Company No: 03503300 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Richard Morpeth Jameson
	Stephen Parish

SECRETARY

Richard Morpeth Jameson

REGISTERED OFFICE	57/59 Beak Street
	London
	W1F 9SJ
	United Kingdom

COMPANY NUMBER

03503300 (England and Wales)

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	0		1
Investment property	4	26,331,921		25,689,341
		26,331,921		25,689,342
Current assets
Debtors	5	759,969		984,828
Cash at bank and in hand		173,026		831,681
		932,995		1,816,509
Creditors: amounts falling due within one year	6	( 4,199,321)		( 4,591,079)
Net current liabilities		(3,266,326)		(2,774,570)
Total assets less current liabilities		23,065,595		22,914,772
Creditors: amounts falling due after more than one year	7	( 2,000,000)		( 2,000,000)
Provision for liabilities	8	( 3,892,635)		( 3,892,635)
Net assets		17,172,960		17,022,137
Capital and reserves
Called-up share capital		99		99
Undistributable reserve		13,303,647		13,303,647
Profit and loss account		3,869,214		3,718,391
Total shareholders' funds		17,172,960		17,022,137

For the financial year ending 31 December 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 Profit and Loss Account has not been delivered.

The financial statements of VMM Limited (registered number: 03503300) were approved and authorised for issue by the Board of Directors on 19 September 2026. They were signed on its behalf by:

Richard Morpeth Jameson Director

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

The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
57/59 Beak Street
London
W1F 9SJ

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention modified to include certain items at fair value as set out below.

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 a going concern basis.

Taxation

Current tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Revenue recognition

The company is a property investment company and therefore turnover represents the provision of rental charges, commissions and recharged expenses.

Rental income is measured as the contractually fixed fee, excluding discounts and VAT and is recognised on on a straight line basis over the lease term.

Commissions are recognised in the period in which the work is carried out and recharged expenses at the time when the invoice is raised for the related expense.

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:

Plant and machinery etc.

3 years straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined periodically by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. In the intervening years the properties are included at directors' valuation. Changes in fair value are recognised in profit or loss.

Trade and other creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Interim dividend distributions to the company’s shareholders are recognised in the reporting period in which they are paid. Final dividends are recognised as a liability in the financial statements in the reporting period in which the dividends are approved by the members.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year	0		0

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2025	22,305		22,305
At 31 December 2025	22,305		22,305
Accumulated depreciation
At 01 January 2025	22,304		22,304
Charge for the financial year	1		1
At 31 December 2025	22,305		22,305
Net book value
At 31 December 2025	0		0
At 31 December 2024	1		1

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2025	25,689,341
Additions	642,580
As at 31 December 2025	26,331,921

5. Debtors

	2025		2024
	£		£
Trade debtors	341,016		341,016
Other debtors	418,953		643,812
	759,969		984,828

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	29,235		522,189
Taxation and social security	118,443		155,275
Other creditors	4,051,643		3,913,615
	4,199,321		4,591,079

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	2,000,000		2,000,000

A loan from Natwest bank is denominated with a nominal interest rate of 2.75% above Bank of England base rate. The carrying amount at year end is £2,000,000 (2024 - £2,000,000).

The Loan is secured via a first legal charge over the freehold interests of the company's investment properties.

8. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 3,892,635)		( 3,892,635)
At the end of financial year	( 3,892,635)		( 3,892,635)

9. Related party transactions

Other related party transactions

	2025		2024
	£		£
Recharged costs	94,454		94,829
Recharged income	34,140		96,920

The company was recharged employment costs by GSSI Operations Limited, a company under common control.
During the year, the company was recharged costs of £94,454 (2024 - £94,829). At the year end the amount owed to GSSI Operations Limited was £3,609,072 (2024 - £2,474,545), and was charged interest of £200,074 in the year.

At year end the amount owed to SMG was £nil (2024 - £695,000), a company under common control.