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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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MAHSRO LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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MAHSRO LIMITED |
MAHSRO LIMITED (REGISTERED NUMBER: 10913376) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2020 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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MAHSRO LIMITED |
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COMPANY INFORMATION |
For The Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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MAHSRO LIMITED (REGISTERED NUMBER: 10913376) |
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ABRIDGED BALANCE SHEET |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Work in progress |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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The directors acknowledge their 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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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MAHSRO LIMITED (REGISTERED NUMBER: 10913376) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Mahsro Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate, as they have agreed to provide the necessary finance to enable the company to meet its liabilities as they fall due. |
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Turnover |
Turnover represents the amounts receivable from the sale of properties excluding value added tax, sold during the year. |
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Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
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Work in progress |
Work in progress comprises property development costs and is valued at the lower of cost or estimated selling price. |
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Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current 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. |
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Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. |
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Consideration is given to whether deferred tax should be provided in respect of material timing differences which have not reversed at the balance sheet date. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits. |
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Current tax assets and liabilities are not discounted and are 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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
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Bank loans | - | 557,409 |
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A fixed charge over the land on the south west side of Brighton Road was created on 4 June 2019 by MSP Capital LTD to secure all monies due or becoming due. The charge also contained a negative pledge over the land. The charge was satisfied on 8 July 2020. |
MAHSRO LIMITED (REGISTERED NUMBER: 10913376) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2020 |
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5. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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6. | POST BALANCE SHEET EVENTS |
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During the year the World Health Organisation declared the novel coronavirus, Covid-19, a pandemic and the country was placed into lockdown. |
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Since the year end, there have been further periods of lockdown, however the company has been able to trade throughout these lockdown periods with only minor delays in project completion. |
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Whilst the full impact of the ongoing pandemic cannot be quantified yet, the directors are confident that the company will not be negatively impacted. |