Company registration number 11061330 (England and Wales)
MOHAVEN LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MOHAVEN LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
MOHAVEN LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,831
2,308
Investment properties
4
782,127
763,322
785,958
765,630
Current assets
Debtors
5
926
250
Cash at bank and in hand
5,587
9,099
6,513
9,349
Creditors: amounts falling due within one year
6
(225,976)
(136,089)
Net current liabilities
(219,463)
(126,740)
Total assets less current liabilities
566,495
638,890
Creditors: amounts falling due after more than one year
7
(506,061)
(510,868)
Provisions for liabilities
(15,775)
(32,018)
Net assets
44,659
96,004
Capital and reserves
Called up share capital
8
1
1
Revaluation reserve
9
49,425
94,323
Profit and loss reserves
(4,767)
1,680
Total equity
44,659
96,004
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 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 19 August 2024
Miss V Morris
Director
Company Registration No. 11061330
MOHAVEN LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
1
54,394
997
55,392
Year ended 30 November 2022:
Profit for the year
-
-
42,612
42,612
Other comprehensive income:
Tax relating to other comprehensive income
-
(31,441)
31,441
Total comprehensive income for the year
(31,441)
74,053
42,612
Dividends
-
-
(2,000)
(2,000)
Transfers
-
71,370
(71,370)
-
Balance at 30 November 2022
1
94,323
1,680
96,004
Year ended 30 November 2023:
Loss for the year
-
-
(51,345)
(51,345)
Other comprehensive income:
Tax relating to other comprehensive income
-
14,965
(14,965)
-
Total comprehensive income for the year
-
14,965
(66,310)
(51,345)
Transfers
-
(59,863)
59,863
-
Balance at 30 November 2023
1
49,425
(4,767)
44,659
MOHAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Mohaven Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Barberry House, Crickhowell Road, Gilwern, Abergavenny, NP7 0DF.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
IT equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MOHAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
MOHAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
IT equipment
Total
£
£
£
£
Cost
At 1 December 2022
520
4,046
1,747
6,313
Additions
2,858
156
3,014
At 30 November 2023
520
6,904
1,903
9,327
Depreciation and impairment
At 1 December 2022
384
2,679
942
4,005
Depreciation charged in the year
104
1,035
352
1,491
At 30 November 2023
488
3,714
1,294
5,496
Carrying amount
At 30 November 2023
32
3,190
609
3,831
At 30 November 2022
136
1,367
805
2,308
4
Investment property
2023
£
Fair value
At 1 December 2022
763,322
Additions
286,832
Disposals
(227,264)
Revaluations
(40,763)
At 30 November 2023
782,127
The properties are initially measured at cost then annually at market value.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
926
Other debtors
250
926
250
MOHAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
81,307
5,201
Trade creditors
15,998
12,645
Corporation tax
303
926
Other creditors
128,368
117,317
225,976
136,089
Included in creditors due within one year are bank loans of £75,982 (2022: £nil) secured over the company's investment properties.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
206,061
210,868
Other creditors
300,000
300,000
506,061
510,868
Included in creditors due after one year are bank loans of £173,409 (2022: £173,409) secured over the company's investment properties.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
182,493
188,794
8
Called up share capital
2023
2022
£
£
Ordinary share capital - Issued and fully paid
1 Ordinary share of £1 each
1
1
MOHAVEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
9
Revaluation reserve
2023
2022
£
£
At the beginning of the year
94,323
54,394
Deferred tax on revaluation of tangible assets
14,965
(31,441)
Transfer to retained earnings
(59,863)
71,370
At the end of the year
49,425
94,323
10
Directors' transactions
The director operates a current loan account with the company which is debited with payments made on her behalf and credited with funds introduced and undrawn director's fees. The amount owed by the company at 30th November 2023 was £425,918 (2022: £414,977) and is split between creditors; amounts due falling within one year £125,918, (2022: £114,977) and creditors amounts falling due after one year £300,000. (2022: £300,000)