Company Registration No. 10723107 (England and Wales)
MSTAY LIMITED
Unaudited accounts
for the year ended 30 April 2023
MSTAY LIMITED
Unaudited accounts
Contents
MSTAY LIMITED
Company Information
for the year ended 30 April 2023
Directors
Aaron Arik LAWEE
Robert William LAWEE
Company Number
10723107 (England and Wales)
Registered Office
198 MIDAS HOUSE
WEST END LANE
LONDON
NW6 1SG
ENGLAND
Accountants
Xeinadin Group
Regent House
Folds Road
Bolton
BL1 2RZ
MSTAY LIMITED
Statement of financial position
as at 30 April 2023
Tangible assets
5,512
7,350
Investment property
4,910,544
4,900,000
Cash at bank and in hand
165,826
164,922
Creditors: amounts falling due within one year
(1,306,321)
(1,237,315)
Net current liabilities
(348,708)
(339,341)
Total assets less current liabilities
4,567,348
4,568,009
Creditors: amounts falling due after more than one year
(3,354,203)
(3,371,532)
Provisions for liabilities
Deferred tax
(336,963)
(336,963)
Net assets
876,182
859,514
Called up share capital
120
120
Profit and loss account
876,062
859,394
Shareholders' funds
876,182
859,514
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by
Robert William LAWEE
Director
Company Registration No. 10723107
MSTAY LIMITED
Notes to the Accounts
for the year ended 30 April 2023
MSTAY LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10723107. The registered office is 198 MIDAS HOUSE, WEST END LANE, LONDON, NW6 1SG, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The financial statements have been prepared on the going concern basis. The company has continued support from the directors and its connected companies which is sufficient to ensure the company is able to meet its business plans and honour its debts as they fall due within the agreed terms for the foreseeable future. Consequently, the directors are satisfied that the company has adequate funds to operate for the foreseeable future and the going concern basis is appropriate for the preparation of the financial statements.
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.
MSTAY LIMITED
Notes to the Accounts
for the year ended 30 April 2023
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Investment property is carried at fair value determined annually by 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.
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 May 2022
4,900,000
At 30 April 2023
4,910,544
Amounts falling due within one year
Trade debtors
57,620
2,802
Amounts due from group undertakings etc.
723,893
640,475
Accrued income and prepayments
10,274
9,508
MSTAY LIMITED
Notes to the Accounts
for the year ended 30 April 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
101,750
136,978
Trade creditors
16,030
127,290
Amounts owed to group undertakings and other participating interests
735,396
383,729
Other creditors
368,230
509,615
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
2,857,573
2,926,584
Other creditors
496,630
444,948
9
Deferred taxation
2023
2022
Revaluation of investment property
336,963
336,963
Provision at start of year
336,963
-
Charged to the profit and loss account
-
336,963
Provision at end of year
336,963
336,963
In accordance with the requirements of FRS102, provision is made in full for the deferred tax in respect of the chargeable gain that would arise if the company were to dispose of its revalued investment property, even though there is no intention at this time to do so.
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).