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REGISTERED NUMBER: 09990256 (England and Wales)



















MANGAT INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






MANGAT INVESTMENTS LIMITED (REGISTERED NUMBER: 09990256)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


MANGAT INVESTMENTS LIMITED (REGISTERED NUMBER: 09990256)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 30 30
Investment property 5 733,989 733,989
734,019 734,019

CURRENT ASSETS
Debtors 6 700,001 300,000
Cash at bank 32,742 418,736
732,743 718,736
CREDITORS
Amounts falling due within one year 7 13,269 11,816
NET CURRENT ASSETS 719,474 706,920
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,453,493

1,440,939

CREDITORS
Amounts falling due after more than one
year

8

(1,128,565

)

(1,190,566

)

PROVISIONS FOR LIABILITIES (4,279 ) (4,279 )
NET ASSETS 320,649 246,094

CAPITAL AND RESERVES
Called up share capital 101 101
Share premium 25 25
Fair value reserve 10 12,838 12,838
Retained earnings 307,685 233,130
SHAREHOLDERS' FUNDS 320,649 246,094

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MANGAT INVESTMENTS LIMITED (REGISTERED NUMBER: 09990256)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:





Mr S S Mangat - Director


MANGAT INVESTMENTS LIMITED (REGISTERED NUMBER: 09990256)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Mangat Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09990256

Registered office: 71 Knowl Piece
Wilbury Way
Hitchin
Herts
SG4 0TY

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
The company lets its investment property and turnover represents the rent received or receivable in the year; it excludes discounts, rebates, value added tax and other sales taxes.

Investments in associates
Investments in associate undertakings are recognised at cost.

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.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


MANGAT INVESTMENTS LIMITED (REGISTERED NUMBER: 09990256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 March 2023
and 29 February 2024 30
NET BOOK VALUE
At 29 February 2024 30
At 28 February 2023 30

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 733,989
NET BOOK VALUE
At 29 February 2024 733,989
At 28 February 2023 733,989

The company's investment property has been pledged as security for borrowings.

MANGAT INVESTMENTS LIMITED (REGISTERED NUMBER: 09990256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. INVESTMENT PROPERTY - continued

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2017 17,117
Cost 716,872
733,989

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 716,872 716,872

The investment properties were valued on an open market basis on 28 February 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 700,001 300,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 11,735 10,991
Other creditors 1,534 825
13,269 11,816

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 494,940 494,940
Other creditors 633,625 695,626
1,128,565 1,190,566

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 494,940 494,940

MANGAT INVESTMENTS LIMITED (REGISTERED NUMBER: 09990256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 494,940 494,940

The loans are secured by way of a fixed charge over the investment property of the company.

10. RESERVES
Fair
value
reserve
£   
At 1 March 2023
and 29 February 2024 12,838

11. RELATED PARTY DISCLOSURES

S S Mangat and M K Mangat
Company directors.
2024 2023
£ £
Amount due to related party 633,625 695,626
No interest is payable on the loan and there are no agreed repayment terms.