Company Registration No. 13332349 (England and Wales)
MULVIR INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
MULVIR INVESTMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
MULVIR INVESTMENTS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MULVIR INVESTMENTS LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 6 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mulvir Investments Limited for the year ended 31 March 2024 set out on pages 3 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Mulvir Investments Limited and state those matters that we have agreed to state to the Board of Directors of Mulvir Investments Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mulvir Investments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Mulvir Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mulvir Investments Limited. You consider that Mulvir Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mulvir Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
14 August 2024
MULVIR INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,962,084
1,962,084
Current assets
Debtors
4
283,875
449,595
Cash at bank and in hand
40,781
36,702
324,656
486,297
Creditors: amounts falling due within one year
5
(87,385)
(96,081)
Net current assets
237,271
390,216
Total assets less current liabilities
2,199,355
2,352,300
Creditors: amounts falling due after more than one year
6
(2,427,750)
(2,480,750)
Net liabilities
(228,395)
(128,450)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(228,495)
(128,550)
Total equity
(228,395)
(128,450)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 12 August 2024
Mr J N Patel
Director
Company Registration No. 13332349
MULVIR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Mulvir Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
On the basis of continued financial support from the company's bank, the director consider that the company will continue in operational existence for the foreseeable future. The funding of the company is mainly provided by the shareholder's loan and mortgage secured on properties of the company. The financial statements do not include any adjustments that would result from a withdrawal of support by the bank.true
1.3
Turnover
Other operating income represents amounts receivable for rental and service charges from commercial and residential properties. Other income recognised at the fair value of the rent received or receivable from letting business and service charges provided in the normal course of business.
1.4
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.
1.5
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade and other creditors and bank loans.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
MULVIR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans,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. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
MULVIR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Investment properties
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,962,084
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
9,361
219,064
Other debtors
696
1,000
Prepayments and accrued income
10,972
21,029
220,064
Deferred tax asset (note 7)
62,846
29,531
83,875
249,595
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
200,000
200,000
Total debtors
283,875
449,595
Included in debtors is £62,846 (2022: £29,531) which relates to a deferred tax asset. The recoverability of this asset is dependant on future taxable profit exceeding those arising from the reversal of the deferred tax liabilities. Based on management expectations, it can be regarded as more likely than not there will be suitable profits from which the future reversal of the underlying timing differences can be deducted.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
53,000
53,000
Other creditors
34,385
43,081
87,385
96,081
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
2,427,750
2,480,750
MULVIR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
The bank loans are secured by the legal charge on the freehold properties.
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Tax losses
62,846
29,531
2024
Movements in the year:
£
Asset at 1 April 2023
(29,531)
Credit to profit or loss
(33,315)
Asset at 31 March 2024
(62,846)
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions
Mulvir & Sons Limited has given a corporate guarantee of £100,000 and the director Mr J N Patel has given a personal guarantee of £250,000 to Alpha Bank for the loan given to Mulvir Investments Limited, the wholly owned subsidiary of the company.
10
Parent company
The ultimate parent undertaking is Mulvir & Sons Limited, a company registered in England and Wales.