Registered number: 08129048
MAFNAZ INVESTMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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MAFNAZ INVESTMENTS LIMITED
REGISTERED NUMBER: 08129048
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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MAFNAZ INVESTMENTS LIMITED
REGISTERED NUMBER: 08129048
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 October 2024.
The notes on pages 4 to 10 form part of these financial statements.
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MAFNAZ INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 10 form part of these financial statements.
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MAFNAZ INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Mafnaz Investments Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 1 Commonside West, Mitcham, Surrey, CR4 4HA.
The company’s principal activity is that of property investment.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the Statement of financial position date. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.
Turnover comprises revenue recognised by the company in respect of rent and service charges receivable in respect of properties held by the company exclusive of Value Added Tax and trade discounts.
Turnover is recognised on a straight line basis over the lease term.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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MAFNAZ INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
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Current and deferred taxation
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Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Statement of financial position date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of financial position date.
Investment property is carried at fair value determined annually by the directors and / or external valuers 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. Changes in fair value are recognised in the Statement of comprehensive income.
The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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MAFNAZ INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The 2024 valuations were made by the directors, who are not qualified surveyors, on an open market value for existing use basis.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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MAFNAZ INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Bank loans of £69,000 (2023 - £69,000) are secured by a fixed and floating charge against the assets of the company.
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Creditors: Amounts falling due after more than one year
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Bank loans of £1,093,750 (2023 - £1,116,750) are secured by a fixed and floating charge against the assets of the company.
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MAFNAZ INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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MAFNAZ INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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The provision for deferred taxation is made up as follows:
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Potential capital gain on investment property
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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MAFNAZ INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Related party transactions
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Included within other creditors due in less than one year, is an amount of £97,618 (2023 - £101,618) due to a company under common control.
Included within amount owed to group undertakings due in less than one year, is an amount of £4,000 (2023 - £Nil) due to a related party.
Included within amount owed by group undertakings due in more than one year is an amount of £924,024 due from (2023 - £Nil) a related party.
Included within other debtors due in more than one year is an amount of £Nil due from (2023 - £932,024) a related party.
Included within other debtors, is an amount of £87,500 (2023 - £87,500) due from companies under comon control.
During the year, the company paid management fees of £6,669 (2023 - £6,606) to a company under common control.
Included within other creditors due after more than one year is an amount of £353,310 (2023 - £353,310) due to a company under common control.
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Ultimate parent undertaking and controlling party
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The immediate and ultimate parent undertaking was Newell Limited, a company incorporated in England and Wales.
The ultimate controlling parties are the directors by virtue of their majority shareholding in Newell Limited.
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