Silverfin false 31/01/2023 01/02/2022 31/01/2023 F Marcel 21/01/2021 19 August 2023 The principal activity of the Company during the financial period was property rental. 13150181 2023-01-31 13150181 bus:Director1 2023-01-31 13150181 2022-01-31 13150181 core:CurrentFinancialInstruments 2023-01-31 13150181 core:CurrentFinancialInstruments 2022-01-31 13150181 core:Non-currentFinancialInstruments 2023-01-31 13150181 core:Non-currentFinancialInstruments 2022-01-31 13150181 core:ShareCapital 2023-01-31 13150181 core:ShareCapital 2022-01-31 13150181 core:RetainedEarningsAccumulatedLosses 2023-01-31 13150181 core:RetainedEarningsAccumulatedLosses 2022-01-31 13150181 core:FurnitureFittings 2022-01-31 13150181 core:FurnitureFittings 2023-01-31 13150181 core:ImmediateParent core:Non-currentFinancialInstruments 2023-01-31 13150181 core:ImmediateParent core:Non-currentFinancialInstruments 2022-01-31 13150181 2022-02-01 2023-01-31 13150181 bus:FullAccounts 2022-02-01 2023-01-31 13150181 bus:SmallEntities 2022-02-01 2023-01-31 13150181 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 13150181 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 13150181 bus:Director1 2022-02-01 2023-01-31 13150181 core:FurnitureFittings core:TopRangeValue 2022-02-01 2023-01-31 13150181 2021-01-21 2022-01-31 13150181 core:FurnitureFittings 2022-02-01 2023-01-31 13150181 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 13150181 (England and Wales)

MINTS LONDON LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

MINTS LONDON LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

MINTS LONDON LIMITED

BALANCE SHEET

As at 31 January 2023
MINTS LONDON LIMITED

BALANCE SHEET (continued)

As at 31 January 2023
Note 31.01.2023 31.01.2022
£ £
Fixed assets
Tangible assets 4 7,625 0
Investment property 5 1,400,495 1,400,495
1,408,120 1,400,495
Current assets
Debtors 6 11,941 300
Cash at bank and in hand 21,676 26,824
33,617 27,124
Creditors: amounts falling due within one year 7 ( 3,814) ( 4,740)
Net current assets 29,803 22,384
Total assets less current liabilities 1,437,923 1,422,879
Creditors: amounts falling due after more than one year 8 ( 1,446,671) ( 1,414,714)
Net (liabilities)/assets ( 8,748) 8,165
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account ( 9,748 ) 7,165
Total shareholder's (deficit)/funds ( 8,748) 8,165

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Mints London Limited (registered number: 13150181) were approved and authorised for issue by the Director on 19 August 2023. They were signed on its behalf by:

F Marcel
Director
MINTS LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
MINTS LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Mints London Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nexus House, 2 Cray Road, Sidcup, DA14 5DA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Mints London Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable in respect of rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Taxation

Current tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets are stated in the statement of financial position 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.

Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, judgements and estimates are required in determining the valuation of investment properties.

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

Year ended
31.01.2023
Period from
21.01.2021 to
31.01.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 February 2022 0 0
Additions 8,301 8,301
At 31 January 2023 8,301 8,301
Accumulated depreciation
At 01 February 2022 0 0
Charge for the financial year 676 676
At 31 January 2023 676 676
Net book value
At 31 January 2023 7,625 7,625
At 31 January 2022 0 0

5. Investment property

Investment property
£
Valuation
As at 01 February 2022 1,400,495
As at 31 January 2023 1,400,495

6. Debtors

31.01.2023 31.01.2022
£ £
Other debtors 11,941 300

7. Creditors: amounts falling due within one year

31.01.2023 31.01.2022
£ £
Taxation and social security 0 1,681
Other creditors 3,814 3,059
3,814 4,740

8. Creditors: amounts falling due after more than one year

31.01.2023 31.01.2022
£ £
Amounts owed to Parent undertakings 1,446,671 1,414,714

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with the entity's director

31.01.2023 31.01.2022
£ £
Amounts payable to related party 0 2,059
Amounts owed by related party 11,941 0

The above amounts are unsecured, provided interest free and are repayable on demand.

The company has taken advantage of the exemption in FRS 102 1A C.35 "Related Party Disclosures" from disclosing transactions with other members of the group.