REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
MAYA PROPERTIES LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
MAYA PROPERTIES LTD |
MAYA PROPERTIES LTD (REGISTERED NUMBER: 07320671) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
MAYA PROPERTIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
MAYA PROPERTIES LTD |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maya Properties Ltd for the year ended 31 March 2024 which comprise the Profit and Loss, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Maya Properties Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Maya Properties Ltd and state those matters that we have agreed to state to the director of Maya Properties Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maya Properties Ltd and its director for our work or for this report. |
It is your duty to ensure that Maya Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Maya Properties Ltd. You consider that Maya Properties Ltd 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 financial statements of Maya Properties Ltd. 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 financial statements. |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
MAYA PROPERTIES LTD (REGISTERED NUMBER: 07320671) |
BALANCE SHEET |
31 MARCH 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital contribution | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
MAYA PROPERTIES LTD (REGISTERED NUMBER: 07320671) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the director and authorised for issue on |
MAYA PROPERTIES LTD (REGISTERED NUMBER: 07320671) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Maya Properties Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable, net of value added tax. Turnover is recognised on a rent receivable basis to the balance sheet date. |
Investment property |
Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Under pervious UK GAAP, investment property was valued on an open market basis. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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. |
Capital contribution |
All long term financing transactions from the parent company are recorded at present value, using a market rate for a similar debt instrument in accordance with FRS102. The difference in the present value and book value is recognised in the capital contribution account. The notional interest charged during the year to increase the present value of the loan, is charged to the profit & loss account and then transferred from profit and loss reserve account to capital contribution. |
Interest payable |
Interest payable is recognised in profit and loss as they accrue, using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MAYA PROPERTIES LTD (REGISTERED NUMBER: 07320671) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2014 | 92,187 |
Valuation in 2015 | 125,000 |
Valuation in 2016 | 50,000 |
Valuation in 2017 | 40,000 |
Valuation in 2021 | 12,870 |
Cost | 1,144,943 |
1,465,000 |
In the opinion of the directors the fair value of the investment properties as at 31 March 2024 is not significantly different to that stated above. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Directors' current accounts | 1,667 | - |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans more 5 yrs non-inst | 962,540 | 961,483 |
Other creditors | 180,339 | 162,651 |
MAYA PROPERTIES LTD (REGISTERED NUMBER: 07320671) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31/3/24 | 31/3/23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
The bank loans are secured by a legal charge over the investment properties and by personal guarantee of the directors. The loans are interest only, fully repayable between 15 to 20 years period and the rates of interest charged are between 2.5% and 5% above the bank base rate. |
8. | PROVISIONS FOR LIABILITIES |
31/3/24 | 31/3/23 |
£ | £ |
Deferred tax | 43,840 | 43,840 |
Deferred tax |
£ |
Balance at 1 April 2023 |
Balance at 31 March 2024 |
9. | RESERVES |
Retained earnings is made of undistributable profit and loss reserves of £276,217 (2022: £276,217). |