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Registration number: 04393027

Mafi Mushkila Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Mafi Mushkila Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Abridged Financial Statements

7 to 11

 

Mafi Mushkila Limited

Company Information

Directors

Mr Glen William Wolfenden

Mr David Nicholas Wolfenden

Company secretary

Aml Registrars Limited

Registered office

Amlbenson
The Long Lodge, 265-269 Kingston Road
Wimbledon
London
Surrey
SW19 3NW

Accountants

TAX LINK (CTA) LIMITED
Chartered Accountants & Tax Advisors
The Long Lodge 265-269 Kingston Road
Wimbledon
London
Wimbledon
SW19 3NW

 

Mafi Mushkila Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the abridged financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Glen William Wolfenden

Mr David Nicholas Wolfenden

Principal activity

The principal activity of the company is Information technology consultancy activities.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

.........................................
Mr David Nicholas Wolfenden
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mafi Mushkila Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mafi Mushkila Limited for the year ended 31 March 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Mafi Mushkila Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mafi Mushkila Limited and state those matters that we have agreed to state to the Board of Directors of Mafi Mushkila Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mafi Mushkila Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mafi Mushkila Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mafi Mushkila Limited. You consider that Mafi Mushkila Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mafi Mushkila Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

TAX LINK (CTA) LIMITED
Chartered Accountants & Tax Advisors
The Long Lodge 265-269 Kingston Road
Wimbledon
London
Wimbledon
SW19 3NW

11 October 2024

 

Mafi Mushkila Limited

(Registration number: 04393027)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

396,949

252,061

Current assets

 

Debtors

6

1,648,353

579,575

Cash at bank and in hand

 

397,513

395,072

 

2,045,866

974,647

Prepayments and accrued income

 

44,949

20,550

Creditors: Amounts falling due within one year

(1,283,352)

(703,273)

Net current assets

 

807,463

291,924

Total assets less current liabilities

 

1,204,412

543,985

Accruals and deferred income

 

-

(6,300)

Net assets

 

1,204,412

537,685

Capital and reserves

 

Called up share capital

7

5

5

Capital redemption reserve

19,911

19,911

Retained earnings

1,184,496

517,769

Shareholders' funds

 

1,204,412

537,685

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

 

Mafi Mushkila Limited

(Registration number: 04393027)
Abridged Balance Sheet as at 31 March 2024

.........................................
Mr David Nicholas Wolfenden
Director

 

Mafi Mushkila Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2023

5

19,911

517,769

537,685

Profit for the year

-

-

938,227

938,227

Dividends

-

-

(271,500)

(271,500)

At 31 March 2024

5

19,911

1,184,496

1,204,412

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2022

5

19,911

254,483

274,399

Profit for the year

-

-

511,286

511,286

Dividends

-

-

(248,000)

(248,000)

At 31 March 2023

5

19,911

517,769

537,685

 

Mafi Mushkila Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Amlbenson
The Long Lodge, 265-269 Kingston Road
Wimbledon
London
Surrey
SW19 3NW
England

These financial statements were authorised for issue by the Board on 11 October 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 years presented, unless otherwise stated.

Statement of compliance

These abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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;
and specific criteria have been met for each of the company's activities.

 

Mafi Mushkila Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

WDV, 25%

Motor Vehicles

WDV, 25%

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.

Trade 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.

 

Mafi Mushkila Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 17).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

60,055

42,016

 

Mafi Mushkila Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

141,564

353,157

123,092

617,813

Additions

218,546

106,396

-

324,942

Disposals

(120,000)

-

-

(120,000)

At 31 March 2024

240,110

459,553

123,092

822,755

Depreciation

At 1 April 2023

-

263,169

102,583

365,752

Charge for the year

-

49,096

10,958

60,054

At 31 March 2024

-

312,265

113,541

425,806

Carrying amount

At 31 March 2024

240,110

147,288

9,551

396,949

At 31 March 2023

141,564

89,988

20,509

252,061

Included within the net book value of land and buildings above is £240,110 (2023 - £141,564) in respect of freehold land and buildings.
 

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary of £1 each

3

3

3

3

B Ordinary of £1 each

1

1

1

1

C Ordinary of £1 each

1

1

1

1

5

5

5

5

8

Dividends

Interim dividends paid

 

Mafi Mushkila Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Interim dividend of £90,500.00 (2023 - £82,666.67) per each A Ordinary

271,500

248,000

 

 

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,000

192,254