Company registration number 09498038 (England and Wales)
M S DEOL INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
M S DEOL INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
M S DEOL INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,335
8,430
Investment properties
5
1,110,000
1,110,000
1,117,335
1,118,430
Current assets
Debtors
6
463
365
Cash at bank and in hand
7,938
37,779
8,401
38,144
Creditors: amounts falling due within one year
7
(265,855)
(292,772)
Net current liabilities
(257,454)
(254,628)
Total assets less current liabilities
859,881
863,802
Creditors: amounts falling due after more than one year
8
(602,656)
(612,656)
Provisions for liabilities
(58,685)
(57,209)
Net assets
198,540
193,937
Capital and reserves
Called up share capital
9
100
100
Non-distributable reserves
250,851
250,851
Profit and loss reserves
(52,411)
(57,014)
Total equity
198,540
193,937
The director of the company has elected not to include a copy of the income statement 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 his 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 27 August 2024
Mr M S Deol
Director
Company Registration No. 09498038
M S DEOL INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Share capital
Non-distributable reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 December 2021
100
250,851
(57,776)
193,175
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
-
762
762
Balance at 30 November 2022
100
250,851
(57,014)
193,937
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
4,603
4,603
Balance at 30 November 2023
100
250,851
(52,411)
198,540
M S DEOL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
M S Deol Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prebend House, 72 London Road, Leicester, LE2 0QR.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rentals charged during the year.
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:
Fixtures, fittings & equipment
15% per annum on a reducing balance basis.
Computer equipment
33.3% per annum on a reducing balance basis.
Motor vehicles
25% per annum on a reducing balance basis.
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. The surplus or deficit on revaluation is recognised in the income statement.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
M S DEOL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BASIC FINANCIAL ASSETS AND LIABILITIES
Basic financial assets and liabilities, which include debtors and creditors with no stated interest rate and receivables 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
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 income statement 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 income statement, 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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
M S DEOL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
10,861
1,817
13,920
26,598
Additions
502
502
At 30 November 2023
11,363
1,817
13,920
27,100
Depreciation and impairment
At 1 December 2022
4,472
1,170
12,526
18,168
Depreciation charged in the year
1,033
216
348
1,597
At 30 November 2023
5,505
1,386
12,874
19,765
Carrying amount
At 30 November 2023
5,858
431
1,046
7,335
At 30 November 2022
6,389
647
1,394
8,430
5
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
1,110,000
M S DEOL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
5
Investment property
(Continued)
- 6 -
The investment properties are stated at the directors' own valuation, using an open market value basis.
The historical cost of the above investment properties amounted to £807,436 (2022- £807,436).
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
463
365
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
10,000
10,000
Other creditors
253,095
280,000
Accruals and deferred income
2,760
2,772
265,855
292,772
The bank loan is secured by government guarantee.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
602,656
612,656
The bank loans are secured by government guarantee and on the respective investment properties.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100