Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-2812022-03-01false1property investmenttruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12216700 2022-03-01 2023-02-28 12216700 2021-03-01 2022-02-28 12216700 2023-02-28 12216700 2022-02-28 12216700 2021-03-01 12216700 c:Director1 2022-03-01 2023-02-28 12216700 d:FurnitureFittings 2022-03-01 2023-02-28 12216700 d:FurnitureFittings 2023-02-28 12216700 d:FurnitureFittings 2022-02-28 12216700 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 12216700 d:OfficeEquipment 2022-03-01 2023-02-28 12216700 d:OfficeEquipment 2023-02-28 12216700 d:OfficeEquipment 2022-02-28 12216700 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 12216700 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 12216700 d:FreeholdInvestmentProperty 2023-02-28 12216700 d:FreeholdInvestmentProperty 2022-02-28 12216700 d:CurrentFinancialInstruments 2023-02-28 12216700 d:CurrentFinancialInstruments 2022-02-28 12216700 d:Non-currentFinancialInstruments 2023-02-28 12216700 d:Non-currentFinancialInstruments 2022-02-28 12216700 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 12216700 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 12216700 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 12216700 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 12216700 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 12216700 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 12216700 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 12216700 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 12216700 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 12216700 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-02-28 12216700 d:ShareCapital 2023-02-28 12216700 d:ShareCapital 2022-02-28 12216700 d:OtherMiscellaneousReserve 2022-03-01 2023-02-28 12216700 d:OtherMiscellaneousReserve 2023-02-28 12216700 d:OtherMiscellaneousReserve 2022-02-28 12216700 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 12216700 d:RetainedEarningsAccumulatedLosses 2023-02-28 12216700 d:RetainedEarningsAccumulatedLosses 2022-02-28 12216700 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 12216700 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 12216700 d:OtherDeferredTax 2023-02-28 12216700 d:OtherDeferredTax 2022-02-28 12216700 c:FRS102 2022-03-01 2023-02-28 12216700 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 12216700 c:FullAccounts 2022-03-01 2023-02-28 12216700 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 12216700









MAMMOTH HOMES LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
MAMMOTH HOMES LTD
REGISTERED NUMBER: 12216700

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,143
1,222

Investment property
 5 
725,000
725,000

  
726,143
726,222

Current assets
  

Debtors: amounts falling due within one year
 6 
600
600

Cash at bank and in hand
 7 
11
1,133

  
611
1,733

Creditors: amounts falling due within one year
 8 
(187,353)
(184,716)

Net current liabilities
  
 
 
(186,742)
 
 
(182,983)

Total assets less current liabilities
  
539,401
543,239

Creditors: amounts falling due after more than one year
 9 
(460,662)
(461,799)

Provisions for liabilities
  

Deferred tax
 11 
(15,836)
(15,866)

Net assets
  
62,903
65,574


Capital and reserves
  

Called up share capital 
  
100
100

Non-distributable profit reserves
 12 
70,181
70,181

Profit and loss account
 12 
(7,378)
(4,707)

  
62,903
65,574


Page 1

 
MAMMOTH HOMES LTD
REGISTERED NUMBER: 12216700
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2023.








D J Amato
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MAMMOTH HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Mammoth Homes Ltd is a private company limited by shares, incorporated in England and Wales, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The company's principal activity is property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
MAMMOTH HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance basis
Office equipment
-
33%
straight-line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
MAMMOTH HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
MAMMOTH HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 March 2022
529
1,049
1,578


Additions
-
1,049
1,049


Disposals
-
(1,049)
(1,049)



At 28 February 2023

529
1,049
1,578



Depreciation


At 1 March 2022
212
144
356


Charge for the year on owned assets
79
144
223


Disposals
-
(144)
(144)



At 28 February 2023

291
144
435



Net book value



At 28 February 2023
238
905
1,143



At 28 February 2022
317
905
1,222

Page 6

 
MAMMOTH HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
725,000



At 28 February 2023
725,000

The 2023 valuations were made by the director, on an open market value for existing use basis.



At 28 February 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
639,168
639,168


6.


Debtors

2023
2022
£
£


Other debtors
600
600



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11
1,133


Page 7

 
MAMMOTH HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,300
1,300

Other creditors
182,309
181,586

Accruals and deferred income
3,744
1,830

187,353
184,716



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
460,662
461,799


The bank loans are secured by a first legal charge of the company's investment properties.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
1,300
1,300

Amounts falling due 1-2 years

Bank loans
1,300
1,300

Amounts falling due 2-5 years

Bank loans
1,625
2,925

Amounts falling due after more than 5 years

Bank loans
457,737
457,574

461,962
463,099


Page 8

 
MAMMOTH HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(15,866)
-


Released/(charged) to profit or loss
30
(15,866)



At end of year
(15,836)
(15,866)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(185)
(215)

Investment property revaluations
(15,651)
(15,651)

(15,836)
(15,866)


12.


Reserves

Non-distributable profit reserves

Non-distributable reserves relating to the unrealised gain or loss on the fair value adjustment of investment properties. Deferred tax has been provided on the revaluation of investment properties.

Profit and loss account

Includes all current and prior period retained profits and losses.

 
Page 9