2022-05-012023-04-302023-04-30false09528957MANILA HOLDINGS 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MANILA HOLDINGS LIMITED

Registered Number
09528957
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2023

MANILA HOLDINGS LIMITED
Company Information
for the year from 1 May 2022 to 30 April 2023

Director

Marc Paul Tan

Registered Address

New Burlington House, 1075 Finchley Road
London
NW11 0PU

Registered Number

09528957 (England and Wales)
MANILA HOLDINGS LIMITED
Balance Sheet as at
30 April 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property36,600,0005,530,000
6,600,0005,530,000
Current assets
Debtors1,245,609461,439
Cash at bank and on hand13,56313,190
1,259,172474,629
Creditors amounts falling due within one year5(12,572)(235,631)
Net current assets (liabilities)1,246,600238,998
Total assets less current liabilities7,846,6005,768,998
Creditors amounts falling due after one year6(4,370,928)(3,565,710)
Provisions for liabilities7(614,000)(400,000)
Net assets2,861,6721,803,288
Capital and reserves
Called up share capital11
Profit and loss account2,861,6711,803,287
Shareholders' funds2,861,6721,803,288
The financial statements were approved and authorised for issue by the Director on 6 February 2024, and are signed on its behalf by:
Marc Paul Tan
Director
Registered Company No. 09528957
MANILA HOLDINGS LIMITED
Notes to the Financial Statements
for the year ended 30 April 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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
The Financial Statements have been prepared in accordance with the accounting principles appropriate to a Going Concern, as the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current assets position of the company and available sources of finance.
Revenue from sale of goods
The turnover shown in the profit and loss account represents amounts invoiced during the year.
Deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - i. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and ii. No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the director based on his understanding of property market conditions and the specific properties concerned. Residential properties are valued using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangements, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
2.Average number of employees

20232022
Average number of employees during the year00
3.Investment property
The company's investment property was valued by the director at 30 April 2023 based on a professional valuation carried out on 22 July 2022 on behalf of Secure Trust Bank PLC and on his understanding of property market conditions and the specific property concerned. Residential properties are valued using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. The historical cost of the property is £2,997,414.

£
Fair value at 01 May 225,530,000
Fair value adjustments1,070,000
At 30 April 236,600,000
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables4,378-
Other debtors1,035,439435,882
Prepayments and accrued income205,79225,557
Total1,245,609461,439
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables24,01142,525
Bank borrowings and overdrafts82,50091,000
Taxation and social security(214,000)-
Other creditors100,29090,804
Accrued liabilities and deferred income19,77111,302
Total12,572235,631
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts4,145,6252,747,257
Amounts owed to related parties225,303218,454
Other creditors-599,999
Total4,370,9283,565,710
The bank loan is secured on the investment property held by the company.
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)614,000400,000
Total614,000400,000
8.Related party transactions
Included in other debtors is an amount of £989,952 (2022: £395,477) owed by companies with the same director as the Company. Included in other creditors is an amount of £57,022 (2022: £75,845) owed to companies with the same director as the Company.