| MAYA DEVELOPMENTS LIMITED |
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| Notes to the financial statements - 31 July 2024 |
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COMPANY INFORMATION |
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| 1. |
Company Information |
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Maya Developments Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ. |
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The company is a wholly owned subsidiary of Elprop Holdings Limited a company registered in the British Virgin Islands. |
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| 2. |
Accounting Policies |
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| 2.1 |
Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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| 2.2 |
Going Concern |
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The company achieved profit this year and in previous years and has a substantial positive capital and reserve and substantial net current asset position. In addition, the company continues to be profitable in the period after year end up to the date of signing the accounts and had a positive operating cash flow in 2025 and will continue to have a positive cash flow during the next 12 months, which is sufficient to cover the company's cash flow requirements. |
| 2.3 |
Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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(ii) Financial liabilities |
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Basic financial liabilities including trade, other payable and long term loans are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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| MAYA DEVELOPMENTS LIMITED |
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| Notes to the financial statements - 31 July 2024 |
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| 2.4 |
Group Accounts |
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The company and its subsidiaries comprise a small size group and therefore has taken the advantages of the exemptions provided by section 398 of the Companies Act 2006 to prepare group accounts. |
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| 2.5 |
Revenue recognition |
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Revenue is measured at the fair value of consideration received or receivable and represents net amount receivable from rental from investment properties. |
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Revenue from rentals is recognise in the accounting period in which the rental relates to. |
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| 2.6 |
Investment in subsidiary companies: |
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Investment in subsidiary companies are presented at cost less impairment charges. |
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| 2.7 |
Investment Properties: |
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Investment property is included at fair value. The basis of the valuation is mentioned in note 8. Gains or losses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
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| 2.8 |
Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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| 2.9 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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| 2.10 |
Creditors |
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Basic financial liabilities including trade and other payable, amounts due to group companies are measured at transaction price. |
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| 3. |
Employee information |
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The average number of staff employed by the company during the financial year was: |
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2024 |
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2023 |
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Number |
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Number |
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Employees |
0 |
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0 |
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No remuneration was paid to any of the directors during the year. |
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| MAYA DEVELOPMENTS LIMITED |
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| Notes to the financial statements - 31 July 2024 |
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| 4. |
Plant & machinery |
Equipment |
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Computer & |
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Furniture & |
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software |
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Fixtures |
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Total |
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£ |
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£ |
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£ |
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Cost |
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At 1 August 2022 |
9,980 |
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4,704 |
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14,684 |
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At 31 July 2023 |
9,980 |
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4,704 |
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14,684 |
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Depreciation |
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At 1 August 2022 |
9,980 |
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4,704 |
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14,684 |
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Charge for the year |
- |
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- |
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- |
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At 31 July 2023 |
9,980 |
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4,704 |
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14,684 |
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Net book value |
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At 31 July 2023 |
- |
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- |
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- |
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At 31 July 2022 |
- |
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- |
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- |
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| 5. |
Fixed assets investments |
31.07.2024 |
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31.07.2023 |
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£ |
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£ |
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Subsidiary companies |
613,312 |
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613,312 |
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Property investments |
3,505,050 |
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3,958,386 |
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4,118,362 |
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4,571,698 |
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Investment in subsidiaries |
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The company investment in its subsidiary companies represents the cost of acquisition |
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of the whole share capital of: |
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- Repairsecond Limited, a UK company that deals with property investments. |
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- Tabard Developments Limited, a UK company that deals with property investments. |
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Property investments |
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31.07.2024 |
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31.07.2023 |
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£ |
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£ |
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Freeholds property at 1.8.2023 |
3,958,386 |
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3,515,050 |
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Revaluation |
(453,336) |
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- |
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Addition |
- |
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443,336 |
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As at 31.07.2024 |
3,505,050 |
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3,958,386 |
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The value of the property is included in accordance with valuation made during October 2024 by an external valuer on the basis of market value. |
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There is a fixed charge on the investment properties to secure a loan advanced by a bank to the company. |
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| MAYA DEVELOPMENTS LIMITED |
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| Notes to the financial statements - 31 July 2024 |
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| 6. |
Debtors |
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31.07.2024 |
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31.07.2023 |
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£ |
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£ |
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Trade debtors |
30,595 |
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110,837 |
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Subsidiary companies |
7,897,336 |
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6,698,080 |
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Prepayments and other debtors |
28,309 |
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154,007 |
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7,956,240 |
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6,962,924 |
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Included in the subsidiary companies balance is an amount of £7,636,545 |
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(2023 - £2,402,527) that is receivable after more than one year. |
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| 7. |
Creditors: Amounts falling |
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due within one year |
31.07.2024 |
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31.07.2023 |
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£ |
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£ |
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Current maturities of bank loan |
3,700,000 |
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3,700,000 |
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Subsidiary companies |
2,401,258 |
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0 |
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Directors' loan |
462,495 |
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0 |
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Trade creditors |
15,984 |
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46,043 |
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VAT |
52,731 |
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20,177 |
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Corporation tax |
- |
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7,987 |
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Accruals and other creditors |
223,203 |
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178,977 |
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6,855,671 |
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3,953,184 |
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| 8. |
Creditors: Amounts falling |
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due after more then one year |
31.07.2024 |
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31.07.2023 |
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£ |
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£ |
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Bank loan |
0 |
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4,050,000 |
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Directors' loan |
2,784,584 |
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1,195,912 |
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2,784,584 |
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5,245,912 |
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The bank loan is secured by a first fixed charge over the company and its subsidiary company investment properties. |
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Interest is charged at the effective annual fixed rate of 8% (2023 6%). |
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The directors' loan is unsecure and no interest is charged. |
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| MAYA DEVELOPMENTS LIMITED |
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| Notes to the financial statements - 31 July 2024 |
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| 8. |
Creditors: Amounts falling |
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due after more then one year (continued) |
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31.07.2024 |
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31.07.2023 |
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The loans will be repaid: |
£ |
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£ |
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Repayable between 1 to 2 years |
- |
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- |
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Repayable between 2 to 5 years |
2,784,584 |
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5,245,912 |
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2,784,584 |
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5,245,912 |
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| 9. |
Deferred tax liability |
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31.07.2024 |
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31.07.2023 |
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£ |
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£ |
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At 1 August 2023 |
501,832 |
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455,894 |
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Transferred from profit and loss account |
(300,146) |
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45,938 |
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At 31 July 2024 |
201,686 |
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501,832 |
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The provision of deferred tax is relating to timing differences on the valuation of the property and is deemed to be materialised in a period of more than one year. |
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31.07.2024 |
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31.07.2023 |
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£ |
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£ |
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Revaluation of properties |
201,686 |
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501,832 |
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201,686 |
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501,832 |
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| 10. |
Share Capital |
31.07.2024 |
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31.07.2023 |
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£ |
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£ |
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Allotted, called up and fully |
100 |
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100 |
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paid: 100 Ordinary Shares of £1 each |
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| 11. |
Revaluation reserve |
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31.07.2024 |
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31.07.2023 |
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£ |
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£ |
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At the beginning of the year |
1,505,495 |
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1,285,339 |
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Revaluation |
(114,649) |
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220,156 |
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1,390,846 |
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1,505,495 |
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The property revaluation reserve comprises the cumulative effect of revaluations of investment properties which are revalued to the fair value at each reporting date. |
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The amount of £1,390,846 (2023 £1,505,495) included in the reserve at fair value (net of deferred tax) are not available for distribution as they are unrealised. |
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| MAYA DEVELOPMENTS LIMITED |
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| Notes to the financial statements - 31 July 2024 |
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| 12. |
Audit report information |
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As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified. We would like to draw your attention to the following statement: contained with our audit report as included in the full financial statements: |
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The senior statutory auditor was Mr. Ran Shahmoon |
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The auditor was Shahmoon & Co |
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Date auditor signed accounts: 2 April 2025 |
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Name of director signing accounts: Y. Ella |
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Date director signed accounts: 2 April 2025 |
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| 13. |
Related party disclosures |
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Control: |
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The immediate and ultimate parent company is Elprop Holdings Limited, a foreign company registered in the British Virgin Islands. |
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Transactions: |
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The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A. |
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| 14. |
Commitments |
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There were no financial commitments as per 31 July 2024 (2023 - Nil). |