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COMPANY REGISTRATION NUMBER: 08764918
MARUSHAH PROPERTIES LIMITED
Filleted Unaudited Financial Statements
31 October 2023
MARUSHAH PROPERTIES LIMITED
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
422,167
885,627
Current assets
Debtors
5
265
2,999
Cash at bank and in hand
19,781
38,510
--------
--------
20,046
41,509
Creditors: amounts falling due within one year
6
247,532
251,708
---------
---------
Net current liabilities
227,486
210,199
---------
---------
Total assets less current liabilities
194,681
675,428
Creditors: amounts falling due after more than one year
7
100,000
600,000
---------
---------
Net assets
94,681
75,428
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
93,681
74,428
--------
--------
Shareholders funds
94,681
75,428
--------
--------
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 October 2023 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 .
MARUSHAH PROPERTIES LIMITED
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 15 July 2024 , and are signed on behalf of the board by:
Shailen Bharmal Shah
Smita Shailen Shah
Director
Director
Company registration number: 08764918
MARUSHAH PROPERTIES LIMITED
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 63 London Road, Stanmore, Middlesex, HA7 4PA.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income 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.
Investments
No depreciation or amortisation is provided in respect of freehold and leasehold investment properties. Although this accounting policy is in accordance with the applicable accounting standard, FRS 102, Accounting for investment properties, it is departure from the general requirement of the Companies Act 2006, which requires all fixed assets to be depreciated. However the directors consider that the calculation of systematic annual depreciation would fail to give a true and fair view of investment properties for which the current value, and changes in that value are of prime importance. The accounting policy adopted is therefore necessary for the financial statements to give true and fair view.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Investments
Other investments other than loans
£
Cost
At 1 November 2022
885,627
Additions
8,705
Disposals
( 472,165)
---------
At 31 October 2023
422,167
---------
Impairment
At 1 November 2022 and 31 October 2023
---------
Carrying amount
At 31 October 2023
422,167
---------
At 31 October 2022
885,627
---------
The freehold and leasehold land and building investments were valued on an open market value basis by directors on 31 October 2021. No timing differences arise and no provision has been made for deferred tax in respect of the revaluation as the company has no intention of disposing of the properties in the foreseeable future. The historical cost of assets included at valuation at the balance sheet date is as follows:-
5. Debtors
2023
2022
£
£
Other debtors
265
2,999
----
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
3,049
Other creditors
247,532
248,659
---------
---------
247,532
251,708
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
100,000
600,000
---------
---------
The loan is secured by way of Directors' personal guarantee.
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Shailen Bharmal Shah
( 243,936)
( 850)
( 244,786)
---------
----
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Shailen Bharmal Shah
( 243,038)
( 898)
( 243,936)
---------
----
---------
9. Related party transactions
The company was under the control of Shailen Bharmal Shah and Smita Shailen Shah throughout the current and previous year. Shailen Bharmal Shah and Smita Shailen Shah are the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.