Registered number
02601688
MEHBOOB TRAVEL LIMITED
Unaudited Filleted Accounts
31 March 2023
TEMPLETONS ( UK) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
MEHBOOB TRAVEL LIMITED
Registered number: 02601688
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 6,720
Tangible assets 4 1,358,089 1,209,516
1,358,089 1,216,236
Current assets
Debtors 5 - 482
Cash at bank and in hand 141,797 114,663
141,797 115,145
Creditors: amounts falling due within one year 6 (22,592) (26,412)
Net current assets 119,205 88,733
Total assets less current liabilities 1,477,294 1,304,969
Provisions for liabilities (276,204) (192,075)
Net assets 1,201,090 1,112,894
Capital and reserves
Called up share capital 29,000 29,000
Revaluation reserve 7 820,623 758,673
Profit and loss account 351,467 325,221
Shareholders' funds 1,201,090 1,112,894
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr F M Ahmed
Director
Approved by the board on 31 October 2023
MEHBOOB TRAVEL LIMITED
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable net of discounts . Turnover includes revenue earned from the sale of goods and from the rendering of services.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% on reducing balance
Freehold and Investment Properties
Freehold and Investment properties are revalued annually by the directors, and the revaluation
surpluses are incorporated in the financial statements. No depreciation is provided in respect of
properties. This constitutes a departure from the Companies Act 2006, which requires fixed
assets to be depreciated over their useful lives. This departure is necessary to enable the
financial statements to give a true and fairview.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 30,000
At 31 March 2023 30,000
Amortisation
At 1 April 2022 23,280
Provided during the year 6,720
At 31 March 2023 30,000
Net book value
At 31 March 2023 -
At 31 March 2022 6,720
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost/(Valuation)
At 1 April 2022 1,200,000 55,082 1,255,082
Additions 3,920 - 3,920
Surplus on revaluation 146,080 - 146,080
At 31 March 2023 1,350,000 55,082 1,405,082
Depreciation
At 1 April 2022 - 45,566 45,566
Charge for the year - 1,427 1,427
At 31 March 2023 - 46,993 46,993
Net book value
At 31 March 2023 1,350,000 8,089 1,358,089
At 31 March 2022 1,200,000 9,516 1,209,516
Freehold land and buildings: 2023 2022
£ £
Historical cost 251,916 251,916
Cumulative depreciation based on historical cost - -
251,916 251,916
5 Debtors 2023 2022
£ £
Trade debtors - 193
Other debtors - 289
- 482
6 Creditors: amounts falling due within one year 2023 2022
£ £
Credit card 70 19
Corporation tax 8,068 8,787
Other taxes and social security costs 205 306
Other creditors 14,249 17,300
22,592 26,412
7 Revaluation reserve 2023 2022
£ £
At 1 April 2022 758,673 758,673
Gain on revaluation of land and buildings 146,079 -
Deferred taxation arising on the revaluation of land and buildings (84,129) -
At 31 March 2023 820,623 758,673
This related to the gain on revaluation of the company's Investment Properties at 31 March 2023. The valuation is done by the directors based on open market valu and are not aware of any changes in value since last valuation.
8 Controlling party
The company was under the control of Mr M Ahmed and close family members, who are shareholders and directors of the company.
9 Other information
MEHBOOB TRAVEL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
261 Hoe Street
Walthamstow
London
E17 9PT
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