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REGISTERED NUMBER: 09232999















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MOUNTSKY LIMITED

MOUNTSKY LIMITED (REGISTERED NUMBER: 09232999)






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


MOUNTSKY 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: 09232999



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



BANKERS: Punjab National Bank (International) Ltd
110 South Road
Southall
UB1 1RB

MOUNTSKY LIMITED (REGISTERED NUMBER: 09232999)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 550,000 550,000

CURRENT ASSETS
Debtors 5 4,767 2,967
Cash at bank 19,701 70,814
24,468 73,781
CREDITORS
Amounts falling due within one year 6 385,952 465,544
NET CURRENT LIABILITIES (361,484 ) (391,763 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

188,516

158,237

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 188,515 158,236
SHAREHOLDERS' FUNDS 188,516 158,237

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


MOUNTSKY LIMITED (REGISTERED NUMBER: 09232999)

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

1. STATUTORY INFORMATION

Mountsky 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 and the invoice value of other services supplied.

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

Investment property
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.


MOUNTSKY LIMITED (REGISTERED NUMBER: 09232999)

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

2. ACCOUNTING POLICIES - continued
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 550,000
NET BOOK VALUE
At 31 March 2024 550,000
At 31 March 2023 550,000

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

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 550,000

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

2024 2023
£    £   
Cost 616,126 616,126

MOUNTSKY LIMITED (REGISTERED NUMBER: 09232999)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 819 -
Other debtors 3,948 2,967
4,767 2,967

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 847 1,759
Amounts owed to group undertakings 356,064 424,224
Taxation and social security 10,093 22,749
Other creditors 18,948 16,812
385,952 465,544

7. 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

8. RELATED PARTY DISCLOSURES

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

9. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The ultimate parent company is Cygnet Properties and Leisure Plc, a company registered in the UK. The company is controlled by some members f the Virani family, some of whom are directors of the company, through their shareholdings in Virani Net Limited and Virani Net Scheme.