on departure from the LLP.

| Investments in joint ventures |  | Loans |  | Total
| £ |  | £ |  | £
Cost or valuation before impairment |  |  |  |  |
At 01 April 2024 | 1 |  | 441,965 |  | 441,966
Additions | 0 |  | 7,703 |  | 7,703
At 31 March 2025 | 1 |  | 449,668 |  | 449,669
Carrying value at 31 March 2025 | 1 |  | 449,668 |  | 449,669
Carrying value at 31 March 2024 | 1 |  | 441,965 |  | 441,966

Investments in shares

Name of entity | Registered office | Principal activity | Class of shares | Ownership 31.03.2025 | Ownership 31.03.2024
Mikproud (Holloway) Limited | 35 Ballards Lane, London, N3 1XW | Property investment | Ordinary | 100.00% | 100.00%
Newcity Property Partners Limited | 35 Ballards Lane, London, N3 1XW | Property investment and development | Ordinary | 55.00% | 55.00%
GGP (Two) Limited | 221 Watling Street, Radlett, Hertfordshire, WD7 7AL | Property development | Ordinary | 100.00% | 100.00%
GGP (Three) Limited | 35 Ballards Lane, London, N3 1XW | Property investment | Ordinary | 100.00% | 100.00%
Mikproud Management Limited | 221 Watling Street, Radlett, Hertfordshire, WD7 7AL | Management of real estate on a fee or contract basis | Ordinary | 100.00% | 0.00%
NCPP (Two) Limited | 221 Watling Street, Radlett, Hertfordshire, WD7 7AL | Property development | Ordinary | 55.00% | 55.00%
DJLK Limited | 221 Watling Street, Radlett, Hertfordshire, WD7 7AL | Property investment | Ordinary | 33.33% | 33.33%

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by group undertakings | 3,024,774 |  | 3,401,369
Amounts owed by associates | 419,252 |  | 19,411
Other debtors | 216,145 |  | 129,900
| 3,660,171 |  | 3,550,680

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Amounts owed to directors | 2,499 |  | 0
Other loans | 147,382 |  | 250,808
Accruals | 6,301 |  | 6,851
Taxation and social security | 0 |  | 21,900
| 156,182 |  | 279,559

#### 6. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
2 Ordinary shares of £ 1.00 each | 2 |  | 2

#### 7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

Where possible the company has taken advantage of the exemption conferred by Section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transactions with wholly-owned group undertakings.
Included within fixed asset investments is a loan balance of £449,668 (2024: £441,965) owed by an LLP in which the company is a designated member and has an equity interest. This balance is unsecured and interest free, with no fixed repayment terms.
Included within amounts owed by undertakings in which the company has a participating interest is a balance of £16,870 (2024: £16,870) owed by an LLP in which the company is a designated member and has an equity interest. This balance is unsecured and interest free, with no fixed repayment terms.
Included within amounts owed by undertakings in which the company has a participating interest is a balance of £402,382 (2024: £2,541) owed by an associate in which the company has an equity interest. This balance is unsecured and interest free, with no fixed repayment terms.
Included within debtors is a balance of £906,036 (2023: £1,218,835) owed by partly owned subsidiaries of Mikproud Assets Limited. These balances are unsecured with no fixed repayment terms. Interest of £76,647 was charged on the loans.

Transactions with the entity's directors

Other related party transactions

Included within other debtors is an amount of £175,291 (2024: £Nil ) owed by immediate family members of the director. Interest has been charged at the HMRC official rate of interest.
Included within other loans in creditors falling due within one year is an amount of £147,382 (2024: £250,808 ) owed to immediate family members of the director. This balance is unsecured with no fixed repayment terms.