Notes to the financial statements
Year ended 31 May 2024
Molar Properties Ltd ('the company') is a private company limited by shares, incorporated in the United Kingdom and registered in England. The address of the registered office is 75 Town Street, Leeds, West Yorkshire, United Kingdom, LS10 3NG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
The following principal accounting policies have been applied:
The turnover shown in the profit and loss account represents rental fee income during the period.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in profit or loss.
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The average monthly number of employees, including directors, during the year was 1 (2023: 1).
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Freehold investment property
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The director feels the property value is not materially different to the value it is currently held in the
accounts.
3
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