Acorah Software Products - Accounts Production 16.0.110 false true true false 2 May 2023 31 May 2024 31 May 2024 14838645 Mr S S Lakhani Mr S K Lakhani Mrs S S Lakhani Mrs S S Lakhani iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14838645 2023-05-01 14838645 2024-05-31 14838645 2023-05-02 2024-05-31 14838645 frs-core:CurrentFinancialInstruments 2024-05-31 14838645 frs-core:Non-currentFinancialInstruments 2024-05-31 14838645 frs-core:ShareCapital 2024-05-31 14838645 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 14838645 frs-bus:PrivateLimitedCompanyLtd 2023-05-02 2024-05-31 14838645 frs-bus:FilletedAccounts 2023-05-02 2024-05-31 14838645 frs-bus:SmallEntities 2023-05-02 2024-05-31 14838645 frs-bus:AuditExempt-NoAccountantsReport 2023-05-02 2024-05-31 14838645 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-02 2024-05-31 14838645 frs-bus:Director1 2023-05-02 2024-05-31 14838645 frs-bus:Director2 2023-05-02 2024-05-31 14838645 frs-bus:Director3 2023-05-02 2024-05-31 14838645 frs-bus:Director4 2023-05-02 2024-05-31 14838645 frs-countries:EnglandWales 2023-05-02 2024-05-31
Registered number: 14838645
Matel Properties Limited
Unaudited Financial Statements
For the Period 2 May 2023 to 31 May 2024
Strategic Partnership
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 14838645
31 May 2024
Notes £ £
FIXED ASSETS
Investment Properties 4 175,668
175,668
CURRENT ASSETS
Cash at bank and in hand 14,337
14,337
Creditors: Amounts Falling Due Within One Year 5 (65,857 )
NET CURRENT ASSETS (LIABILITIES) (51,520 )
TOTAL ASSETS LESS CURRENT LIABILITIES 124,148
Creditors: Amounts Falling Due After More Than One Year 6 (130,080 )
NET LIABILITIES (5,932 )
CAPITAL AND RESERVES
Called up share capital 7 4
Income Statement (5,936 )
SHAREHOLDERS' FUNDS (5,932)
Page 1
Page 2
For the period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr S S Lakhani
Director
27 January 2025
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Matel Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14838645 . The registered office is 12 Ryhill Way, Reading, RG6 4AZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
These financial statements for the period ended 31 May 2024 are the first financial statements of Matel Properties Limited prepared in accordance with FRS 102 (Section 1A), The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of adoption to FRS 102 (Section 1A) was 2 May 2023.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The directors have considered the prospect of the business for the next twelve months and beyond and have arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The directors have also pledged their financial support to assist with this if required. On this basis, the directors will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.4. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.5. 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 statement of financial position date.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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2.7. Critical Accounting Judgements and Key Sources of Estimation Uncertainity
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers.These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 4
4
4. Investment Property
31 May 2024
£
Fair Value
As at 2 May 2023 -
Additions 175,668
As at 31 May 2024 175,668
5. Creditors: Amounts Falling Due Within One Year
31 May 2024
£
Accruals and deferred income 1,350
Directors' loan accounts 64,507
65,857
6. Creditors: Amounts Falling Due After More Than One Year
31 May 2024
£
Bank loans 130,080
7. Share Capital
31 May 2024
£
Allotted, Called up and fully paid 4
During the period, the company issued 4 Ordinary Shares for the nominal value of £1 per share. As at 31 May 2024 there are 4 Ordinary Shares in issue.
8. Related Party Transactions
The Director's loan account balance of Mr S S Lakhani of £50,271 as at the year end, is a current liability, interest free and repayable on demand.
The Director's loan account balance of Mrs S S Lakhani of £7,118 as at the year end, is a current liability, interest free and repayable on demand.
The Director's loan account balance of Mr S K Lakhani of £7,118 as at the year end, is a current liability, interest free and repayable on demand.
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