Molae Properties Limited 05399664 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of property development Digita Accounts Production Advanced 6.30.9574.0 true 05399664 2022-04-01 2023-03-31 05399664 2023-03-31 05399664 bus:OrdinaryShareClass1 2023-03-31 05399664 bus:OrdinaryShareClass2 2023-03-31 05399664 bus:OrdinaryShareClass3 2023-03-31 05399664 core:CurrentFinancialInstruments 2023-03-31 05399664 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05399664 core:Non-currentFinancialInstruments 2023-03-31 05399664 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05399664 core:PlantMachinery 2023-03-31 05399664 bus:SmallEntities 2022-04-01 2023-03-31 05399664 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05399664 bus:FullAccounts 2022-04-01 2023-03-31 05399664 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05399664 bus:RegisteredOffice 2022-04-01 2023-03-31 05399664 bus:Director2 2022-04-01 2023-03-31 05399664 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 05399664 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-04-01 2023-03-31 05399664 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 05399664 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 05399664 bus:OrdinaryShareClass3 bus:CumulativeShares 2022-04-01 2023-03-31 05399664 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05399664 core:PlantMachinery 2022-04-01 2023-03-31 05399664 core:OtherRelatedParties 2022-04-01 2023-03-31 05399664 countries:EnglandWales 2022-04-01 2023-03-31 05399664 2022-03-31 05399664 core:PlantMachinery 2022-03-31 05399664 2021-04-01 2022-03-31 05399664 2022-03-31 05399664 bus:OrdinaryShareClass1 2022-03-31 05399664 bus:OrdinaryShareClass2 2022-03-31 05399664 bus:OrdinaryShareClass3 2022-03-31 05399664 core:CurrentFinancialInstruments 2022-03-31 05399664 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05399664 core:Non-currentFinancialInstruments 2022-03-31 05399664 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05399664 core:PlantMachinery 2022-03-31 05399664 bus:OrdinaryShareClass1 bus:CumulativeShares 2021-04-01 2022-03-31 05399664 bus:OrdinaryShareClass3 bus:CumulativeShares 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05399664

Molae Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Molae Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Molae Properties Limited

(Registration number: 05399664)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,618

2,845

Investment property

5

6,158,000

5,337,886

 

6,160,618

5,340,731

Current assets

 

Stocks

6

-

500,000

Debtors

7

2,320

2,433

Cash at bank and in hand

 

55,301

37,660

 

57,621

540,093

Creditors: Amounts falling due within one year

8

(289,982)

(362,156)

Net current (liabilities)/assets

 

(232,361)

177,937

Total assets less current liabilities

 

5,928,257

5,518,668

Creditors: Amounts falling due after more than one year

8

(3,401,859)

(3,699,517)

Provisions for liabilities

(339,870)

(236,307)

Net assets

 

2,186,528

1,582,844

Capital and reserves

 

Called up share capital

9

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 4 October 2023
 

 

Molae Properties Limited

(Registration number: 05399664)
Balance Sheet as at 31 March 2023

.........................................
Mr J Mills
Director

 

Molae Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

The principal place of business is:
40 Fitzwilliam Road
London
SW4 0DN

These financial statements were authorised for issue by the director on 4 October 2023.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually 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. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Molae Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

10,444

10,444

Additions

1,864

1,864

At 31 March 2023

12,308

12,308

Depreciation

At 1 April 2022

7,599

7,599

Charge for the year

2,091

2,091

At 31 March 2023

9,690

9,690

Carrying amount

At 31 March 2023

2,618

2,618

At 31 March 2022

2,845

2,845

5

Investment properties

2023
£

At 1 April and 31 March

5,337,886

Transfers to and from inventories

141,114

Fair value adjustments

679,000

At 31 March

6,158,000

6

Stocks

2023
£

2022
£

Work in progress

-

500,000

7

Debtors

2023
£

2022
£

Other debtors

-

30

Prepayments

2,320

2,403

2,320

2,433

 

Molae Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

10,775

4,415

Related parties

13

259,543

325,030

Taxation and social security

 

517

483

Accruals and deferred income

 

6,501

14,519

Other creditors

 

12,646

17,709

 

289,982

362,156

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

3,401,859

3,582,596

Other non-current financial liabilities

 

-

116,921

 

3,401,859

3,699,517

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

97

97

97

97

A Ordinary shares of £1 each

2

2

2

2

B Ordinary share of £1 each

1

1

1

1

 

100

100

100

100

 

Molae Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

34,027

44,802

Other borrowings

3,367,832

3,537,794

3,401,859

3,582,596

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,775

4,415

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £2,000.00 (2022 - £11,000.00) per each Ordinary A share

 

4,000

 

22,000

Interim dividend of £226.80 (2022 - £231.96) per each Ordinary share

 

22,000

 

22,500

   

26,000

 

44,500

12

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.

13

Related party transactions

Summary of transactions with other related parties

Directors
 At the year end the company owed the director £259,543 (2022: £325,030).