REGISTERED NUMBER: 03117531 (England and Wales)

MNM Property Services Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2026

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

Mr N Nicolas

Mr M P O'Sullivan

Mrs H Nicolas

Mrs M O'Sullivan

Mr G Panteli

Mr J Langshaw-Lee

Mr A Georgiou

Mr J D Lillywhite

Ms K E Duchnik

Ms L Dirsyte

SECRETARY:

Mr N Nicolas

REGISTERED OFFICE:

97 Judd Street

London

WC1H 9JG

REGISTERED NUMBER:

03117531 (England and Wales)

SENIOR STATUTORY AUDITOR:

Stefanos Spyrou

AUDITORS:

Chris Syrimis & Co

Chartered Certified Accountants and

Statutory Auditors

97 Judd Street

London

WC1H 9JG

BANKERS:

HSBC

50-52 Kilburn High Road

Kilburn

London

NW6 4HJ

The directors present their strategic report for the year ended 31st March 2026.

Review of business

During the year, the company's activities as a provider of essential property maintenance services remained unchanged and continued to offer it's services to a number of London local authorities, private landlords and various Housing Associations.

The profit for the year after taxation as set out on page 9 amounted to £952,557 (2025- £1,198,988).

As at 31st March 2026, the company remained in a strong financial position, with net assets of £1,345,970 (2025- £1,073,413).

The directors consider the results and the position at the year end to be satisfactory, and in line with expectations.

Key performance indicators

The turnover for the year increased by 20% compared with the previous year and the directors expect this growth to continue in the current year.

The company experienced a modest reduction in profit over the previous year however profitability has improved significantly over the last two years primarily as a result of a reduction in direct costs.

Principal risks and uncertainties

The company continues to plan to mitigate risks inherent in the business arising from normal trading activities, the current economic climate and health and safety considerations.

The risks facing the business are assessed on an ongoing basis. The directors evaluate the likelihood and potential impact of identified risks and ensure that appropriate actions are taken to mitigate them. The principal risk identified is the market risk.

The market is very competitive. The company competes with several competitors of varying size in areas including price, range, quality and service. Failure to compete effectively in any of these areas could have an adverse impact on financial results. The company mitigates its exposure to market risk by differentiating its services through the quality of service provided and its commitment to customer care.

Future developments

The company continues to review other trade vertical to provide further services to its customers,

The directors aim to maintain the management policies which have resulted in the company's growth and profitability in recent years. In the coming year they expect the company to increase its sales and sustain its profitability.

ON BEHALF OF THE BOARD:

Mr N Nicolas - Director

19 October 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property maintenance.

DIVIDENDS

During the year the company made dividend distributions to its members on a monthly basis. The total dividends paid in the year amounted to £680,000 (2025 £682,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

Mr N Nicolas

Mr M P O'Sullivan

Mrs H Nicolas

Mrs M O'Sullivan

Mr G Panteli

Mr J Langshaw-Lee

Other changes in directors holding office are as follows:

Mr A Georgiou - appointed 14 April 2025

Mr J D Lillywhite - appointed 14 April 2025

Ms K E Duchnik and Ms L Dirsyte were appointed as directors after 31 March 2026 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Chris Syrimis & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr N Nicolas - Director

19 October 2026

Opinion

We have audited the financial statements of MNM Property Services Limited (the 'company') for the year ended 31 March 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of environmental and health and safety regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates and judgements. Audit procedures performed by the auditors included:

- Discussions with management, internal audit and legal counsel, including consideration of potential instances of non-compliance with laws and regulation and fraud;

- Assessment of matters reported through the Company's whistleblowing procedures and the results of management's investigation of such matters;

- Substantive testing of journal entries which met a defined risk criteria, focusing on where and how fraud could arise; and

- Challenging assumptions and judgements made by management in its accounting estimates or judgements, in particular in relation to uncertain tax position.

No instances of material non-compliance were identified. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stefanos Spyrou (Senior Statutory Auditor)

for and on behalf of Chris Syrimis & Co

Chartered Certified Accountants and

Statutory Auditors

97 Judd Street

London

WC1H 9JG

19 October 2026

TURNOVER

12,961,072

10,743,594

Cost of sales

8,693,340

6,918,406

GROSS PROFIT

4,267,732

3,825,188

Administrative expenses

2,881,022

2,228,219

1,386,710

1,596,969

Other operating income

-

63,356

OPERATING PROFIT

4

1,386,710

1,660,325

Interest receivable and similar income

8,454

2,518

1,395,164

1,662,843

Interest payable and similar expenses

5

71,182

41,496

PROFIT BEFORE TAXATION

1,323,982

1,621,347

Tax on profit

6

371,425

422,359

PROFIT FOR THE FINANCIAL YEAR

952,557

1,198,988

PROFIT FOR THE YEAR

952,557

1,198,988

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

952,557

1,198,988

FIXED ASSETS

Tangible assets

8

593,449

505,769

CURRENT ASSETS

Stocks

9

283,840

215,408

Debtors

10

3,047,260

2,222,828

Cash at bank and in hand

1,011,336

1,070,361

4,342,436

3,508,597

CREDITORS

Amounts falling due within one year

11

3,339,068

2,716,835

NET CURRENT ASSETS

1,003,368

791,762

TOTAL ASSETS LESS CURRENT LIABILITIES

1,596,817

1,297,531

CREDITORS

Amounts falling due after more than one year

12

(102,485

)

(98,038

)

PROVISIONS FOR LIABILITIES

14

(148,362

)

(126,080

)

NET ASSETS

1,345,970

1,073,413

CAPITAL AND RESERVES

Called up share capital

15

100,000

100,000

Retained earnings

16

1,245,970

973,413

SHAREHOLDERS' FUNDS

1,345,970

1,073,413

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2026 and were signed on its behalf by:

Mr M P O'Sullivan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

100,000

456,425

556,425

Changes in equity

Dividends

-

(682,000

)

(682,000

)

Total comprehensive income

-

1,198,988

1,198,988

Balance at 31 March 2025

100,000

973,413

1,073,413

Changes in equity

Dividends

-

(680,000

)

(680,000

)

Total comprehensive income

-

952,557

952,557

Balance at 31 March 2026

100,000

1,245,970

1,345,970

Cash flows from operating activities

Cash generated from operations

1

1,796,106

1,524,731

Interest paid

-

(20,532

)

Interest element of hire purchase payments paid

(71,182

)

(20,964

)

Tax paid

(434,413

)

(228,532

)

Net cash from operating activities

1,290,511

1,254,703

Cash flows from investing activities

Purchase of tangible fixed assets

(244,830

)

(87,028

)

Sale of tangible fixed assets

7,125

13,342

Interest received

8,454

2,518

Net cash from investing activities

(229,251

)

(71,168

)

Cash flows from financing activities

Loan repayments in year

-

(395,834

)

Asset finance in year

12,954

(154,898

)

Amount introduced by directors

-

299

Advances from associated companies

4,651

(231,952

)

Other advances

(457,890

)

457,890

Equity dividends paid

(680,000

)

(682,000

)

Net cash from financing activities

(1,120,285

)

(1,006,495

)

(Decrease)/increase in cash and cash equivalents

(59,025

)

177,040

Cash and cash equivalents at beginning of year

2

1,070,361

893,321

Cash and cash equivalents at end of year

2

1,011,336

1,070,361

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/3/26

31/3/25

£

£

Profit before taxation

1,323,982

1,621,347

Depreciation charges

149,808

127,788

Loss/(profit) on disposal of fixed assets

216

(4,595

)

Finance costs

71,182

41,496

Finance income

(8,454

)

(2,518

)

1,536,734

1,783,518

Increase in stocks

(68,432

)

(13,208

)

Increase in trade and other debtors

(829,082

)

(155,751

)

Increase/(decrease) in trade and other creditors

1,156,886

(89,828

)

Cash generated from operations

1,796,106

1,524,731

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

1,011,336

1,070,361

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,070,361

893,321

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

1,070,361

(59,025

)

1,011,336

1,070,361

(59,025

)

1,011,336

Debt

Finance leases

(213,250

)

(12,954

)

(226,204

)

(213,250

)

(12,954

)

(226,204

)

Total

857,111

(71,979

)

785,132

1.	STATUTORY INFORMATION

MNM Property Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

20% on cost

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company meets its day-to-day working capital requirements through careful management of working capital positions. After reviewing cash flow forecasts, profit and loss forecasts, and making necessary enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

31/3/26

31/3/25

£

£

Wages and salaries

4,165,759

2,856,354

Other pension costs

100,016

64,323

4,265,775

2,920,677

The average number of employees during the year was as follows:

31/3/26

31/3/25

Directors

8

5

Office and administrative employees

26

23

Operatives:- Direct cost

64

55

98

83

31/3/26

31/3/25

£

£

Directors' remuneration

286,978

124,000

Directors' pension contributions to money purchase schemes

11,695

7,200

Information regarding the highest paid director for the year ended 31 March 2026 is as follows:

31/3/26

£

Emoluments etc

100,000

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/3/26

31/3/25

£

£

Depreciation - owned assets

149,809

127,787

Loss/(profit) on disposal of fixed assets

216

(4,595

)

Auditors' remuneration

16,600

14,600

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/3/26

31/3/25

£

£

Bank loan interest

-

20,532

Hire purchase

25,969

14,664

Leasing

45,213

6,300

71,182

41,496

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31/3/26

31/3/25

£

£

Current tax:

UK corporation tax

349,143

434,413

Deferred tax

22,282

(12,054

)

Tax on profit

371,425

422,359

7.

DIVIDENDS

31/3/26

31/3/25

£

£

Ordinary shares of £1 each

Final dividend ord shares

680,000

682,000

8.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2025

12,924

263,216

1,064,001

1,340,141

Additions

-

16,197

228,633

244,830

Disposals

-

-

(23,595

)

(23,595

)

At 31 March 2026

12,924

279,413

1,269,039

1,561,376

DEPRECIATION

At 1 April 2025

11,478

208,829

614,065

834,372

Charge for year

1,446

14,117

134,246

149,809

Eliminated on disposal

-

-

(16,254

)

(16,254

)

At 31 March 2026

12,924

222,946

732,057

967,927

NET BOOK VALUE

At 31 March 2026

-

56,467

536,982

593,449

At 31 March 2025

1,446

54,387

449,936

505,769

9.

STOCKS

31/3/26

31/3/25

£

£

Work-in-progress

98,840

40,408

Raw materials

185,000

175,000

283,840

215,408

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/26

31/3/25

£

£

Trade debtors

2,505,637

1,673,735

Amounts owed by participating interests

129,069

129,069

Amounts owed by associates

361,254

365,904

Other debtors

51,300

54,120

3,047,260

2,222,828