Mares Investments Limited 09314900 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is letting properties. Digita Accounts Production Advanced 6.30.9574.0 true 09314900 2023-09-01 2024-08-31 09314900 2024-08-31 09314900 core:RevaluationInvestmentPropertyDeferredTax 2024-08-31 09314900 core:CurrentFinancialInstruments 2024-08-31 09314900 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 09314900 core:Non-currentFinancialInstruments 2024-08-31 09314900 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 09314900 core:MoreThanFiveYears 1 2024-08-31 09314900 bus:SmallEntities 2023-09-01 2024-08-31 09314900 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 09314900 bus:FilletedAccounts 2023-09-01 2024-08-31 09314900 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 09314900 bus:RegisteredOffice 2023-09-01 2024-08-31 09314900 bus:Director3 2023-09-01 2024-08-31 09314900 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 09314900 countries:EnglandWales 2023-09-01 2024-08-31 09314900 2023-08-31 09314900 2022-09-01 2023-08-31 09314900 2023-08-31 09314900 core:RevaluationInvestmentPropertyDeferredTax 2023-08-31 09314900 core:CurrentFinancialInstruments 2023-08-31 09314900 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 09314900 core:Non-currentFinancialInstruments 2023-08-31 09314900 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 09314900 core:MoreThanFiveYears 1 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 09314900

Prepared for the registrar

Mares Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Mares Investments Limited

(Registration number: 09314900)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,100,896

1,100,896

Current assets

 

Debtors

5

-

1,875

Cash at bank and in hand

 

5,446

18,448

 

5,446

20,323

Creditors: Amounts falling due within one year

6

(354,119)

(371,264)

Net current liabilities

 

(348,673)

(350,941)

Total assets less current liabilities

 

752,223

749,955

Creditors: Amounts falling due after more than one year

6

(377,391)

(394,077)

Deferred tax liabilities

7

(94,661)

(94,661)

Net assets

 

280,171

261,217

Capital and reserves

 

Called up share capital

103

103

Other reserves

260,741

260,741

Profit and loss account

19,327

373

Shareholders' funds

 

280,171

261,217

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 


R M Lloyd
Director

 

Mares Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Grosvenor House
Barrington Road
Altrincham
WA14 1HB
England

 

2

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rental of investment properties.

Turnover from the rental of investment properties is recognised by reference to the date of invoicing rent due. Due regard is given to deferring rent invoiced in advance.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mares Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Mares Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Mares Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

4

Investment properties

£

At 1 September 2023 and at 31 August 2024

1,100,896

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. These values are 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 the Income Statement.

On 24 June 2022 Richard Moreton BSc (Hons) MRICS valued one of the investment properties on an open market value on special assumption basis. It is the opinion of the directors that this valuation has not materiality altered at the period end date.

On 2 December 2022, Daniel Lee MSc MRICS valued two of the investment properties on an open market value for existing use basis. It is the opinion of the directors that this valuation has not materiality altered at the period end date.

 

5

Debtors

2024
£

2023
£

Other debtors

-

1,875

 

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

319,593

338,361

Taxation and social security

 

5,368

4,275

Accruals and deferred income

 

29,158

28,628

 

354,119

371,264

The bank loans are secured by a fixed and floating charge over the company's investment properties.

2024
£

2023
£

Due after one year

Bank borrowings and overdrafts

377,391

394,077

Bank loans are secured through a fixed and floating charge over the company's investment properties.
 

Bank loans due after 5 years

2024
£

2023
£

After more than five years by instalments

288,541

314,971

-

-

 

Mares Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Revaluation of investment property

94,661

2023

Liability
£

Revaluation of investment property

94,661

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,495

16,282

Other borrowings

301,098

322,079

319,593

338,361

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

377,391

394,077