Silverfin false false 29/02/2024 01/03/2023 29/02/2024 G A Al-Saiegh 27/06/2022 M M T Al-Saiegh 27/06/2022 29 November 2024 The principal activity of MAS Residential Limited is that of a rental property. 13179031 2024-02-29 13179031 bus:Director1 2024-02-29 13179031 bus:Director2 2024-02-29 13179031 2023-02-28 13179031 core:CurrentFinancialInstruments 2024-02-29 13179031 core:CurrentFinancialInstruments 2023-02-28 13179031 core:ShareCapital 2024-02-29 13179031 core:ShareCapital 2023-02-28 13179031 core:RetainedEarningsAccumulatedLosses 2024-02-29 13179031 core:RetainedEarningsAccumulatedLosses 2023-02-28 13179031 bus:OrdinaryShareClass1 2024-02-29 13179031 2023-03-01 2024-02-29 13179031 bus:FilletedAccounts 2023-03-01 2024-02-29 13179031 bus:SmallEntities 2023-03-01 2024-02-29 13179031 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13179031 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13179031 bus:Director1 2023-03-01 2024-02-29 13179031 bus:Director2 2023-03-01 2024-02-29 13179031 2022-03-01 2023-02-28 13179031 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 13179031 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13179031 (England and Wales)

MAS RESIDENTIAL LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

MAS RESIDENTIAL LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

MAS RESIDENTIAL LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
MAS RESIDENTIAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTORS G A Al-Saiegh
M M T Al-Saiegh
REGISTERED OFFICE Stonecross
Trumpington High Street
Cambridge CB2 9SU
United Kingdom
COMPANY NUMBER 13179031 (England and Wales)
ACCOUNTANT Evelyn Partners (East) LLP
Stonecross
Trumpington High Street
Cambridge
CB2 9SU
MAS RESIDENTIAL LIMITED

BALANCE SHEET

As at 29 February 2024
MAS RESIDENTIAL LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 770,359 770,359
770,359 770,359
Current assets
Debtors 5 12,291 2,089
12,291 2,089
Creditors: amounts falling due within one year 6 ( 751,729) ( 771,523)
Net current liabilities (739,438) (769,434)
Total assets less current liabilities 30,921 925
Net assets 30,921 925
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 30,821 825
Total shareholders' funds 30,921 925

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of MAS Residential Limited (registered number: 13179031) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

M M T Al-Saiegh
Director
MAS RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
MAS RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

MAS Residential Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stonecross, Trumpington High Street, Cambridge CB2 9SU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of MAS Residential Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover represents rental income receivable on the company's investment properties.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 770,359
As at 29 February 2024 770,359

Valuation

The fair value of the Company’s investment property has been arrived at on the basis of valuations carried out on that date by the directors of the business. In carrying out their review, the directors have made assumptions in relation to rental yields and estimated future achievable rents.

5. Debtors

2024 2023
£ £
Other debtors 12,291 2,089

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 7,036 194
Other creditors 744,693 771,329
751,729 771,523

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Included in other creditors are amounts of £743,253 (2023: £770,129) due to directors of the company. There was no interest charged on these amounts during the period (2023: £Nil).