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Company No: 13261992 (England and Wales)

# MPR SUBCO LIMITED

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

MPR SUBCO LIMITED

## Unaudited Financial Statements

For the financial year ended 31 July 2025

Contents

MPR SUBCO LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 July 2025
MPR SUBCO LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Current assets |  |  |  |
Stocks | 3 | 3,268,837 |  | 4,459,961
Debtors | 4 | 5,516,019 |  | 5,465,435
Cash at bank and in hand |  | 63 |  | 15,716
|  | 8,784,919 |  | 9,941,112
Creditors: amounts falling due within one year | 5 | ( 18,540) |  | ( 741,008)
Net current assets |  | 8,766,379 |  | 9,200,104
Total assets less current liabilities |  | 8,766,379 |  | 9,200,104
Creditors: amounts falling due after more than one year | 6 | ( 1,726,857) |  | ( 2,029,168)
Net assets |  | 7,039,522 |  | 7,170,936
Capital and reserves |  |  |  |
Called-up share capital | 7 | 9,710,100 |  | 9,710,100
Profit and loss account |  | ( 2,670,578 ) |  | ( 2,539,164 )
Total shareholder's funds |  | 7,039,522 |  | 7,170,936

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

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges 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 MPR Subco Limited (registered number: 13261992) were approved and authorised for issue by the Director. They were signed on its behalf by:

G D Thwaites Director |

06 February 2026

MPR SUBCO LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2025
MPR SUBCO LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

MPR Subco 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 principal activity of the Company is that of property development.
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 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ 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 £.

##### Going concern

The financial statements have been prepared on the going concern basis as in the opinion of the directors the company will generate future income sufficient to cover the liabilities of the company.
The company has made a loss in the year and relies on the support of a group entity which has confirmed its intention to provide support for a period of twelve months from the date of signing of the accounts.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Turnover represents the sale proceeds of property sales completed during the year. Other income relates to the letting of property.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
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.

##### 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/Statement of Comprehensive Income.

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.

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.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the company during the year, including the director | 1 |  | 1

#### 3. Stocks

| 2025 |  | 2024
| £ |  | £
Stocks | 3,268,837 |  | 4,459,961

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 1,245 |  | 1,245
Amounts owed by group undertakings | 5,504,257 |  | 5,448,568
Prepayments | 9,219 |  | 12,500
Other debtors | 1,298 |  | 3,122
| 5,516,019 |  | 5,465,435

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

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

| 2025 |  | 2024
| £ |  | £
Trade creditors | 5,809 |  | 13,676
Amounts owed to group undertakings | 0 |  | 707,794
Accruals and deferred income | 8,386 |  | 15,193
Other creditors | 4,345 |  | 4,345
| 18,540 |  | 741,008

#### 6. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 1,726,857 |  | 2,029,168

The loan bears interest at 6.37% per annum, is secured over a charge on the property held in stock, a corporate guarantee limited to £11,250,000.00 from Tranos (UK) Limited, joint & several personal guarantees limited to £1,000,000.00 from G Thwaites and B Thwaites, a cross company guarantee limited to £12,815,000 by AA Subco Limited and the Company in favour of the funder, a debenture with fixed and floating charges over the undertaking and assets of Tranos (UK) Limited and is repayable in February 2029.

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
9,710,100 Ordinary shares of £ 1.00 each | 9,710,100 |  | 9,710,100

#### 8. Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.

#### 9. Parent Company

The immediate parent undertaking is Maiden Park Residence Limited, a company registered in England & Wales.
The registered office is 35 Ballards Lane, London, N3 1XW.