Company registration number 09944312 (England and Wales)
MM&S JM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
MM&S JM LIMITED
CONTENTS
Page(s)
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
MM&S JM LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Note
£
£
£
£
Fixed assets
Investments
4
1,784,401
1,793,052
Current assets
Debtors: amounts falling due within one year
5
5,688,904
1,433,560
Cash at bank and in hand
3,126,101
2,146,634
8,815,005
3,580,194
Creditors: amounts falling due within one year
6
(20,501)
(20,784)
Net current assets
8,794,504
3,559,410
Net assets
10,578,905
5,352,462
Capital and reserves
Called up share capital
7
90
90
Share premium account
1,700,491
1,700,491
Retained earnings
8,878,324
3,651,881
Total equity
10,578,905
5,352,462

The notes on pages 3 to 7 form part of these financial statements.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

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.

T he member has 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.

The financial statements on pages 1 to 7 were approved and signed by the director and authorised for issue on 12 March 2026
J McDonagh
Director
Company registration number 09944312 (England and Wales)
MM&S JM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Called up share capital
Share premium account
Retained earnings
Total equity
Note
£
£
£
£
Balance at 1 April 2023
90
1,700,491
2,408,718
4,109,299
Year ended 31 March 2024:
Profit and total comprehensive income for the financial year
-
-
3,985,090
3,985,090
Dividends
-
-
(2,741,927)
(2,741,927)
Balance at 31 March 2024
90
1,700,491
3,651,881
5,352,462
Year ended 31 March 2025:
Profit and total comprehensive income for the financial year
-
-
5,226,443
5,226,443
Balance at 31 March 2025
90
1,700,491
8,878,324
10,578,905

The notes on pages 3 to 7 form part of these financial statements.

MM&S JM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

MM&S JM Limited ("the Company") is a private company limited by shares incorporated and domiciled in England and Wales. The registered office is 1 Park Row, Leeds, England, United Kingdom, LS1 5AB.

The principal activity of the Company is that of a family investment company.

1.1
Accounting convention

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 C ompany.

The financial statements have been prepared under the historical cost convention. The principal accounting policies set out below have been consistently applied to the years presented, unless otherwise stated.

1.2
Going concern

The director is satisfied that the Company has adequate resources to continue to operate for the foreseeable true future. In forming this position the director has considered the net assets, net current assets and the liquidity of the Company at 31 March 2025.

In forming this opinion, the director has taken into account the current and forecast performance of the Company and its underlying investments which indicate that adequate cash flows will be generated to meet the Company’s ongoing obligations. When performing this assessment the director has considered the impact of the current economic environment on the performance of the Company and its underlying investments both in the short and long term and have concluded that the Company has adequate resources to continue trading for at least 12 months from the date of approval of the Annual Report and the Financial Statements.

For this reason, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Investments

Interests in associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the C ompany holds a long-term interest and where the C ompany has significant influence. The C ompany considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the C ompany has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash at bank is a basic financial asset and relates to current and deposit accounts held with a bank.

MM&S JM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The C ompany 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 C ompany's statement of financial position when the C ompany 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

Basic financial assets, which include debtors and bank balances, 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.

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.

Classification of financial liabilities

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

Basic financial liabilities 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

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

1.6
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MM&S JM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

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 year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future years where the revision affects both current and future years.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
4
Investments
2025
2024
£
£
Shares in participating interests
1,400,034
1,400,034
Other investments
384,367
393,018
1,784,401
1,793,052
MM&S JM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Investments
(Continued)
- 6 -

The Company owns 3,336 ordinary shares in Dalmore Group Limited (Jersey). This represents 25.00% of the total issued ordinary share capital of that entity. This holding was sold in it's entirety to Royal London Asset Management in November 2025.

The Company has made capital contributions to Invergordon D Scottish Limited Partnership. During the current financial year, the Company acquired no further stake (2024: 0.02%) i n the Limited Partnership, and the total investment in that entity remained at 3.37% (2024: 3.3 7%).

On 8 December 2022, the Company made a capital contribution of £86,268 to TLF 1 LP an entity registered in Singapore with its registered address at Republic Plaza, 9 Raffles Place, Singapore 048619. During the current financial year, the Company received an equalisation payment of £8,651. This has been treated as a repayment of the original investment.

Movements in investments
Shares in participating interests
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2024
1,400,034
393,018
1,793,052
Repayment
-
(8,651)
(8,651)
At 31 March 2025
1,400,034
384,367
1,784,401
Carrying amount
At 31 March 2025
1,400,034
384,367
1,784,401
At 31 March 2024
1,400,034
393,018
1,793,052
5
Debtors: amounts falling due within one year
2025
2024
£
£
Corporation tax recoverable
465,197
-
0
Other debtors
5,223,707
1,433,560
5,688,904
1,433,560
6
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
6,166
5,505
Other creditors
14,335
15,279
20,501
20,784
MM&S JM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
9,045
9,045
90
90

There is a single class of ordinary share. Each ordinary share carries full rights in the Company with respect to voting, dividends and capital distributions. They do not confer any rights of redemption.

There were no movements in shareholdings in the current or prior financial year.

8
Loan to director

During the year the director received an interest free loan of £3,792,892 (2024: £6,165), all of which (2024: £nil) was repaid within nine months of the year end. The amount outstanding at the year end, which is repayable on demand and classified as other debtors was £5,223,707 (2024: £1,430,815).

9
Events after the reporting date

The Company sold its entire investment in Dalmore Group Limited to Royal London Asset Management in November 2025.

2025-03-31 2024-04-01 false false false CCH Software CCH Accounts Production 2025.200 No description of principal activity J McDonagh Jennifer McKay 09944312 2024-04-01 2025-03-31 09944312 2025-03-31 09944312 2024-03-31 09944312 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 09944312 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09944312 core:CurrentFinancialInstruments 2025-03-31 09944312 core:CurrentFinancialInstruments 2024-03-31 09944312 core:ShareCapital 2025-03-31 09944312 core:ShareCapital 2024-03-31 09944312 core:SharePremium 2025-03-31 09944312 core:SharePremium 2024-03-31 09944312 core:RetainedEarningsAccumulatedLosses 2025-03-31 09944312 core:RetainedEarningsAccumulatedLosses 2024-03-31 09944312 core:ShareCapital 2023-03-31 09944312 core:SharePremium 2023-03-31 09944312 core:RetainedEarningsAccumulatedLosses 2023-03-31 09944312 core:ShareCapitalOrdinaryShareClass1 2025-03-31 09944312 core:ShareCapitalOrdinaryShareClass1 2024-03-31 09944312 bus:Director1 2024-04-01 2025-03-31 09944312 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 09944312 2023-04-01 2024-03-31 09944312 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 09944312 core:Non-currentFinancialInstruments 2025-03-31 09944312 core:Non-currentFinancialInstruments 2024-03-31 09944312 core:WithinOneYear 2025-03-31 09944312 core:WithinOneYear 2024-03-31 09944312 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 09944312 bus:OrdinaryShareClass1 2025-03-31 09944312 bus:OrdinaryShareClass1 2024-03-31 09944312 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 09944312 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 09944312 bus:FRS102 2024-04-01 2025-03-31 09944312 bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 09944312 bus:CompanySecretary1 2024-04-01 2025-03-31 09944312 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP