Company registration number 09434250 (England and Wales)
MAF HOUSING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
MAF HOUSING LIMITED
CONTENTS
Page
Company information
1
Accountants' report
Balance sheet
2 - 3
Notes to the financial statements
3 - 8
MAF HOUSING LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr M Francis
Company number
09434250
Registered office
92 Station Road
Clacton on Sea
Essex
CO15 1SG
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
MAF HOUSING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,250,000
953,585
Investments
5
100
100
1,250,100
953,685
Current assets
Stocks
800,231
335,043
Debtors
6
46,416
39,637
Cash at bank and in hand
93,846
45,227
940,493
419,907
Creditors: amounts falling due within one year
7
(947,400)
(460,457)
Net current liabilities
(6,907)
(40,550)
Total assets less current liabilities
1,243,193
913,135
Creditors: amounts falling due after more than one year
8
(22,500)
(32,500)
Provisions for liabilities
(152,802)
(59,855)
Net assets
1,067,891
820,780
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,067,791
820,680
Total equity
1,067,891
820,780
MAF HOUSING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 20 November 2023
Mr M  Francis
Director
Company Registration No. 09434250
The notes on pages 3 to 8 form part of these financial statements
MAF HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Accounting policies
Company information

MAF Housing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 92 Station Road, Clacton on Sea, Essex, CO15 1SG.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for property development services provided in the normal course of business and rents receivable from let property. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

2.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

2.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

MAF HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 5 -
2.5
Work in progress

Work in progress is valued on the basis of direct cost plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

2.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
MAF HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Investment property
£
Cost
At 1 April 2022
953,585
Revaluation
296,415
At 31 March 2023
1,250,000
Depreciation and impairment
At 1 April 2022 and 31 March 2023
-
0
Carrying amount
At 31 March 2023
1,250,000
At 31 March 2022
953,585

Investment property is held at fair value, which equates to open market value. Property values are estimated by the directors, based on their experience and with reference to recent actual market values of similar properties and any other relevant information. The properties were valued at 31 March 2017 assuming vacant possession could be obtained for each residential property.

5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
100
100
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
46,416
39,637
MAF HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Taxation and social security
10,237
9,124
Other creditors
927,163
441,333
947,400
460,457
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
32,500
9
Related party transactions
2023
2022
Amounts due to related parties
£
£
Key management personnel
647,240
439,240
10
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2021
2022
£
£
Adjustments to prior year
Recognition of expenditure
-
5,338
Equity as previously reported
782,652
815,442
Equity as adjusted
782,652
820,780
Analysis of the effect upon equity
Profit and loss reserves
-
5,338
MAF HOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Recognition of expenditure
5,338
Profit as previously reported
32,790
Profit as adjusted
38,128
Notes to reconciliation
Recognition of expenditure

A property was purchased in the year ended 31 March 2022 and recognised as investment property. This has now been reclassified as work in progress.

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