Registration number:
Molae Properties Limited
for the Year Ended 31 March 2023
Molae Properties Limited
(Registration number: 05399664)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
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Tangible assets |
|
|
|
Investment property |
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|
|
|
|
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Current assets |
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Stocks |
- |
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|
Debtors |
|
|
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Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
2,186,428 |
1,582,744 |
|
Shareholders' funds |
2,186,528 |
1,582,844 |
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Molae Properties Limited
(Registration number: 05399664)
Balance Sheet as at 31 March 2023
......................................... |
Molae Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
40 Fitzwilliam Road
London
SW4 0DN
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.
Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Molae Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets
Tangible assets are stated in the balance sheet 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
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% straight line |
Investment property
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Work in progress
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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 account 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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Molae Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Plant and machinery |
Total |
|
Cost or valuation |
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At 1 April 2022 |
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Additions |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Investment properties |
2023 |
|
At 1 April and 31 March |
|
Transfers to and from inventories |
|
Fair value adjustments |
|
At 31 March |
|
Stocks |
2023 |
2022 |
|
Work in progress |
- |
|
Debtors |
2023 |
2022 |
|
Other debtors |
- |
|
Prepayments |
|
|
|
|
Molae Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
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Bank loans and overdrafts |
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|
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Related parties |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
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Loans and borrowings |
|
|
|
Other non-current financial liabilities |
- |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
97 |
|
97 |
|
|
2 |
|
2 |
|
|
1 |
|
1 |
|
|
|
|
Molae Properties Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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|
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Dividends |
Interim dividends paid
2023 |
2022 |
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Interim dividend of £ |
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Interim dividend of £ |
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Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are financial commitments of £3,367,832 (2022 - £3,537,794). These liabilities have been secured against the company's investment properties.
Related party transactions |
Summary of transactions with other related parties