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Registered number: 10000857












MAHA ASSET MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

MAHA ASSET MANAGEMENT LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 7


 

MAHA ASSET MANAGEMENT LIMITED
 
COMPANY INFORMATION


Directors
A Abduljawad 
E Abduljawad 




Company secretary
A Abduljawad



Registered number
10000857



Registered office
34-35 Clarges Street

London

W1J 7EJ




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10000857
MAHA ASSET MANAGEMENT LIMITED

BALANCE SHEET
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
4,441,479
4,441,479

  
4,441,479
4,441,479

Creditors: amounts falling due within one year
 5 
(8,397,661)
(8,397,661)

Net current liabilities
  
 
 
(3,956,182)
 
 
(3,956,182)

Total assets less current liabilities
  
(3,956,182)
(3,956,182)

  

Net liabilities
  
(3,956,182)
(3,956,182)


Capital and reserves
  

Called up share capital 
 6 
100
100

Profit and loss account
  
(3,956,282)
(3,956,282)

  
(3,956,182)
(3,956,182)


Page 2


 
REGISTERED NUMBER:10000857
MAHA ASSET MANAGEMENT LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

For the year ended 31 March 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Abduljawad
Director

Date: 21 February 2024

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 

MAHA ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Maha Asset Management Limited is a private company limited by shares incorporated and in England and
Wales. The address of its registered office is 34-35 Clarges Street, London, England, W1J 7EJ.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

During the year ended 31 March 2023, the company did not trade. The company continues to operate with the support of its parent and ultimate shareholders. Consequently, the directors continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.4

Share Capital

Ordinary shares are classified as equity.


2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 4

 

MAHA ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


 (continued)



 (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 5

 

MAHA ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


 (continued)



 (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Debtors

As restated
2023
2022
£
£


Amounts owed by group undertakings
4,441,379
4,441,379

Other debtors
100
100

4,441,479
4,441,479


Page 6

 

MAHA ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Amounts owed to group undertakings
622,678
622,678

Other creditors
7,774,983
7,774,983

8,397,661
8,397,661


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.


6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



7.


Restated comparatives

The financial statements have been restated so that assets and liabilities are reclassified, as follows:
- Amounts owed by group undertakings and other creditors have been reclassfied. Both figures have decreased by £3,002,424.
The adjustments have not resulted in any changes to the profit and loss reserves as at 31 March 2023.


8.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Within other creditors is an amount of £7,774,983 (2022: £7,774,983 as restated) due to the director of the company, the amount is unsecured, interest free and due for repayment within one year.


9.


Parent undertaking

The ultimate partent undertaking is Luxaj Investments S.A., a company based in Luxembourg whose
registered office is 1A Heienhaff, L-1736 Senningerberg, Luxembourg. There were no group consolidated
financial statements prepared.

Page 7