Moharib Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06431255 (England and Wales)

Financial Statements for the Year Ended 30 November 2019

for

Moharib Properties Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N M Moharib

REGISTERED OFFICE:

19 Victoria Terrace

Hove

East Sussex

BN3 2WB

REGISTERED NUMBER:

06431255 (England and Wales)

ACCOUNTANTS:

A.K & Co (Accountancy Services) Ltd

19 Victoria Terrace

Hove

East Sussex

BN3 2WB

FIXED ASSETS

Intangible assets

4

11,900

13,600

Tangible assets

5

4,702

4,819

Investment property

6

905,879

905,879

922,481

924,298

CURRENT ASSETS

Cash at bank

5,130

3,332

CREDITORS

Amounts falling due within one year

7

266,161

256,288

NET CURRENT LIABILITIES

(261,031

)

(252,956

)

TOTAL ASSETS LESS CURRENT LIABILITIES

661,450

671,342

CREDITORS

Amounts falling due after more than one year

8

(99,594

)

(113,894

)

PROVISIONS FOR LIABILITIES

9

(2,869

)

(1,831

)

NET ASSETS

558,987

555,617

CAPITAL AND RESERVES

Called up share capital

10

1

1

Revaluation reserve

11

463,741

463,741

Retained earnings

11

95,245

91,875

SHAREHOLDERS' FUNDS

558,987

555,617

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2020 and were signed by:

N M Moharib - Director

1.	STATUTORY INFORMATION

Moharib Properties Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

No depreciation has been provided on the investment property.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities

(effective 2008), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed

assets to be depreciated. In the opinion of the directors this departure is necessary for the financial statements to

give a true and fair view.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities 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 the

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2018

and 30 November 2019

15,300

AMORTISATION

At 1 December 2018

1,700

Charge for year

1,700

At 30 November 2019

3,400

NET BOOK VALUE

At 30 November 2019

11,900

At 30 November 2018

13,600

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2018

6,435

Additions

2,000

At 30 November 2019

8,435

DEPRECIATION

At 1 December 2018

1,616

Charge for year

2,117

At 30 November 2019

3,733

NET BOOK VALUE

At 30 November 2019

4,702

At 30 November 2018

4,819

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2018

and 30 November 2019

905,879

NET BOOK VALUE

At 30 November 2019

905,879

At 30 November 2018

905,879

If Flat 11, Amber Court, 38 Sailsbury Road, Hove had not been revalued it would have included at the historical

cost of £121,588. The property was valued on an open market basis on 20/02/16 by the director.

If Flat 3, Benson Court, Ingram, Crescent East, Hove, had not been revalued it would have included at the

historical cost of £191,259. The property was valued on an open market basis on 20/02/16 by the director.

If 28 Fairlawns, 159 Kingsway, Hove had not been revalued it would have included at the historical cost of £nil.

The property was transferred into the company from a relative on 08/02/08 with no money exchanged at the time.

The property was valued on an open market basis on 20/02/16 by the director.

If 16 Dolphin Court, Hove Street, Hove had not been revalued it would have included at the historical cost of

£nil. The property was transferred into the company from a relative on 08/02/08 with no money exchanged at the

time. The property was valued on an open market basis on 20/02/16 by the director.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Taxation and social security

1,442

13,818

Other creditors

264,719

242,470

266,161

256,288

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

99,594

113,894

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

99,594

113,894

9.	PROVISIONS FOR LIABILITIES

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1

Ordinary

£1

1

1

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 December 2018

91,875

463,741

555,616

Profit for the year

3,370

3,370

At 30 November 2019

95,245

463,741

558,986

12.	RELATED PARTY DISCLOSURES

Included within other creditors is an amount due to the Director N M Moharib of £261,760 (2018: £241,270).

This amount is interest free and repayable on demand.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is N M Moharib.