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Company registration number: 05825114
Maples Investments Limited
Unaudited filleted financial statements
31 May 2023
Maples Investments Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Maples Investments Limited
Directors and other information
Directors Mr A C Gokani
Mr B Patel
Secretary Mr A C Gokani
Company number 05825114
Registered office Amba House , 4th Floor
15 College Road
Harrow
Middlesex
HA1 1BA
Accountants Nagle James Associates Limited
Amba House,4th Floor,
Kings Suite, 15 College Road
Harrow, Middlesex
HA1 1BA
Maples Investments Limited
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 4 630,000 630,000
_______ _______
630,000 630,000
Current assets
Debtors 5 20,000 20,000
Cash at bank and in hand 54,199 21,050
_______ _______
74,199 41,050
Creditors: amounts falling due
within one year 6 ( 1,464,476) ( 1,456,970)
_______ _______
Net current liabilities ( 1,390,277) ( 1,415,920)
_______ _______
Total assets less current liabilities ( 760,277) ( 785,920)
Provisions for liabilities 7 ( 25,998) ( 42,876)
_______ _______
Net liabilities ( 786,275) ( 828,796)
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 771,546 754,668
Profit and loss account ( 1,557,921) ( 1,583,564)
_______ _______
Shareholders deficit ( 786,275) ( 828,796)
_______ _______
For the year ending 31 May 2023 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 year in question in accordance with section 476;
- The directors acknowledge 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 03 October 2023 , and are signed on behalf of the board by:
Mr A C Gokani
Director
Company registration number: 05825114
Maples Investments Limited
Statement of changes in equity
Year ended 31 May 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 June 2021 100 455,921 ( 1,342,306) ( 886,285)
Profit for the year 57,489 57,489
Other comprehensive income for the year:
Non Distributable profit - 298,747 ( 298,747) -
_______ _______ _______ _______
Total comprehensive income for the year - 298,747 ( 241,258) 57,489
_______ _______ _______ _______
At 31 May 2022 and 1 June 2022 100 754,668 ( 1,583,564) ( 828,796)
Profit for the year 42,521 42,521
Other comprehensive income for the year:
Non Distributable profit - 16,878 ( 16,878) -
_______ _______ _______ _______
Total comprehensive income for the year - 16,878 25,643 42,521
_______ _______ _______ _______
At 31 May 2023 100 771,546 ( 1,557,921) ( 786,275)
_______ _______ _______ _______
Maples Investments Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Amba House , 4th Floor, 15 College Road, Harrow, Middlesex, HA1 1BA.
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'.
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.
Turnover
Turnover represents rent receviable in respect of investment properties net of Value Added Tax.
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.
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.
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.
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 June 2022 and 31 May 2023 630,000 630,000
_______ _______
Impairment
At 1 June 2022 and 31 May 2023 - -
_______ _______
Carrying amount
At 31 May 2023 630,000 630,000
_______ _______
At 31 May 2022 630,000 630,000
_______ _______
The investment property has been valued by the directors on an open market value basis as at 31 May 2018. The historic cost of investment at the end of the year amounted to £493,170.
5. Debtors
2023 2022
£ £
Other debtors 20,000 20,000
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 6,057 6,218
Corporation tax 6,318 -
Social security and other taxes 1,906 557
Director loan accounts 1,450,195 1,450,195
_______ _______
1,464,476 1,456,970
_______ _______
7. Provisions
Deferred tax (note 8) Total
£ £
At 1 June 2022 42,876 42,876
Charges against provisions ( 16,878) ( 16,878)
_______ _______
At 31 May 2023 25,998 25,998
_______ _______
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in debtors (note 5) 20,000 20,000
Included in provisions (note 7) 25,998 42,876
_______ _______
45,998 62,876
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Revaluation of tangible assets 25,998 42,876
Deferred tax asset 20,000 20,000
_______ _______
45,998 62,876
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr A C Gokani ( 723,130) - ( 723,130)
Mr B Patel ( 727,065) - ( 727,065)
_______ _______ _______
( 1,450,195) - ( 1,450,195)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr A C Gokani ( 1,213,130) 490,000 ( 723,130)
Mr B Patel ( 1,217,065) 490,000 ( 727,065)
_______ _______ _______
( 2,430,195) 980,000 ( 1,450,195)
_______ _______ _______
10. Going concern
The company has continued support from the shareholder based on that the accounts have been prepared on a going concern basis.