Mauna Kea Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 10820557

Mauna Kea Limited

Filleted Unaudited Financial Statements

30 September 2024

Mauna Kea Limited

Balance Sheet

30 September 2024

	2024	2023
Note	£	£

Fixed assets

Investment property	5	35,476,359	34,073,622
Tangible assets	6	1,247,384	231,119
Investments	7	18,771	25,459
		-------------	-------------
		36,742,514	34,330,200

Current assets

Stocks		30,915	24,227
Debtors	8	6,152,878	5,970,130
Cash at bank and in hand		363,960	410,842
		------------	------------
		6,547,753	6,405,199

Creditors: amounts falling due within one year	9	15,255,760	10,569,605
		-------------	-------------
Net current liabilities		8,708,007	4,164,406
		-------------	-------------
Total assets less current liabilities		28,034,507	30,165,794

Creditors: amounts falling due after more than one year	10	15,567,895	16,845,346

Provisions	1,542,725	2,235,146
	-------------	-------------
Net assets	10,923,887	11,085,302
	-------------	-------------

Capital and reserves

Called up share capital	9	9
Revaluation reserve	8,094,010	8,428,326
Profit and loss account	2,829,868	2,656,967
	-------------	-------------
Shareholders funds	10,923,887	11,085,302
	-------------	-------------

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 profit and loss account has not been delivered.

For the year ending 30 September 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 .

Mauna Kea Limited

Balance Sheet (continued)

30 September 2024

These financial statements were approved by the board of directors and authorised for issue on 10 September 2025 , and are signed on behalf of the board by:

A Loven MBE

Director

Company registration number: 10820557

Mauna Kea Limited

Notes to the Financial Statements

Year ended 30 September 2024

1. General information

Mauna Kea is a private company, limited by shares, incorporated in England & Wales, registered number 10820557 . The registered office is C/O Net World Sports Limited Bryn Lane, Wrexham Industrial Estate, Wrexham, Clwyd, LL13 9UT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies. The financial statements are prepared in sterling which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £. The following principal accounting policies have been applied:

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sales of goods is recognised when all of the following conditions are satisfied: - the company has transferred the significant risks and rewards of ownership to the buyer; - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - it is probable that the Company will receive the consideration due under the transaction; an - the costs incurred and the costs to complete the contract can be measured reliably. over the goods sold;

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Investment property

Investment property is carried at fair value determined annually by the directors 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	20% reducing balance
Equipment	-	3 year straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stock represents cattle which are kept for slaughter and therefore excluded from the herd basis. These cattle are classed as trading stock. The cattle are held at the lower of cost and net realisable value reviewed annually. All costs of maintaining the animals, feed etc. are also included in the stock value.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 5 ).

5. Investment property

	Investment property
	£
Cost
At 1 October 2023	34,073,622
Additions	2,657,084
Disposals	( 1,254,347)
	-------------
At 30 September 2024	35,476,359
	-------------
Depreciation
At 1 October 2023 and 30 September 2024	–
	-------------
Carrying amount
At 30 September 2024	35,476,359
	-------------
At 30 September 2023	34,073,622
	-------------

Investment property was valued by the directors on an existing open market value basis on 30 September 2023.

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 October 2023	338,931	35,077	8,700	832	383,540
Additions	1,320,111	8,214	–	–	1,328,325
	------------	--------	-------	----	------------
At 30 September 2024	1,659,042	43,291	8,700	832	1,711,865
	------------	--------	-------	----	------------
Depreciation
At 1 October 2023	135,978	11,723	4,246	474	152,421
Charge for the year	304,613	6,314	890	243	312,060
	------------	--------	-------	----	------------
At 30 September 2024	440,591	18,037	5,136	717	464,481
	------------	--------	-------	----	------------
Carrying amount
At 30 September 2024	1,218,451	25,254	3,564	115	1,247,384
	------------	--------	-------	----	------------
At 30 September 2023	202,953	23,354	4,454	358	231,119
	------------	--------	-------	----	------------

7. Investments

	Investments in associates	Unlisted investments	Total
	£	£	£
Cost
At 1 October 2023	89	551,541	551,630
Disposals	–	( 6,688)	( 6,688)
	----	---------	---------
At 30 September 2024	89	544,853	544,942
	----	---------	---------
Impairment
At 1 October 2023 and 30 September 2024	–	526,171	526,171
	----	---------	---------

Carrying amount
At 30 September 2024	89	18,682	18,771
	----	---------	---------
At 30 September 2023	89	25,370	25,459
	----	---------	---------

8. Debtors

	2024	2023
	£	£
Trade debtors	46,872	7,751
Prepayments and accrued income	26,189	57,195
Amounts owed by connected undertakings	5,777,254	5,780,104
Other debtors	302,563	125,080
	------------	------------
	6,152,878	5,970,130
	------------	------------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	1,277,713	1,275,494
Trade creditors	295,378	95,191
Amounts owed to connected undertakings	13,662,779	9,190,197
Accruals and deferred income	3,353	5,884
Social security and other taxes	1,037	421
Other creditors	15,500	2,418
	-------------	-------------
	15,255,760	10,569,605
	-------------	-------------

Bank loans are secured by fixed and floating charges over the company's assets including an omnibus and set off agreement with the bank, the company, Net Worlds Sports Limited and Overlord Limited.

10. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	15,567,895	16,845,346
	-------------	-------------

Included within creditors: amounts falling due after more than one year is an amount of £1,829,821 (2023: £1,804,699) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Bank loans are secured by fixed and floating charges over the company's assets including an omnibus and set off agreement with the bank, the company, Net Worlds Sports Limited and Overlord Limited.

11. Related party transactions

As at September 2024 the company was owed £5,777,254 (2023: £5,780,140) by a connected company. No interest was charged on this balance. As at September 2024 the company owed £13,662,779 (2023: £9,190,197) to a connected company. No interest was charged on this balance.

12. Controlling party

The ultimate controlling party is A Loven MBE .