Company registration number 13509637 (England and Wales)
MAVREK PROPERTIES HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
MAVREK PROPERTIES HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MAVREK PROPERTIES HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 1 -
2022
Notes
£
£
Fixed assets
Investments
4
5,176,096
Current assets
Cash at bank and in hand
424
Creditors: amounts falling due within one year
5
(2,824)
Net current liabilities
(2,400)
Net assets
5,173,696
Capital and reserves
Called up share capital
6
5,208,000
Profit and loss reserves
(34,304)
Total equity
5,173,696
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 period 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.
The financial statements were approved and signed by the director and authorised for issue on 9 December 2022
M A Smithson
Director
Company Registration No. 13509637
MAVREK PROPERTIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Mavrek Properties Holdings Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
4 Boston Road, Leicester, LE4 1AU.
1.1
Reporting period
The current period information included within these financial statements are from the date of incorporation,
14 July 2021
, until the period end,
31 March 2022
.
1.2
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
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.
1.5
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 balance sheet 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.
MAVREK PROPERTIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include
debtors
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.
Basic financial liabilities
Basic financial liabilities, including
creditors
, 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 creditors
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 creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
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.
1.7
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
fixed 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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
MAVREK PROPERTIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
Number
Total
1
4
Fixed asset investments
2022
£
Shares in group undertakings and participating interests
5,176,096
Movements in fixed asset investments
Marks Electrical Limited
Mavrek Properties Limited
Total
£
£
£
Cost or valuation
At 14 July 2021
-
-
-
Additions
165,208,000
5,176,096
170,384,096
Disposals
(165,208,000)
-
(165,208,000)
At 31 March 2022
-
5,176,096
5,176,096
Impairment
At 14 July 2021
-
-
-
Impairment losses
5,208,000
-
5,208,000
Disposals
(5,208,000)
-
(5,208,000)
At 31 March 2022
-
-
Carrying amount
At 31 March 2022
-
5,176,096
5,176,096
On
8
October 2021, the
c
ompany disposed of a subsidiary through a capital reduction, whereby the ultimate
controlling party
exchanged
1
60,000,000 shares in the
c
ompany for 100% of the share capital of Marks Electrical Limited.
5
Creditors: amounts falling due within one year
2022
£
Other creditors
2,824
MAVREK PROPERTIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 5 -
6
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A shares of £1 each
5,208,000
5,208,000
Reconciliation of movements during the period:
Ordinary shares
Ordinary A shares
Ordinary B shares
Number
Number
Number
At 14 July 2021
-
-
-
Issue of fully paid shares
165,208,000
-
-
Re-designated
(165,208,000)
5,208,000
160,000,000
Capital reduction
-
-
(160,000,000)
At 31 March 2022
-
5,208,000
-
The company incorporated on
14 July 2021
with 1 ordinary share
of £1
.
On
4
October 2021,
165,207,999 ordinary
shares
of £1 each
were allotted in exchange for
100% of the
share capital of Marks Electrical Limited.
On 4 October 2021, the 165,208,000 ordinary shares were re-designated to 5,208,000 ordinary A shares
of £1 each and 160,000,000 ordinary B shares of £1 each.
On 8 October 2021, there was a capital reduction of the 160,000,000 ordinary B shares of £1 each and
these shares were cancelled. This was satisfied by way of a transfer of the shares in the subsidiary
undertaking as disclosed in the Fixed asset investments' note.