IRIS Accounts Production v23.1.5.20 01860231 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh018602312022-02-28018602312023-02-28018602312022-03-012023-02-28018602312021-02-28018602312021-03-012022-02-28018602312022-02-2801860231ns15:EnglandWales2022-03-012023-02-2801860231ns14:PoundSterling2022-03-012023-02-2801860231ns10:Director12022-03-012023-02-2801860231ns10:PrivateLimitedCompanyLtd2022-03-012023-02-2801860231ns10:SmallEntities2022-03-012023-02-2801860231ns10:AuditExempt-NoAccountantsReport2022-03-012023-02-2801860231ns10:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2801860231ns10:SmallCompaniesRegimeForAccounts2022-03-012023-02-2801860231ns10:FullAccounts2022-03-012023-02-2801860231ns10:Director22022-03-012023-02-2801860231ns10:Director32022-03-012023-02-2801860231ns10:CompanySecretary12022-03-012023-02-2801860231ns10:RegisteredOffice2022-03-012023-02-2801860231ns5:CurrentFinancialInstruments2023-02-2801860231ns5:CurrentFinancialInstruments2022-02-2801860231ns5:ShareCapital2023-02-2801860231ns5:ShareCapital2022-02-2801860231ns5:RevaluationReserve2023-02-2801860231ns5:RevaluationReserve2022-02-2801860231ns5:RetainedEarningsAccumulatedLosses2023-02-2801860231ns5:RetainedEarningsAccumulatedLosses2022-02-2801860231ns5:FurnitureFittings2022-03-012023-02-2801860231ns5:FurnitureFittings2022-02-2801860231ns5:FurnitureFittings2023-02-2801860231ns5:FurnitureFittings2022-02-2801860231ns5:DeferredTaxation2022-02-2801860231ns5:DeferredTaxation2022-03-012023-02-2801860231ns5:DeferredTaxation2023-02-2801860231ns5:RetainedEarningsAccumulatedLosses2022-02-2801860231ns5:RevaluationReserve2022-02-2801860231ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-28
REGISTERED NUMBER: 01860231 (England and Wales)

















Mondial Properties Limited

Financial Statements

for the Year Ended 28 February 2023






Mondial Properties Limited (Registered number: 01860231)

Contents of the Financial Statements
for the year ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Mondial Properties Limited

Company Information
for the year ended 28 February 2023







DIRECTORS: Mrs E V B Gottschalk
C Trethewey
K J Woodhead





SECRETARY: Mrs E V B Gottschalk





REGISTERED OFFICE: 24 Cornwall Road
Dorchester
Dorset
DT1 1RX





REGISTERED NUMBER: 01860231 (England and Wales)





ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX

Mondial Properties Limited (Registered number: 01860231)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 1
Investment property 5 800,000 750,000
800,000 750,001

CURRENT ASSETS
Debtors 6 - 1,913
Cash at bank 26,817 19,602
26,817 21,515
CREDITORS
Amounts falling due within one year 7 22,494 18,649
NET CURRENT ASSETS 4,323 2,866
TOTAL ASSETS LESS CURRENT
LIABILITIES

804,323

752,867

PROVISIONS FOR LIABILITIES 8 46,241 26,178
NET ASSETS 758,082 726,689

CAPITAL AND RESERVES
Called up share capital 100 100
Undistributable reserves 9 533,615 503,678
Retained earnings 9 224,367 222,911
758,082 726,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

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 16 November 2023 and were signed on its behalf by:





C Trethewey - Director


Mondial Properties Limited (Registered number: 01860231)

Notes to the Financial Statements
for the year ended 28 February 2023


1. STATUTORY INFORMATION

Mondial Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings, equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Undistributable reserves
Whilst fair value gains on investment property are taken to the profit and loss account, they are not distributable as dividend to shareholders because the gain is unrealised. The company therefore adopts the policy of transferring the fair value adjustment net/inclusive of the deferred tax charge/credit to a separate account, 'undistributable reserves'.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Mondial Properties Limited (Registered number: 01860231)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


4. TANGIBLE FIXED ASSETS
Fixtures,
fittings,
equipment
£   
COST
At 1 March 2022
and 28 February 2023 1,085
DEPRECIATION
At 1 March 2022 1,084
Charge for year 1
At 28 February 2023 1,085
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 1

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 750,000
Revaluations 50,000
At 28 February 2023 800,000
NET BOOK VALUE
At 28 February 2023 800,000
At 28 February 2022 750,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2022 529,856
Valuation in 2023 50,000
Cost 220,144
800,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 220,144 -

Investment property was valued on a fair value basis on 28 February 2023 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 1,913

Mondial Properties Limited (Registered number: 01860231)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,185 -
UK corporation tax 5,127 5,640
Directors' current accounts 10,849 9,669
Accruals and deferred income 1,333 3,340
22,494 18,649

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Capital gains on investment property 46,241 26,178

Deferred
tax
£   
Balance at 1 March 2022 26,178
Charge to Income Statement during year 20,063
Balance at 28 February 2023 46,241

9. RESERVES
Retained Undistributable
earnings reserves Totals
£    £    £   

At 1 March 2022 222,911 503,678 726,589
Profit for the year 51,793 51,793
Dividends (20,400 ) (20,400 )
Transfer unrealised gain/loss on
investment property to
undistributable reserves


(29,937


)


29,937


-


At 28 February 2023 224,367 533,615 757,982

Undistributable reserves represent the unrealised gains on carrying investment property at fair value less the deferred tax provision thereon; being unrealised, such amounts are not available to be distributed as dividend to shareholders.