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Registration number: 13834926

MAK Real Estate Development Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

MAK Real Estate Development Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

MAK Real Estate Development Ltd

Company Information

Directors

Mr Khaled Adel Mohsen Farid

Mr Ahmed Ammar

Registered office

20-22 Wenlock Road
London
N1 7GU

Accountants

ZAS Accountancy & Tax Ltd
Chartered Certified Accountants
Suite 427 Legacy Centre
Hampton Road West
Feltham
Middlesex
TW13 6DH

 

MAK Real Estate Development Ltd

(Registration number: 13834926)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

122,070

122,070

Current assets

 

Debtors

5

12,654

-

Cash at bank and in hand

 

1,979

83

 

14,633

83

Creditors: Amounts falling due within one year

6

(170,644)

(135,541)

Net current liabilities

 

(156,011)

(135,458)

Net liabilities

 

(33,941)

(13,388)

Capital and reserves

 

Called up share capital

7

120

120

Retained earnings

(34,061)

(13,508)

Shareholders' deficit

 

(33,941)

(13,388)

For the financial year ending 31 January 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 September 2024 and signed on its behalf by:
 

 

MAK Real Estate Development Ltd

(Registration number: 13834926)
Balance Sheet as at 31 January 2024

.........................................
Mr Ahmed Ammar
Director

 

MAK Real Estate Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
United Kingdom

These financial statements were authorised for issue by the Board on 9 September 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 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 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.

The presentational currency of the financial statements is pound sterling (£).

 

MAK Real Estate Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Going concern

The financial statements have been prepared on a going concern basis. The shareholders will continue to provide the necessary financial support in the foreseeable future.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

MAK Real Estate Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 February

122,070

At 31 January

122,070

There has been no valuation of investment property by an independent valuer.

 

MAK Real Estate Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Debtors

Current

2024
£

2023
£

Prepayments

12,654

-

 

12,654

-

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

95,871

75,000

Accruals and deferred income

 

823

750

Other creditors

 

73,950

59,791

 

170,644

135,541

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £95,871. The loan is secured by way of a first legal charge on the property.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

120

120

120

120

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

95,871

75,000

The directors have given a personal guarantee in respect of the bank loan.