Registration number:
Rathgaar Mountbatten Limited
for the Year Ended 30 June 2024
Rathgaar Mountbatten Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Rathgaar Mountbatten Limited
Company Information
Director |
Mr Naman Pathak |
Registered office |
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Accountants |
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Rathgaar Mountbatten Limited
(Registration number: 13456480) (England and Wales)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
860,000 |
1 |
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Retained earnings |
(9,111) |
(3,611) |
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Shareholders' funds/(deficit) |
850,889 |
(3,610) |
For the financial 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.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
The financial statements were approved and authorised for issue by the
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Rathgaar Mountbatten Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.
Going concern
At the time of approving these financial statements, the director is confident that the company has adequate resources to continue in operational existence for the foreseeable future and is willing to provide the necessary financial support as necessary and accordingly these financial statements have been prepared on a going concern basis.
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.
Rathgaar Mountbatten Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Rathgaar Mountbatten Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Rathgaar Mountbatten Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Classification
Recognition and measurement
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
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.
Staff numbers |
The average monthly number of persons employed by the company (including the director) during the year, was
Stocks |
2024 |
2023 |
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Work in progress |
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Rathgaar Mountbatten Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
Debtors |
2024 |
2023 |
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Other debtors |
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Other debtors includes £102,000 (2023: £nil) of unpaid share capital from a related party. Refer to note 9 for further details.
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Other creditors |
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Taxation and social security |
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- |
Accruals and deferred income |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
- |
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Other borrowings |
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During the year, the prior year other borrowings of £758,000 were converted to share capital. In the year, the company has entered into a facility agreement with Homes England which will be used towards the development costs of the project and the the drawdowns are included within Other borrowings. The interest rate is calculated by reference to the the aggregate of EC base rate plus a margin of 5.25% and added to the principal. The loan is repayable from sums derived from the proceeds of sale of each dwelling in the project.
Rathgaar Mountbatten Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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- |
- |
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1 |
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688,000 |
- |
- |
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70,000 |
- |
- |
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Allotted, called up and not fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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102,000.00 |
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During the year, 430,000 Ordinary A shares of £1.60 each were issued and the consideration received was £688,000 which were loans received in the prior year converted to share capital. In the year, the initial 1 Ordinary share of £1 each which was brought forward was converted to 1 Ordinary B share of £0.40 each. A further 429,999 Ordinary B shares of £0.40 were issued. Consideration of £70,000 has been received for the Ordinary B shares by way of a loan received in the prior year converted to share capital. At the year end, consideration of £102,000 remains unpaid for the 255,000 Ordinary B shares.
Rathgaar Mountbatten Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
Related party transactions |
Other creditors includes £178,664 (2023: £148,842) which represents amounts owed to Pathak Properties Limited, a UK registered company in which Mr Naman Pathak is also a director.
Other creditors includes £19,623 (2023: £nil) which represents amounts owed to Mountbatten Homes Real Estate Limited (MHREL), a UK registered company in which Mr Naman Pathak is also a director and shareholder.
Other debtors includes £102,000 which represents unpaid share capital for the 255,000 Ordinary B shares issued in the year which is owed by MHREL, a UK registered company in which Mr Naman Pathak is also a director and shareholder. 175,000 Ordinary B shares were issued to MHREL upon conversion of the loan payable to MHREL of £70,000 (in the prior year the loan of £70,000 was included within Other borrowings of £758,000 in 2023).