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Company registration number: 5501573
Mokar Properties Limited
Unaudited filleted financial statements
for the year ended
30 June 2024
Mokar Properties Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Mokar Properties Limited
Directors and other information
Directors Mr Rohit L Shah
Mr Bharat L Shah
Mr Nimesh L Shah
Secretary Rohit L Shah
Company number 5501573
Registered office 83 Lankers Drive
North Harrow
Middlesex
HA2 7PA
Business address 83 Lankers Drive
North harrow
Middlesex
HA2 7PA
Accountants P R Shah & Co
10 Bouverie Gardens
Kenton
Harrow
Middlesex
HA3 0RQ
Bankers Barclays Bank Plc
Plaistow Branch, Newham Group
737 Barking Road
London
E13 9PL
Mokar Properties Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 966,074 966,074
_______ _______
966,074 966,074
Current assets
Debtors 5 - 2,783
Cash at bank and in hand 43,950 25,309
_______ _______
43,950 28,092
Creditors: amounts falling due
within one year 6 ( 183,464) ( 184,061)
_______ _______
Net current liabilities ( 139,514) ( 155,969)
_______ _______
Total assets less current liabilities 826,560 810,105
Creditors: amounts falling due
after more than one year 7 ( 199,628) ( 222,851)
_______ _______
Net assets 626,932 587,254
_______ _______
Capital and reserves
Called up share capital 300 300
Profit and loss account 626,632 586,954
_______ _______
Shareholders funds 626,932 587,254
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 March 2025 , and are signed on behalf of the board by:
Mr Rohit L Shah
Director
Company registration number: 5501573
Mokar Properties Limited
Statement of changes in equity
Year ended 30 June 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2022 300 546,243 546,543
Profit for the year 40,711 40,711
_______ _______ _______
Total comprehensive income for the year - 40,711 40,711
_______ _______ _______
At 30 June 2023 and 1 July 2023 300 586,954 587,254
Profit for the year 39,678 39,678
_______ _______ _______
Total comprehensive income for the year - 39,678 39,678
_______ _______ _______
At 30 June 2024 300 626,632 626,932
_______ _______ _______
Mokar Properties Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mokar Properties Limited, 83 Lankers Drive, North Harrow, Middlesex, HA2 7PA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
The Company's properties are held for long-term investment. Investment properties are accounted for as follows: Investment properties are initially recognised at cost which includes purchase cost and any directly attributed expenditure. Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account, accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is permanent, in which case it is recognised in the profit and loss account for the year.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 July 2023 and 30 June 2024 966,074 966,074
_______ _______
Depreciation
At 1 July 2023 and 30 June 2024 - -
_______ _______
Carrying amount
At 30 June 2024 966,074 966,074
_______ _______
At 30 June 2023 966,074 966,074
_______ _______
The above comprise of freehold investment properties. In the opinion of the directors, the market value of the freehold properties is at least in excess of their cost.
5. Debtors
2024 2023
£ £
Trade debtors - 2,783
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 30,000 35,000
Corporation tax 11,754 10,148
Social security and other taxes 2,855 2,875
Other creditors 138,855 136,038
_______ _______
183,464 184,061
_______ _______
The bank loans are secured on the freehold properties.
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 189,630 202,851
Other creditors 9,998 20,000
_______ _______
199,628 222,851
_______ _______
The bank loans are secured on the freehold properties.
The Company has borrowing on two loans from Nationwide Building Society: First loan obtained in July 2005 of £ 300,000 for a term of 25 years at an interest rate of 1.35% per annum above LIBOR. Second loan obtained in July 2006 of £ 295,000 for a term of 25 years at an interest rate of 1.30% per annum above LIBOR. Both loans are repayable in monthly instalments including interest and capital. In June 2020 the Company also acquired the Bounce Back Loan of £ 50,000, which is for a term of six years repayable after 12 months from commencement in equal monthly instalments. The interest rate charged will be 2.5% per annum commencing from the first anniversary of the loan. The interest for the first year will be paid by the UK Government to the lending bank. In addition the loan is guaranteed by the UK Government under the Bounce Back Loan Scheme.
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Rohit L Shah ( 88,550) - ( 88,550)
Mr Bharat L Shah ( 18,550) - ( 18,550)
Mr Nimesh L Shah ( 18,550) - ( 18,550)
_______ _______ _______
( 125,650) - ( 125,650)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Rohit L Shah ( 105,217) 16,667 ( 88,550)
Mr Bharat L Shah ( 35,216) 16,666 ( 18,550)
Mr Nimesh L Shah ( 35,217) 16,667 ( 18,550)
_______ _______ _______
( 175,650) 50,000 ( 125,650)
_______ _______ _______
9. Controlling party
None of the Directors, who are the shareholders, individually control the Company.