REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
Mars Highlands Development Limited |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
Mars Highlands Development Limited |
Mars Highlands Development Limited (Registered number: 11116332) |
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 |
Mars Highlands Development Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Ground Floor |
Hygeia Building |
66-68 College Road |
Harrow |
Middlesex |
HA1 1BE |
Mars Highlands Development Limited (Registered number: 11116332) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mars Highlands Development Limited (Registered number: 11116332) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Mars Highlands Development Limited is a |
2. | ACCOUNTING POLICIES |
Statement of compliance and 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. |
Tangible fixed assets |
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated |
depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, once the asset is placed into its intended use. Assets under construction are not depreciated. |
Land (freehold): Depreciation is not provided for |
Buildings: 2% Straight line |
Plant and machinery etc: 25% Straight line and 20% Straight line |
Financial instruments |
Classification |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties. |
Recognition and measurement |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other |
debtors and creditors, are initially measured at present value of the future cash flows and subsequently at |
amortised cost using the effective interest method. |
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Impairment |
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 if recognised in the Profit and loss account. |
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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. |
Mars Highlands Development Limited (Registered number: 11116332) |
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 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. |
Going concern |
The directors have prepared the financial statement on a going concern basis. The basis is considered appropriate as the intermediate parent company, Mars Hospitality (UK) Limited, has confirmed that it will provide financial and operating support to enable the company to continue trading and meeting it's liabilities as they fall due. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
Share capital |
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Mars Highlands Development Limited (Registered number: 11116332) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The entire land and buildings value disclosed above is freehold land and buildings. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
Mars Highlands Development Limited (Registered number: 11116332) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | OTHER FINANCIAL COMMITMENTS |
As at 31 March 2024, the company had confirmed financial commitments which relate to property development contracts due to a group undertaking. There was no financial amount committed to in relation to these developments. |
10. | RELATED PARTY DISCLOSURES |
The company has two loans totalling £755,040 outstanding at the year end to R Narang, a previous director of the company. The loans are unsecured and bore an interest rate of 4% per annum. The loan of £255,040 is due 6 years from 30 March 2024 (i.e. 20 March 2030) and the loan of £500,000 is repayable on 25 January 2026. The interest expense incurred on these loans during the year was £30,202. |
The company owed a loan of £29,610,000 (2023: £24,360,000) to Mars Hospitality (UK) Limited (the company's parent company), for which there was an increase in the facility during the year. The loan is secured by way of a floating charge over all the properties (land and buildings) owned by the company. The company was also owed a balance of £1,621 (202: £1,243) from Mars Hospitality (UK) Limited, for expenses paid on their behalf, which is unsecured. |
The company owed a balance of £2,403 (2023 £nil) to Black Sheep Management Services Limited, a fellow group undertaking, for expenses paid on our behalf. The company was owed a balance of £nil (2023: £154) from Black Sheep Management Services Limited, for expenses paid on their behalf. |
The company was owed a balance of £944,436 (2023 £32,205) from Mars Projects Limited, for advances given to them. |
The company was owed a balance of £nil (2023: £4,953) by Mars Black Sheep Farms Limited, another group undertaking (currently in liquidation), towards expenses paid on their behalf. |
11. | ULTIMATE CONTROLLING PARTY |
The Company is a 100% subsidiary of Mars Hospitality (UK) Limited. The ultimate holding company is Mars Enterprises & Hospitality Pvt Ltd, a company registered in India. |
The smallest and the largest group for which consolidated financial statements are prepared, is that group headed by the ultimate parent undertaking, Mars Enterprises & Hospitality Pvt Ltd. Copies of these accounts can be obtained from Mars Enterprises & Hospitality Private Limited, Georgina C, Sherly Rajan Road, Bandra West, Mumbai 400 050, Maharashtra, India. |