| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2025 |
| for |
| M Squared London Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2025 |
| for |
| M Squared London Limited |
| M Squared London Limited (Registered number: 07681212) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| M Squared London Limited |
| Company Information |
| for the Year Ended 31 October 2025 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants and Business Advisors |
| Regency House |
| 33 Wood Street |
| Barnet |
| Hertfordshire |
| EN5 4BE |
| M Squared London Limited (Registered number: 07681212) |
| Balance Sheet |
| 31 October 2025 |
| 31/10/25 | 31/10/24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Fair value reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| M Squared London Limited (Registered number: 07681212) |
| Balance Sheet - continued |
| 31 October 2025 |
| The financial statements were approved by the director and authorised for issue on |
| M Squared London Limited (Registered number: 07681212) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2025 |
| 1. | STATUTORY INFORMATION |
| M Squared London Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Rent receivable is recognised in the period to which the rent relates. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Deferred tax is provided for at the future expected tax rate that the relevant assets will be sold, so far as they are known. |
| M Squared London Limited (Registered number: 07681212) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Investments |
| Investments in group undertakings are stated at cost less impairment. |
| Other fixed assets investments are stated at fair value. |
| Going concern |
| These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continuing support of the company's director and shareholders. If the company were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts and to reclassify fixed assets as current assets. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 November 2024 |
| Additions |
| At 31 October 2025 |
| DEPRECIATION |
| At 1 November 2024 |
| Charge for year |
| At 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| M Squared London Limited (Registered number: 07681212) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2025 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2024 | 7,264,229 |
| Additions | 357,003 |
| Disposals | ( |
) | (1,036,492 | ) |
| Revaluations | 159,014 |
| Impairments | ( |
) | (300,000 | ) |
| At 31 October 2025 | 6,443,754 |
| NET BOOK VALUE |
| At 31 October 2025 | 6,443,754 |
| At 31 October 2024 | 7,264,229 |
| Cost or valuation at 31 October 2025 is represented by: |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| Valuation in 2025 | (300,000 | ) | 269,231 | (30,769 | ) |
| Cost | 300,000 | 6,174,523 | 6,474,523 |
| - | 6,443,754 | 6,443,754 |
| If other investments had not been revalued they would have been included at the following historical cost: |
| 31/10/25 | 31/10/24 |
| £ | £ |
| Cost | 8,129,649 | 8,129,649 |
| Other investments were valued on an open market basis on 31 October 2025 by EFG Private Bank and DBS Private Bank . |
| Other fixed asset investments comprise a mixture of multi-asset listed investments, listed shares, structured products, exchange traded funds and cash. These investments are both managed and un-managed portfolios. |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2024 |
| Revaluations | 140,165 |
| At 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| M Squared London Limited (Registered number: 07681212) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2025 |
| 7. | INVESTMENT PROPERTY - continued |
| Investment property was valued on an open market basis as follows: |
| 07/02/2025 | Colliers International Valuation UK LLP | £8,000,000 |
| 31/10/2024 | The director | £850,000 |
| 20/09/2021 | Savills UK Limited, Chartered Surveyors | £4,000,000 |
| 31/10/2025 | The director | £1,850,000 |
| £14,700,000 |
| In the opinion of the director, and where relevant, the valuations as at 31 October 2025 have not changed significantly since the dates of formal valuation. The investment property valued by the director at £1,850,000, was formally valued at £1,500,000 by Savills UK Limited, Chartered Surveyors on 11 June 2019. Since that date there has been improvement expenditure incurred which the director believes has increased the value of the investment property accordingly. |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/10/25 | 31/10/24 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/10/25 | 31/10/24 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| Bank loans and overdrafts include rolling fixed short-term loans under 12 months in length totalling £6,161,326 (2024: £6,122,898). Those maturing within 12 months of the balance sheet date are expected to be rolled into new short-term loans from the same lender. |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/10/25 | 31/10/24 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years | 4,950,368 | 5,169,485 |
| M Squared London Limited (Registered number: 07681212) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2025 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31/10/25 | 31/10/24 |
| £ | £ |
| Bank loans |
| Bank loans are secured by a fixed and floating charge against the assets of the company. |
| 12. | PROVISIONS FOR LIABILITIES |
| 31/10/25 | 31/10/24 |
| £ | £ |
| Deferred tax | 1,233,939 | 1,190,536 |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2024 |
| Provided during year |
| Balance at 31 October 2025 |
| Deferred tax is provided on all unrealised surpluses on the revaluation of fixed asset investments and investment properties. |
| 13. | RELATED PARTY RELATIONSHIPS AND TRANSACTIONS |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| At the balance sheet date, the company owed the director £5,001,592 (2024: £5,492,159). |
| At the balance sheet date the company was owed £478,654 (2024: £526,104) by companies under common control. |
| 14. | CONTROL |
| The ultimate controlling party is |