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Registered number: 14881302
Mi Casa Developments Ltd
Unaudited Financial Statements
For the Period 19 May 2023 to 31 May 2024
Goldwyns London LLP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 14881302
31 May 2024
Notes £ £
FIXED ASSETS
Tangible Assets 4 499
Investment Properties 5 1,919,742
1,920,241
CURRENT ASSETS
Debtors 6 9,807
Cash at bank and in hand 101,028
110,835
Creditors: Amounts Falling Due Within One Year 7 (160,878 )
NET CURRENT ASSETS (LIABILITIES) (50,043 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,870,198
Creditors: Amounts Falling Due After More Than One Year 8 (1,900,000 )
NET LIABILITIES (29,802 )
CAPITAL AND RESERVES
Called up share capital 9 90
Income Statement (29,892 )
SHAREHOLDERS' FUNDS (29,802)
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Jamnadas
Director
17/02/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Mi Casa Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14881302 . The registered office is John Eccles House, Robert Robinson Avenue, Oxford, United Kingdom, OX4 4GP.
2. Accounting Policies
2.1. Basis of Preparation of 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.
These financial statements for the period ended 31 May 2024 are the first financial statements of MI Casa Development Ltd 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 19 May 2023. 
The financial statements are prepared in UK sterling, which is the functional 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 director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will  continue to meet its obligations as they fall due. The director has also pledged their financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements. 
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 33% Straight Line
2.5. 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.
2.6. 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.
2.7. 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
2.8. Critical Accounting Judgement and Key Sources of Estimation Uncertainty
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: 1
1
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4. Tangible Assets
Computer Equipment
£
Cost
As at 19 May 2023 -
Additions 748
As at 31 May 2024 748
Depreciation
As at 19 May 2023 -
Provided during the period 249
As at 31 May 2024 249
Net Book Value
As at 31 May 2024 499
As at 19 May 2023 -
5. Investment Property
31 May 2024
£
Fair Value
As at 19 May 2023 -
Additions 1,919,742
As at 31 May 2024 1,919,742
6. Debtors
31 May 2024
£
Due within one year
Prepayments and accrued income 5,980
VAT recoverable 3,827
9,807
7. Creditors: Amounts Falling Due Within One Year
31 May 2024
£
Trade creditors 150
Other taxes and social security 590
Accruals and deferred income 1,200
Director's loan account 157,381
Amounts owed to connected parties 1,557
160,878
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8. Creditors: Amounts Falling Due After More Than One Year
31 May 2024
£
Loans 1,900,000
9. Share Capital
31 May 2024
£
Allotted, Called up and fully paid 90
During the period, the company issued 90 Ordinary shares at par value of  £1 per share. As at 31 May 2024 there are 90 Ordinary Shares in issue.
10. Related Party Transactions
The Director's loan account balance of Mr S Jamnadas, the director of the company, of £157,381 as at the period end, is a current liability, interest free and repayable on demand.
The company owed Mr J Jamnadas, a family relation of Mr S Jamnadas, a director of the company, £1,557 as at the period-end. This amount is a current liability, interest free and repayable on demand.
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