Maphi Limited 13890224 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is Development of building projects Digita Accounts Production Advanced 6.30.9574.0 true true 13890224 2023-03-01 2024-02-29 13890224 2024-02-29 13890224 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-02-29 13890224 core:CurrentFinancialInstruments 2024-02-29 13890224 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 13890224 core:OtherRelatedParties 2024-02-29 13890224 bus:SmallEntities 2023-03-01 2024-02-29 13890224 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13890224 bus:FilletedAccounts 2023-03-01 2024-02-29 13890224 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 13890224 bus:RegisteredOffice 2023-03-01 2024-02-29 13890224 bus:Director1 2023-03-01 2024-02-29 13890224 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13890224 core:OtherRelatedParties 2023-03-01 2024-02-29 13890224 countries:EnglandWales 2023-03-01 2024-02-29 13890224 2023-02-28 13890224 core:OtherRelatedParties 2023-02-28 13890224 2022-02-03 2023-02-28 13890224 2023-02-28 13890224 core:CurrentFinancialInstruments 2023-02-28 13890224 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13890224 core:OtherRelatedParties 2023-02-28 13890224 core:OtherRelatedParties 2022-02-03 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 13890224

Maphi Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Maphi Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Maphi Limited

(Registration number: 13890224)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

340,000

300,000

Other financial assets

5

194,087

149,509

 

534,087

449,509

Current assets

 

Debtors

6

20,940

20,000

Cash at bank and in hand

 

2,928

53,387

 

23,868

73,387

Creditors: Amounts falling due within one year

7

(517,341)

(539,039)

Net current liabilities

 

(493,473)

(465,652)

Total assets less current liabilities

 

40,614

(16,143)

Provisions for liabilities

3,370

-

Net assets/(liabilities)

 

43,984

(16,143)

Capital and reserves

 

Called up share capital

20,000

20,000

Retained earnings

23,984

(36,143)

Shareholders' funds/(deficit)

 

43,984

(16,143)

 

Maphi Limited

(Registration number: 13890224)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 August 2024
 

MJ Allen
Director

   
     
 

Maphi Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Old Police Station 6 St Peter's Court
Bedminster Parade
Bristol
BS3 4AQ
UK

These financial statements were authorised for issue by the director on 29 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company will have adequate resources to continue as a going concern. The directors are committed to ensure that the company is able to meet its liabilities on a day to day basis and the parent company has pledged to provide financial support to enable the company to meet its liabilities. Therefore, the financial statements have been prepared on a going concern basis.

 

Maphi Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
-the amount of revenue can be reliably measured;
-it is probable that future economic benefits will flow to the entity;
-specific criteria have been met for each of the company's activities.
-the stage of completion of the transaction at the end of the reporting period can be measured reliably;
and
-the costs incurred for the transaction and the costs to complete the transaction can be measured
reliably.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments have been stated at fair value as at the balance sheet date. Fair value has been determined with reference to the current market value for all quoted investments. Where no active market exists in the case of the unquoted investments these are held at cost. All unrealised gains and losses are recognised through the profit and loss account under FRS 26.

Investment income comprises dividends declared during the accounting period and interest receivable on listed and unlisted investments.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Maphi Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 March 2023

300,000

Additions

9,379

Fair value adjustments

30,621

At 29 February 2024

340,000

The investment property has been revalued by the director at £340,000 as at 29 February 2024.

 

Maphi Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2023

149,509

149,509

Fair value adjustments

19,571

19,571

Additions

25,007

25,007

At 29 February 2024

194,087

194,087

Carrying amount

At 29 February 2024

194,087

194,087

6

Debtors

2024
£

2023
£

Other debtors

20,940

20,000

20,940

20,000

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Amounts due to related parties

8

515,000

500,000

Social security and other taxes

 

-

6,892

Accruals

 

2,125

29,697

Corporation tax liability

216

2,450

 

517,341

539,039

 

Maphi Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Related party transactions

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

500,000

500,000

Advanced

15,000

15,000

At end of period

515,000

515,000

2023

Other related parties
£

Total
£

Advanced

500,000

500,000

At end of period

500,000

500,000

Terms of loans from related parties

Loans to other related parties are interest free and repayable on demand.