Company Registration No. 01354674 (England and Wales)
ANGLO MALAYSIAN REALTY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
ANGLO MALAYSIAN REALTY INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
ANGLO MALAYSIAN REALTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
4,399,999
1,475,000
Current assets
Trade and other receivables
5
309,315
176,656
Cash and cash equivalents
80,926
176,197
390,241
352,853
Current liabilities
6
(60,084)
(24,861)
Net current assets
330,157
327,992
Total assets less current liabilities
4,730,156
1,802,992
Non-current liabilities
7
(554,758)
(547,939)
Provisions for liabilities
(789,361)
(233,611)
Net assets
3,386,037
1,021,442
Equity
Called up share capital
25,000
25,000
Revaluation reserve
8
3,365,171
995,922
Retained earnings
(4,134)
520
Total equity
3,386,037
1,021,442
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ANGLO MALAYSIAN REALTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2021
30 June 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 March 2022 and are signed on its behalf by:
I Shawal
Director
Company Registration No. 01354674
ANGLO MALAYSIAN REALTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 3 -
1
Accounting policies
Company information
Anglo Malaysian Realty Investments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
30 Salusbury Road, London, NW6 6NL.
1.1
Accounting convention
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”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for
the rental income
in the normal course of business
.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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 and buildings Freehold
No depreciation
Plant and machinery
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ANGLO MALAYSIAN REALTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include
trade and other receivables
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ANGLO MALAYSIAN REALTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including
trade and other payables
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade payables
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
non-current assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
ANGLO MALAYSIAN REALTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 6 -
2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
4
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2020
1,475,000
25,820
1,500,820
Revaluation
2,924,999
2,924,999
At 30 June 2021
4,399,999
25,820
4,425,819
Depreciation and impairment
At 1 July 2020 and 30 June 2021
25,820
25,820
Carrying amount
At 30 June 2021
4,399,999
4,399,999
At 30 June 2020
1,475,000
1,475,000
The Freehold properties ,13 Sale Place property was valued in 2019 on an open market basis by a professional valuer and the Salisbury Road property was valued by a director based on valuations in the area. The directors are of the opinion that the market value has not significantly changes since then.
The revaluation surplus is disclosed in note 8.
ANGLO MALAYSIAN REALTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
4
Property, plant and equipment
(Continued)
- 7 -
2021
2020
£
£
Cost
245,467
245,467
5
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Other receivables
309,315
176,656
6
Current liabilities
2021
2020
£
£
Bank loans
56,704
18,312
Taxation and social security
451
555
Other payables
2,929
5,994
60,084
24,861
7
Non-current liabilities
2021
2020
£
£
Bank loans and overdrafts
554,758
547,939
Thank loan is secured by way of a first charge over the freehold properties owned by the company.
8
Revaluation reserve
2021
2020
£
£
At the beginning of the year
995,922
995,922
Deferred tax on revaluation of property, plant and equipment
(555,750)
-
Other movements
2,924,999
-
At the end of the year
3,365,171
995,922
ANGLO MALAYSIAN REALTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 8 -
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Satay House Limited
Satay House Limited, a company in which the Directors have beneficial interest, is regarded as a related
party. At the Balance Sheet date the amount owed to the company by Satay House Limited was £39,841.
(20
21
: £
306,942.59
). The company granted a lease to Satay House Limited on 3rd June 2004 for a rental of
£30,000 p.a. The rent charged is at market rate.
To reflect the challenges faced during COVID19, rent dropped to £24,000 p.a.
The ground floor of Salusbury road NW6 6NL is in development for the opening of a new restaurant, leased to Satay House. The second floor of 30 Salusbury road NW6 6NL is rented by the Director's at the current market value.
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