Company No:
Contents
DIRECTOR | Sir Euan A-G-Calthorpe, Bt |
REGISTERED OFFICE | 76 Hagley Road |
Birmingham | |
West Midlands | |
B16 8LU | |
United Kingdom |
COMPANY NUMBER | 03781875 (England and Wales) |
BANKERS | Lloyds TSB plc |
St James' Branch | |
Pall Mall | |
8-10 Waterloo Place | |
London | |
SW1Y 4BE |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
|
|
|
915,445 | 812,029 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
15,062 | 8,800 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current liabilities | (475,849) | (370,182) | ||
Total assets less current liabilities | 439,596 | 441,847 | ||
Provision for liabilities | 6, 7 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Other reserves |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholders' funds |
|
|
Director's responsibilities:
The financial statements of Madaket Limited (registered number:
Sir Euan A-G-Calthorpe, Bt
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Madaket Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 76 Hagley Road, Birmingham, West Midlands, B16 8LU, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis. New Canaan Investments Limited, the parent company, has confirmed that it will continue to support the company for a period of not less than one year from the date of approval of the financial statments.
Revenue is recognised on the accruals basis.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in teh financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 debtors.
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.
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year |
|
|
Investment property | |
£ | |
Valuation | |
As at 06 April 2023 |
|
Additions | 103,416 |
As at 05 April 2024 |
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings (note 8) |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to Group undertakings (note 8) |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Deferred tax |
|
|
2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
|
(
|
|
Charged to the Profit and Loss Account |
|
(
|
|
At the end of financial year | (
|
(
|
Transactions with owners holding a participating interest in the entity
2024 | 2023 | ||
£ | £ | ||
New Canaan Investments Limited | 274,381 | 274,381 |
Amounts owed to group undertakings include a loan from New Canaan Investments Limited to the company. During the year, New Canaan Investments Limited loaned £nil (2023 - £8,813) to the company. The loan is interest free and repayable on demand.
Transactions with the entity's director
2024 | 2023 | ||
£ | £ | ||
Sir Euan A-G-Calthorpe, Bt | 206,997 | 96,449 |
Other creditors include a loan from Sir Euan A-G-Calthorpe, Bt to the company. During the year, Sir Euan A-G-Calthorpe, Bt loaned £110,548 (2022 - £48,830) to the company. The loan is interest free and repayable on demand.
Other related party transactions
2024 | 2023 | ||
£ | £ | ||
Group relief debtor | 215 | 215 |
Amounts owed to group undertakings includes Group Relief provided to and from New Canaan Investments Limited to the company. During the year, New Canaan Investments Limited provided Group Relief of £nil (2023 - £nil) to the company. During the year, the company provided Group Relief of £nil (2023 - £nil) to New Canaan Investments Limited.