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REGISTERED NUMBER: 08708261 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MOSAIC DOCKLANDS LIMITED

MOSAIC DOCKLANDS LIMITED (REGISTERED NUMBER: 08708261)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MOSAIC DOCKLANDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Rahim Virani
Karim Virani





SECRETARY: Paul Davis





REGISTERED OFFICE: Crown House
North Circular Road
London
NW10 7PN





REGISTERED NUMBER: 08708261 (England and Wales)





AUDITORS: UHY Hacker Young (S.E.) Limited
Chartered Accountants & Statutory Auditor
168 Church Road
Hove
East Sussex
BN3 2DL

MOSAIC DOCKLANDS LIMITED (REGISTERED NUMBER: 08708261)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,250,000 1,250,000

CURRENT ASSETS
Debtors 5 45,479 47,694
Cash at bank 59,824 94,522
105,303 142,216
CREDITORS
Amounts falling due within one year 6 318,365 425,411
NET CURRENT LIABILITIES (213,062 ) (283,195 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,036,938

966,805

PROVISIONS FOR LIABILITIES 58,952 69,363
NET ASSETS 977,986 897,442

CAPITAL AND RESERVES
Called up share capital 1 1
Revaluation reserve 7 163,494 163,494
Retained earnings 814,491 733,947
SHAREHOLDERS' FUNDS 977,986 897,442

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Rahim Virani - Director


MOSAIC DOCKLANDS LIMITED (REGISTERED NUMBER: 08708261)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Mosaic Docklands Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Significant Judgements
The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Property Valuations
Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself..

Turnover
Turnover represents gross amounts receivable from rents charged to tenants and the invoice value of other services supplied.

Turnover is recognised when the rent is due from tenants on an accruals basis.

MOSAIC DOCKLANDS LIMITED (REGISTERED NUMBER: 08708261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Investment property
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.

Investment properties are accounted for as follows:
- Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
- Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the consolidated income statement and accumulated in the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in retained earnings for the year.

Depreciation is provided only on those investment properties that are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the applicable standard, FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial information to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,250,000
NET BOOK VALUE
At 31 March 2024 1,250,000
At 31 March 2023 1,250,000

MOSAIC DOCKLANDS LIMITED (REGISTERED NUMBER: 08708261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,250,000

If the leasehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,057,174 1,057,174

The leasehold investment property was valued on 31 March 2024 on a fair value basis as at that date by the directors.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 38,896 38,737
Other debtors 6,583 8,957
45,479 47,694

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 26,538 6,436
Amounts owed to group undertakings 214,887 304,178
Taxation and social security 19,908 58,421
Other creditors 57,032 56,376
318,365 425,411

7. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 163,494

The company has the following reserves, the movements of which in the current and prior years are shown in the statements of changes in equity:

Called-up share capital
Called-up share capital represents the nominal value of shares that have been issued.

Revaluation reserve (non-distributable)
The revaluation reserve is used to record increases in the fair value of investment properties and decreases to the extent that such decreases relates to an increase on the same asset, net of deferred tax.

Retained earnings
The retained earnings represent all current and prior period retained profits and losses.

MOSAIC DOCKLANDS LIMITED (REGISTERED NUMBER: 08708261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Guest FCA (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young (S.E.) Limited

9. RELATED PARTY DISCLOSURES

There are no related party transactions that require disclosure under FRS102.

10. ULTIMATE CONTROLLING PARTY

The parent company is Cygnet Properties & Leisure PLC, a company registered in England and Wales.

The company is controlled by some members of the Virani family, some of whom are directors of the company, through their shareholdings in Virani Net Limited and Virani Net Scheme.