2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08796293 2023-04-01 2024-03-31 08796293 2024-03-31 08796293 2023-03-31 08796293 2022-04-01 2023-03-31 08796293 2023-03-31 08796293 2022-03-31 08796293 bus:Director1 2023-04-01 2024-03-31 08796293 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 08796293 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 08796293 core:WithinOneYear 2024-03-31 08796293 core:WithinOneYear 2023-03-31 08796293 core:AfterOneYear 2024-03-31 08796293 core:AfterOneYear 2023-03-31 08796293 core:ShareCapital 2024-03-31 08796293 core:ShareCapital 2023-03-31 08796293 core:RetainedEarningsAccumulatedLosses 2024-03-31 08796293 core:RetainedEarningsAccumulatedLosses 2023-03-31 08796293 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 08796293 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 08796293 bus:SmallEntities 2023-04-01 2024-03-31 08796293 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08796293 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08796293 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08796293 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 08796293
Menik Investment Ltd
Filleted Unaudited Financial Statements
31 March 2024
Menik Investment Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,076,198
1,076,198
Current assets
Debtors
6
90,264
91,350
Cash at bank and in hand
16,705
3,993
---------
--------
106,969
95,343
Creditors: amounts falling due within one year
7
1,063,862
1,045,766
------------
------------
Net current liabilities
956,893
950,423
------------
------------
Total assets less current liabilities
119,305
125,775
Creditors: amounts falling due after more than one year
8
54,369
60,794
---------
---------
Net assets
64,936
64,981
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
64,934
64,979
--------
--------
Shareholders funds
64,936
64,981
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 .
Menik Investment Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 April 2024 , and are signed on behalf of the board by:
Mr N Khosla
Director
Company registration number: 08796293
Menik Investment Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Heath Road, Potters Bar, Herts, EN6 1LW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
The turnover represents rents receivable during the year.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property
Long leasehold property
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
458,481
617,717
1,076,198
---------
---------
------------
Depreciation
At 1 April 2023 and 31 March 2024
---------
---------
------------
Carrying amount
At 31 March 2024
458,481
617,717
1,076,198
---------
---------
------------
At 31 March 2023
458,481
617,717
1,076,198
---------
---------
------------
Tangible assets held at valuation
The directors consider that no revaluation of the land and buildings are necessary as the market value of the property is not materially different from the value stated in the accounts.
6. Debtors
2024
2023
£
£
Other debtors
90,264
91,350
--------
--------
Other debtors include £87,570 towards a deposit on a property.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,864
9,250
Social security and other taxes
1,441
1,374
Other creditors
1,036,228
1,028,656
Rent control account
4,986
Other creditors
15,329
1,500
------------
------------
1,063,862
1,045,766
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
54,369
60,794
--------
--------