Company registration number 11116332 (England and Wales)
MARS HIGHLANDS DEVELOPMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
MARS HIGHLANDS DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MARS HIGHLANDS DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,695,823
26,880,966
Current assets
Debtors
5
661,379
968,223
Cash at bank and in hand
204,090
25,404
865,469
993,627
Creditors: amounts falling due within one year
6
(30,605,086)
(29,643,639)
Net current liabilities
(29,739,617)
(28,650,012)
Total assets less current liabilities
(4,043,794)
(1,769,046)
Creditors: amounts falling due after more than one year
7
(255,040)
(755,040)
Net liabilities
(4,298,834)
(2,524,086)
Capital and reserves
Called up share capital
700
700
Profit and loss reserves
(4,299,534)
(2,524,786)
Total equity
(4,298,834)
(2,524,086)

The notes on pages 2 to 7 form part of these financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 February 2026 and are signed on its behalf by:
Mrs Sharon Machado
Director
Company registration number 11116332 (England and Wales)
MARS HIGHLANDS DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Mars Highlands Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Thornton Place, London, United Kingdom, W1H 1FG.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

1.2
Going concern

The directors have prepared the financial statement on a going concern basis. The basis is considered appropriate as the intermediate parent company, Mars Hospitality (UK) Ltd has confirmed that it will provide financial and operating support to enable the company to continue trading and meeting its liabilities as they fall due.true

1.3
Turnover

Turnover represents amounts chargeable for rental of properties. Turnover is recognised on an accrual basis when the rental amounts are due regardless of when payments are made.

1.4
Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land & Buildings
Depreciation is not provided for
Buildings
50 years straight line basis
Plant and equipment
4 and 5 years straight line basis
1.5
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 insignificant risk of change in value.

1.6
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

MARS HIGHLANDS DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
Fair value measurement of financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

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 a payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not market rate or in case of an outright 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 of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit & Loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an assets 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.

1.7
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax

Current or deferred taxation assets are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MARS HIGHLANDS DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.8

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.

1.9

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.

2
Turnover
2025
2024
£
£
Rental Income
250,000
Nil
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2024:2). The directors are not remunerated through this entity.

2025
2024
Number
Number
Total
2
2
MARS HIGHLANDS DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
4
Tangible fixed assets
Land & Buildings
Assets under construction
Plant and equipment
Total
£
£
£
£
Cost
At 1 April 2024
3,857,170
23,161,959
113,452
27,132,581
Additions
410,914
-
0
273,440
684,354
Disposals
(7,750)
-
0
(5,900)
(13,650)
Transfers
16,087,626
(23,161,959)
7,074,333
-
0
At 31 March 2025
20,347,960
-
0
7,455,325
27,803,285
Depreciation and impairment
At 1 April 2024
155,158
-
0
96,457
251,615
Depreciation charged in the year
393,846
-
0
1,462,001
1,855,847
At 31 March 2025
549,004
-
0
1,558,458
2,107,462
Carrying amount
At 31 March 2025
19,798,956
-
0
5,896,867
25,695,823
At 31 March 2024
3,702,013
23,161,959
16,994
26,880,966

The entire land and building value disclosed is freehold land and buildings.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
643,787
946,056
Prepayments and accrued income
17,592
22,167
661,379
968,223
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
23,493
25,142
Amounts owed to group undertakings
30,055,043
29,612,403
Accruals and deferred income
526,550
6,094
30,605,086
29,643,639
MARS HIGHLANDS DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
7
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
8
255,040
755,040

8
Loans and overdrafts
2025
2024
£
£
Amounts falling due between two and dive years: Rachna Narang
255,040
500,000
Amounts falling due over five years: Rachna Narang
255,040
Payable after one year
255,040
755,040
9
Audit report information

As the income statement has been omitted from the filing copy 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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Bhavita Shah ACA
Statutory Auditor:
Ainsley Smith & Co Ltd
Date of audit report:
9 February 2026
10
Capital commitments

As at 31 March 2025, the company had confirmed financial commitments which relate to property development contracts due to a group undertaking. There was no financial amount committed to in relation to these developments.

MARS HIGHLANDS DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
11
Related party transactions

The company has two loans totalling £755,040 outstanding at the year end to Rachna Narang, a participator of the group. The loans are unsecured and bore an interest rate of 4% per annum. The loan of £255,040 is due 6 years from 20 March 2024 (i.e. 20 March 2030) and the loan of £500,000 is repayable on 25 January 2026. The interest expense incurred on these loans during the year was £30,202.

The company owed a loan of £30,052,000 (2024: £29,610,000) to Mars Hospitality (UK) Limited (the company's parent company), for which there was an increase in the facility during the year. The loan is secured by way of a floating charge over all the properties (land and buildings) owned by the company. The company was also owed a balance of £1,839 (2024: £1,621) from Mars Hospitality (UK) Limited, for expenses paid on their behalf, which is unsecured.

The company owed a balance of £3,043 (2024: £2,403) to Black Sheep Management Services Limited, a fellow group undertaking, for expense paid on its behalf.

The company was owed a balance of £640,432 (2024: £944,436) from Mars Projects Limited, for advances given to them.

The company was owed a balance of £1,516 (2024: £nil) from Black Sheep Farms Limited another group undertaking, towards expenses paid on their behalf.

During the year the company received rental income from the ultimate controlling participators of the group, fellow group undertakings and an entity under common control of £33,000, £142,000and £75,000 respectively. These transactions were not conducted on arm's length terms. There were no amounts receivable at the year end (2024: £nil).

12
Ultimate controlling party

The company is a 100% subsidiary of Mars Hospitality (UK) Ltd. the ultimate parent company is Mars Enterprises & Hospitality Pvt Ltd, a company registered in India.

The smallest and largest group for which consolidated financial statements are prepared, is that group headed by the ultimate parent undertaking, Mars Enterprises & Hospitality Pvt Ltd. Copies of these accounts can be obtained from Mars Enterprises & Hospitality Pvt Ltd, Georgina C, Sherly Rajan Road, Bandra West, Mumbai 400 050, Maharashtra, India.

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