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REGISTERED NUMBER: 06423457 (England and Wales)















MAMBO PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






MAMBO PROPERTY LIMITED (REGISTERED NUMBER: 06423457)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MAMBO PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M A Grimley
J A Barnes
S A J Barnes
S Lovatt





SECRETARY: M A Grimley





REGISTERED OFFICE: The Barns, Stretton Road
Stretton
Warrington
WA4 4NP





REGISTERED NUMBER: 06423457 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN

MAMBO PROPERTY LIMITED (REGISTERED NUMBER: 06423457)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 286 336
Investment property 5 1,400,000 1,142,226
1,400,286 1,142,562

CURRENT ASSETS
Debtors 6 30,937 12,843
Cash at bank and in hand 7,554 36,789
38,491 49,632
CREDITORS
Amounts falling due within one year 7 (193,258 ) (358,133 )
NET CURRENT LIABILITIES (154,767 ) (308,501 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,245,519

834,061

CREDITORS
Amounts falling due after more than one
year

8

(680,412

)

(516,082

)

PROVISIONS FOR LIABILITIES (67,719 ) -
NET ASSETS 497,388 317,979

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 10 288,696 160,000
Retained earnings 10 208,592 157,879
497,388 317,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

MAMBO PROPERTY LIMITED (REGISTERED NUMBER: 06423457)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


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 Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:





J A Barnes - Director


MAMBO PROPERTY LIMITED (REGISTERED NUMBER: 06423457)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Mambo Property Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06423457 and registered office address is The Barns, Stretton Road, Stretton, Warrington, WA4 4NP.

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 as modified by the revaluation of certain assets.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue
Revenue comprises the aggregate of the fair value of the rental services provided, net of value added tax. Revenue is recognised as those services are provided to the occupants of the property.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Investment property
Investment property is shown at fair value. Any aggregates surplus or deficit arising from changes in fair value is recognised in the income statement.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

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 statement of financial position date.


MAMBO PROPERTY LIMITED (REGISTERED NUMBER: 06423457)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Using the judgment of the directors to determine the fair value of investment properties at the statement of financial position date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 477
DEPRECIATION
At 1 April 2022 141
Charge for year 50
At 31 March 2023 191
NET BOOK VALUE
At 31 March 2023 286
At 31 March 2022 336

MAMBO PROPERTY LIMITED (REGISTERED NUMBER: 06423457)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 1,142,226
Additions 61,359
Revaluations 196,415
At 31 March 2023 1,400,000
NET BOOK VALUE
At 31 March 2023 1,400,000
At 31 March 2022 1,142,226

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2020 160,000
Valuation in 2023 196,415
Cost 1,043,585
1,400,000

Investment property was valued on an open market basis on 17 February 2023 by Edison's an independent property valuation company. The directors are of the opinion that this represents the fair value at the statement of financial position date.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 15,465 290
Other debtors 15,472 12,553
30,937 12,843

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 36,171 14,576
Trade creditors 29,080 2,684
Amounts owed to related parties 95,954 289,913
Taxation and social security 4,674 2,125
Other creditors 27,379 48,835
193,258 358,133

MAMBO PROPERTY LIMITED (REGISTERED NUMBER: 06423457)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 573,412 314,582
Other creditors 107,000 201,500
680,412 516,082

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 413,230 256,250

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 609,583 329,158

The bank loans are secured on the investment property held by the limited company.

10. RESERVES

Other reserves represents property fair value adjustments net of deferred tax provision. These reserves are non-distributable.