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REGISTERED NUMBER: 11116332 (England and Wales)















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: Mrs S Machado
Mr R M Machado





SECRETARY: Mrs S Machado





REGISTERED OFFICE: 9 Thornton Place
London
W1H 1FG





REGISTERED NUMBER: 11116332 (England and Wales)





AUDITORS: KNAV, Statutory Auditor
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 26,880,966 23,037,263

CURRENT ASSETS
Debtors 5 968,223 43,583
Cash at bank 25,404 11,297
993,627 54,880
CREDITORS
Amounts falling due within one year 6 29,643,639 25,131,048
NET CURRENT LIABILITIES (28,650,012 ) (25,076,168 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,769,046

)

(2,038,905

)

CREDITORS
Amounts falling due after more than one
year

7

755,040

-
NET LIABILITIES (2,524,086 ) (2,038,905 )

CAPITAL AND RESERVES
Called up share capital 700 700
Retained earnings (2,524,786 ) (2,039,605 )
(2,524,086 ) (2,038,905 )

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 10 February 2025 and were signed on its behalf by:





Mrs S Machado - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 2 (2023 - 2 ) .

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 23,123,723 107,063 23,230,786
Additions 4,199,519 6,389 4,205,908
Disposals (304,113 ) - (304,113 )
At 31 March 2024 27,019,129 113,452 27,132,581
DEPRECIATION
At 1 April 2023 116,249 77,274 193,523
Charge for year 60,704 19,183 79,887
Eliminated on disposal (21,795 ) - (21,795 )
At 31 March 2024 155,158 96,457 251,615
NET BOOK VALUE
At 31 March 2024 26,863,971 16,995 26,880,966
At 31 March 2023 23,007,474 29,789 23,037,263

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 946,056 38,554
Other debtors 22,167 5,029
968,223 43,583

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 25,142 12,808
Amounts owed to group undertakings 29,612,403 24,360,000
Other creditors 6,094 758,240
29,643,639 25,131,048

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other creditors 755,040 -

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 255,040 -

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.

Bhavita Shah ACA (Senior Statutory Auditor)
for and on behalf of KNAV, Statutory Auditor

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.