REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Making Neoteric Homes Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Making Neoteric Homes Limited |
Making Neoteric Homes Limited (Registered number: 10994588) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Making Neoteric Homes Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2nd Floor, |
39 Ludgate hill |
London |
EC4M 7JN |
Making Neoteric Homes Limited (Registered number: 10994588) |
Statement of Financial Position |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Making Neoteric Homes Limited (Registered number: 10994588) |
Statement of Financial Position - continued |
31 October 2023 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Making Neoteric Homes Limited (Registered number: 10994588) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Making Neoteric Homes Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit and loss in the period in which they arise. |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
No depreciation is provided on investment properties as a result of FRS 102 section 16, this represents a departure from the requirements of the Companies Act. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure consumption and to depreciate them would not give a true and fair view. |
However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separated or quantified. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
Making Neoteric Homes Limited (Registered number: 10994588) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
Additions |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2021 | 1,430,641 |
Valuation in 2022 | 30,402 |
Valuation in 2023 | 1,521 |
1,462,564 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.10.23 | 31.10.22 |
£ | £ |
Cost | 1,430,641 | 1,430,641 |
Investment property was valued on an open market basis on 31 October 2023 by the director . |
Making Neoteric Homes Limited (Registered number: 10994588) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 15,840 | 15,840 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Taxation and social security | ( |
) |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
9. | PROVISIONS FOR LIABILITIES |
31.10.23 | 31.10.22 |
£ | £ |
Deferred tax | 8,706 | 8,706 |
Deferred |
tax |
£ |
Balance at 1 November 2022 |
Balance at 31 October 2023 |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 November 2022 |
and 31 October 2023 |
Making Neoteric Homes Limited (Registered number: 10994588) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022: |
31.10.23 | 31.10.22 |
£ | £ |
R Patel |
Balance outstanding at start of year | - | (45,430 | ) |
Amounts repaid | - | 45,430 |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owes £92,087 to the director Mr Mitesh Jaivadan Khatri which are an interest free loan to the company. |
Also, at the balance sheet date Ravi IT services ltd owes £15,840 to the company where Mr Ravindra Patel is the director and 100% shareholder of the company. |
13. | POST BALANCE SHEET EVENTS |
Mr Ravindra Tarak Jayantibhai Patel resigned as director on 03 November 2021. When he resigned, Mr Patel was bought out by Mr Khatri. That was an adjusting event and no provision needs to be provided. |
14. | ULTIMATE CONTROLLING PARTY |
At the date of signing these accounts, ultimate controlling party was director Mr Mitesh Jaivadan Khatri and the shareholder Mrs Aarti M Khatri. |