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Registered number: 12482410
Mam Investment Properties Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Calculated Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12482410
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,667 1,602
Investment Properties 5 775,000 380,000
Investments 6 21,500 28,500
798,167 410,102
CURRENT ASSETS
Debtors 7 4,023 101
Investments 8 - 69,157
Cash at bank and in hand 12,879 1,079
16,902 70,337
Creditors: Amounts Falling Due Within One Year 9 (1,520 ) (101 )
NET CURRENT ASSETS (LIABILITIES) 15,382 70,236
TOTAL ASSETS LESS CURRENT LIABILITIES 813,549 480,338
Creditors: Amounts Falling Due After More Than One Year 10 (750,533 ) (462,074 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,510 ) (8,067 )
NET ASSETS 45,506 10,197
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 45,406 10,097
SHAREHOLDERS' FUNDS 45,506 10,197
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mohsin Mulla
Director
24/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Mam Investment Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12482410 . The registered office is 52 Colombo Road, Ilford, IG1 4RQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings Straight line over 5 years
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Fixtures & Fittings
£
Cost or Valuation
As at 1 March 2023 1,780
Additions 516
As at 29 February 2024 2,296
Depreciation
As at 1 March 2023 178
Provided during the period 451
As at 29 February 2024 629
Net Book Value
As at 29 February 2024 1,667
As at 1 March 2023 1,602
5. Investment Property
2024
£
Fair Value
As at 1 March 2023 380,000
Additions 343,305
Fair value adjustments 51,695
As at 29 February 2024 775,000
6. Investments
Unlisted Other Total
£ £ £
Cost
As at 1 March 2023 30,000 (1,500 ) 28,500
Disposals (5,000 ) - (5,000 )
Revaluations (2,000 ) - (2,000 )
As at 29 February 2024 23,000 (1,500 ) 21,500
Provision
As at 1 March 2023 - - -
As at 29 February 2024 - - -
Net Book Value
As at 29 February 2024 23,000 (1,500 ) 21,500
As at 1 March 2023 30,000 (1,500 ) 28,500
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,480 91
Prepayments and accrued income 543 10
4,023 101
8. Current Asset Investments
2024 2023
£ £
Short term deposits - 69,157
- 69,157
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 1,520 101
1,520 101
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 483,541 239,656
Directors loan account 266,992 222,418
750,533 462,074
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Related Party Transactions
Included within Creditors is the loan balance of £266,992 (2023: £222,418) from the Director at the end of the year. The loan is unsecured, interest free and there are no fixed terms of repayment.
13. Ultimate Controlling Party
The company's ultimate controlling party is Mr Mohsin Mulla by virtue of his ownership of 100% of the issued share capital in the company.
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