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Registration number: 10469610

Mono Verde Limited

Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Mono Verde Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Mono Verde Limited

(Registration number: 10469610)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

3

10,515,905

6,429,326

Investments

4

340,000

-

 

10,855,905

6,429,326

Current assets

 

Debtors

5

417,776

343,590

Cash at bank and in hand

 

14,882

43,143

 

432,658

386,733

Creditors: Amounts falling due within one year

6

(2,424,706)

(1,085,387)

Net current liabilities

 

(1,992,048)

(698,654)

Total assets less current liabilities

 

8,863,857

5,730,672

Creditors: Amounts falling due after more than one year

6

(5,036,564)

(2,391,988)

Provisions for liabilities

(534,716)

(153,868)

Net assets

 

3,292,577

3,184,816

Capital and reserves

 

Called up share capital

1,000,000

10

Share premium reserve

2,106,812

2,106,812

Retained earnings

185,765

1,077,994

Shareholders' funds

 

3,292,577

3,184,816

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 

 

Mono Verde Limited

(Registration number: 10469610)
Balance Sheet as at 31 December 2022

.........................................
MP Bentley
Director

 

Mono Verde Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bradwood Works
Dunnockshaw
Burnley
Lancashire
BB11 5PW
United Kingdom

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

- Determination of whether material variances have arisen on the valuation of the company's investment properties. Assessments take into consideration the current market conditions.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts
receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the
goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be
measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs
incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service
transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the
outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are
recoverable.

 

Mono Verde Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the
reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised
in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive
income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the
amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or
substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses
and other deferred tax assets are recognised to the extent that it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using
the tax rates and laws that have been enacted or substantively enacted by the reporting date that are
expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the
useful economic life of that asset as follows:

Asset class

Depreciation method and rate

Plant and machinery

10 - 25 % Straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable
expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are
recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Mono Verde Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event,
it is probable that the entity will be required to transfer economic benefits in settlement and the amount of
the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial
position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the
reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best
estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts
previously recognised are recognised in profit or loss unless the provision was originally recognised as part
of the cost of an asset. When a provision is measured at the present value of the amount expected to be
required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or
loss in the period it arises.

Leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate
benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line
basis.

 

Mono Verde Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 Impairment
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

 

Mono Verde Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

6,390,003

54,353

6,444,356

Additions

4,099,000

-

4,099,000

At 31 December 2022

10,489,003

54,353

10,543,356

Depreciation

At 1 January 2022

-

15,030

15,030

Charge for the year

-

12,421

12,421

At 31 December 2022

-

27,451

27,451

Carrying amount

At 31 December 2022

10,489,003

26,902

10,515,905

At 31 December 2021

6,390,003

39,323

6,429,326

Included within the net book value of land and buildings above is £10,489,003 (2021 - £6,390,003) in respect of freehold land and buildings.
 

4

Investments

2022
£

2021
£

Investments in subsidiaries

340,000

-

Subsidiaries

£

Cost or valuation

At 1 January 2022

340,000

Provision

Carrying amount

At 31 December 2022

340,000

5

Debtors

 

Mono Verde Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Current

Note

2022
£

2021
£

Trade debtors

 

117,154

138,336

Amounts owed by related parties

248,871

140,765

Prepayments

 

35,257

30,124

Other debtors

 

16,494

34,365

   

417,776

343,590

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

350,788

232,367

Trade creditors

 

125,270

29,470

Amounts owed to group undertakings

1,221,071

-

Taxation and social security

 

140,456

210,816

Accruals and deferred income

 

166,803

96,615

Other creditors

 

420,318

516,119

 

2,424,706

1,085,387

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

5,036,564

2,391,988

7

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

Mono Verde Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

2022
£

2021
£

Not later than one year

13,000

13,000

Later than one year and not later than five years

52,000

52,000

Later than five years

1,370,200

1,383,200

1,435,200

1,448,200

The amount of non-cancellable operating lease payments recognised as an expense during the year was £13,000 (2021 - £13,000).