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Company registration number: 07365664
Maplefield Properties Limited
Unaudited filleted financial statements
31 October 2022
Maplefield Properties Limited
Contents
Statement of financial position
Notes to the financial statements
Maplefield Properties Limited
Statement of financial position
31 October 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 9,349,544 7,800,724
_______ _______
9,349,544 7,800,724
Current assets
Debtors 6 1,575,790 1,924,181
Cash at bank and in hand 264,329 85,559
_______ _______
1,840,119 2,009,740
Creditors: amounts falling due
within one year 7 ( 413,348) ( 430,899)
_______ _______
Net current assets 1,426,771 1,578,841
_______ _______
Total assets less current liabilities 10,776,315 9,379,565
Creditors: amounts falling due
after more than one year 8 ( 2,120,573) ( 2,244,469)
Provisions for liabilities ( 703,431) ( 245,855)
_______ _______
Net assets 7,952,311 6,889,241
_______ _______
Capital and reserves
Called up share capital 1,001 1,001
Share premium account 3,899,000 3,899,000
Fair value reserve 3,088,192 -
Profit and loss account 964,118 2,989,240
_______ _______
Shareholders funds 7,952,311 6,889,241
_______ _______
For the year ending 31 October 2022 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
Mr Dilip Dhanak
Director
Company registration number: 07365664
Maplefield Properties Limited
Notes to the financial statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England & Wales . The address of the registered office is 28 High Road, London, N2 9PJ.The principal activity of the company is that of property investments and lettings.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with his responsibilities as director, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future with continuing financial support from the shareholders. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration receivable and represents amounts receivable for rents from lettings of investment properties, recognised on a straight-line basis over the term of the rental period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment properties
Investment properties are measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2021: 9 ).
5. Tangible assets
Freehold properties Long leasehold properties Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost or valuation / Fair Value
At 1 November 2021 6,881,196 877,126 2,693 99,781 7,860,796
Additions - - 167 - 167
Revaluation 1,556,331 2,875 - - 1,559,206
_______ _______ _______ _______ _______
At 31 October 2022 8,437,527 880,001 2,860 99,781 9,420,169
_______ _______ _______ _______ _______
Depreciation
At 1 November 2021 - - 1,090 58,982 60,072
Charge for the year - - 354 10,199 10,553
_______ _______ _______ _______ _______
At 31 October 2022 - - 1,444 69,181 70,625
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2022 8,437,527 880,001 1,416 30,600 9,349,544
_______ _______ _______ _______ _______
At 31 October 2021 6,881,196 877,126 1,603 40,799 7,800,724
_______ _______ _______ _______ _______
Investment properties
Included within the above are investment properties measured at fair value as follows:
£
At 1 November 2021 7,758,322
Fair value adjustments 1,559,206
_______
At 31 October 2022 9,317,528
_______
The fair values of the properties at the balance sheet date has been arrived at by the director of the company who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in and around its location and takes into account the state of the rental market in the area where the properties are situated. In the opinion of the director, the fair value of the investment properties are not significantly different from the carrying values.The historical cost of the properties is £6,229,336.
6. Debtors
2022 2021
£ £
Trade debtors 23,622 38,571
Other debtors 1,552,168 1,885,610
_______ _______
1,575,790 1,924,181
_______ _______
Included within other debtors are amounts owed by connected companies of £1,515,534 (2021: £1,862,467), which are unsecured, interest bearing and repayable on demand.
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 113,056 109,749
Trade creditors 7,873 7,179
Corporation tax 48,533 55,990
Social security and other taxes 2,058 3,277
Other creditors 241,828 254,704
_______ _______
413,348 430,899
_______ _______
Included within other creditors is amount due to connected company of £10,304 (2021: £19,650), which is unsecured, interest bearing and repayable on demand.Other creditors also include liabilities in the sum of £13,710 (2021:£14,956) in respect of Hire Purchase contracts which are secured against the assets for which they relate to.
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 2,120,573 2,230,759
Other creditors - 13,710
_______ _______
2,120,573 2,244,469
_______ _______
The bank loans are secured by a first legal charge on various investment properties and an unlimited debenture over the assets of the company.
Other creditors also include liabilities in the sum of NIL (2021:£13,710) in respect of Hire Purchase contracts which are secured against the assets for which they relate to.
Included within creditors: amounts falling due after more than one year is an amount of £ 1,559,296 (2021 £ 1,677,244 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans are due for repayment between February 2039 to December 2040 apart from the bounce back loan which is due for repayment on 1 May 2026.
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Amounts advanced Balance o/standing
£ £ £
Mr Dilip Dhanak 2,306 5,355 7,661
_______ _______ _______
2021
Balance brought forward Amounts advanced Balance o/standing
£ £ £
Mr Dilip Dhanak ( 360) 2,666 2,306
_______ _______ _______
The amount owed by the director to the company is interest bearing, unsecured and repayable on demand.
10. Related party transactions
Precious Homes Limited (PHL) is owned by the director's close family. At the balance sheet date, the company owed £157,608 (2021 - £153,732) to PHL. This amount is interest free and included in other creditors (Note:7).At 31 October 2022, the company was owed £33,781 (2021 - £525,594) by Twenty Four - Seven Support Ltd, a company in which D Dhanak is an equal shareholder with his brother M Dhanak. The loan is interest bearing, unsecured and there are no fixed repayment terms.At 31 October 2022, the company was owed £1,481,753 (2021 - £1,336,873) by Maplefield Developments Ltd, a company in which D Dhanak is a shareholder and director. The loan is interest bearing, unsecured and there are no fixed repayment terms.At 31 October 2022, the company owed £10,304 (2021 - £19,650) to 3 Langtry Road Ltd, a company in which D Dhanak is a shareholder and director. The loan is interest bearing, unsecured and payable on demand.
11. Reclassification of Fair value reserve balance from Profit and loss reserve
In the prior year Statement of financial position, the fair value reserve arising on revaluation of the investment properties were included within the profit and loss account reserve and not shown separately. The fair value reserve has been shown separately in the current accounting year and by way of reclassification.