Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31falsetrue2022-04-01No description of principal activity11falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08628899 2022-04-01 2023-03-31 08628899 2021-04-01 2022-03-31 08628899 2023-03-31 08628899 2022-03-31 08628899 c:Director1 2022-04-01 2023-03-31 08628899 d:FreeholdInvestmentProperty 2023-03-31 08628899 d:FreeholdInvestmentProperty 2022-03-31 08628899 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 08628899 d:CurrentFinancialInstruments 2023-03-31 08628899 d:CurrentFinancialInstruments 2022-03-31 08628899 d:Non-currentFinancialInstruments 2023-03-31 08628899 d:Non-currentFinancialInstruments 2022-03-31 08628899 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08628899 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08628899 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08628899 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 08628899 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08628899 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 08628899 d:ShareCapital 2023-03-31 08628899 d:ShareCapital 2022-03-31 08628899 d:RevaluationReserve 2022-04-01 2023-03-31 08628899 d:RevaluationReserve 2023-03-31 08628899 d:RevaluationReserve 2022-03-31 08628899 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 08628899 d:RetainedEarningsAccumulatedLosses 2023-03-31 08628899 d:RetainedEarningsAccumulatedLosses 2022-03-31 08628899 c:FRS102 2022-04-01 2023-03-31 08628899 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08628899 c:FullAccounts 2022-04-01 2023-03-31 08628899 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08628899 6 2022-04-01 2023-03-31 08628899 d:OtherDeferredTax 2023-03-31 08628899 d:OtherDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 08628899









MALIBI INVESTMENTS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
MALIBI INVESTMENTS LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 11


 
MALIBI INVESTMENTS LTD
REGISTERED NUMBER: 08628899

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
100
100

Investment property
 5 
3,505,000
3,710,000

  
3,505,100
3,710,100

Current assets
  

Debtors: amounts falling due within one year
 6 
5,244,023
4,938,571

Cash at bank and in hand
 7 
1,633
1,820

  
5,245,656
4,940,391

Creditors: amounts falling due within one year
 8 
(551,303)
(185,331)

Net current assets
  
 
 
4,694,353
 
 
4,755,060

Total assets less current liabilities
  
8,199,453
8,465,160

Creditors: amounts falling due after more than one year
 9 
(5,759,600)
(5,759,600)

Provisions for liabilities
  

Deferred tax
 11 
(404,745)
(346,556)

  
 
 
(404,745)
 
 
(346,556)

Net assets
  
2,035,108
2,359,004


Capital and reserves
  

Called up share capital 
  
300
300

Revaluation reserve
 12 
1,311,373
1,477,423

Profit and loss account
 12 
723,435
881,281

  
2,035,108
2,359,004


Page 1

 
MALIBI INVESTMENTS LTD
REGISTERED NUMBER: 08628899
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 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 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 statement of comprehensive income 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 on 28 March 2024.




B Patel
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MALIBI INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Malibi Investments Ltd is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 08628899. The address of the registered office is Ambe House, Commerce Way, Edenbridge, Kent, TN8 6ED. The company's principal activity during the year continued to be that of property investment.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises of revenue recognised by the company in respect of rent invoiced, exclusive of Value Added Tax.
Rental income is recognised for the period for which it is payable.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
MALIBI INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
MALIBI INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.12

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying
Page 5

 
MALIBI INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.




3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 
MALIBI INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
100



At 31 March 2023
100





5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
3,710,000


Surplus on revaluation
(205,000)



At 31 March 2023
3,505,000

The 2023 valuations were made by external valuers, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,876,021
1,876,021

1,876,021
1,876,021

Page 7

 
MALIBI INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
14,720
14,447

Other debtors
5,229,303
4,924,124

5,244,023
4,938,571



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,633
1,820

1,633
1,820



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
3,579

Amounts owed to group undertakings
100
100

Corporation tax
2,370
2,197

Other creditors
547,143
177,765

Accruals and deferred income
1,690
1,690

551,303
185,331



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
5,759,600
5,759,600

5,759,600
5,759,600


Page 8

 
MALIBI INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
5,759,600
5,759,600


5,759,600
5,759,600


5,759,600
5,759,600


The bank loans included in the accounts is secured against the property held within the company and some associated properties held outside of this company. 

Page 9

 
MALIBI INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Deferred taxation




2023


£






At beginning of year
(346,556)


Charged to profit or loss
(58,189)



At end of year
(404,745)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movements
404,745
346,556

404,745
346,556


The net reversal of deferred tax assets and liabilities expected to reverse in the next year is £Nil.


12.


Reserves

Revaluation reserve

The investment property revaluation reserve represents cumulative effects of fair value adjustments net of deferred tax and other adjustments.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


13.


Related party transactions

At the year-end the following amounts were due from/(to) the related parties:


2023
2022
£
£

Other related parties
4,697,662
4,760,711
4,697,662
4,760,711

Page 10

 
MALIBI INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Controlling party

The ultimate controlling party at the year end was B Patel, by virtue of his majority shareholding in the company.

 
Page 11