144 Midland Road Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10329110 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2025

for

144 Midland Road Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Current assets

Debtors

4

5,402

2,820

Cash at bank

63,263

91,728

68,665

94,548

Creditors

Amounts falling due within one year

5

4,584,345

4,589,319

Net current liabilities

(4,515,680

)

(4,494,771

)

Total assets less current liabilities

(4,515,680

)

(4,494,771

)

Capital and reserves

Called up share capital

6

100

Retained earnings

(4,515,780

)

(4,494,871

)

Shareholders' funds

(4,515,680

)

(4,494,771

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2026 and were signed on its behalf by:

N S Bremner - Director

1.	Statutory information

144 Midland Road Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

10329110

Registered office:

Pound House

62a Highgate High Street

London

N6 5HX

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements show the company had net liabilities of £4,515,680 at the balance sheet date. Of this amount almost £3.9m is owed to Ordan UK Ltd a company controlled by a former director Mr Dodi. As outlined in note 8 the directors are expecting to make a claim against Mr Dodi and Ordan UK Ltd for an amount exceeding this liability which would enable all debts to be settled and on this basis they have prepared the accounts on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	Employees and directors

The average number of employees during the year was 2 (2024 - 2 ) .

4.

Debtors: amounts falling due within one year

2025

2024

£

Amounts owed by group undertakings

5,352

2,770

Called up share capital not paid

50

5,402

2,820

5.

Creditors: amounts falling due within one year

2025

2024

£

Trade creditors

13,075

Amounts owed to group undertakings

4,023,154

Other creditors

5,210

10,184

Directors' current accounts

542,906

4,584,345

4,589,319

6.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

100

Ordinary

£1

100

7.	Directors' advances, credits and guarantees

At the year end there were balances due to directors of £542,906 (2024: £542,906).

8.	Post balance sheet events

On 10 November 2023 Mr Dodi (the controlling shareholder and controlling director of Ordan Limited and other relevant associated companies) was removed as a director of the Company for reasons which included a lack of transparency on the accounts, failure of his fiduciary duties and failure to act in the best interests of the Company.

The directors have engaged a third party to carry out a forensic accounting exercise and without seeking to pre-empt the conclusions of this, an initial review of the Company's financial records by its directors has unearthed extensive evidence of what would seem to be material misappropriation of Company assets by Mr Dodi. This includes, but is not limited to, a clear pattern of funds having apparently been introduced to the Company by way of undocumented and undisclosed (to other directors) "loans" by Ordan which were thereafter improperly utilised and paid away by the Company at the direction of Mr Dodi (solely and without reference to other directors) in order to discharge obligations to other entities controlled by Mr Dodi, for example, Nofax Enterprises Limited, in respect of which the Company had no liability. At the same time this scheme wrongfully created an entirely false debtor/creditor position in the books and records of the Company as between the Company and Ordan. Given his controlling position at Ordan and his directorship of that company, Ordan would have had imputed knowledge (if not actual knowledge) of his breaches of duty as a director of the Company. Moreover, Ordan would appear to have been an active participant in this programme.

The directors believe that losses flowing from Mr Dodi's activities could be as high as £11m (or more). Recent discussions with the forensic accounting team are encouraging and from the present information available to them (subject to further analysis and clarification) they expect to be able to support a claim of not less that £3.9m.

9.	Ultimate controlling party

The ultimate controlling party is is the directors together.