Registration number:
Mamex West Limited
for the Year Ended 31 March 2023
Mamex West Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Mamex West Limited
(Registration number: 06721320)
Statement of Financial Position as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
101 |
101 |
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Profit and loss account |
1,638,183 |
3,918,302 |
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Shareholders' funds |
1,638,284 |
3,918,403 |
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
Mamex West Limited
(Registration number: 06721320)
Statement of Financial Position as at 31 March 2023
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Mamex West Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, 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.
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Mamex West Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible 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.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
10% straight line |
Plant and machinery |
20% reducing balance |
Fittings, fixtures and equipment |
20% reducing balance |
Other assets |
20% straight line |
Land and buildings |
Not depreciated where used by group companies as under continual improvement to maintain value |
Investment property
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.
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.
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade creditors
Short term creditors are measured at the transaction price.
Mamex West Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Borrowings
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 income statement 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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Employee benefits
Short-term employee benefits are recognised as an expense in the period which they are incurred.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Mamex West Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Other assets |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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- |
- |
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Disposals |
- |
- |
( |
- |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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- |
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At 31 March 2022 |
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Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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Disposals |
( |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Mamex West Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Investment properties |
2023 |
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At 1 April 2022 |
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At 31 March 2023 |
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The carrying value of the investment property has been reviewed by the director to reflect current market conditions.
Mamex West Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Investments |
2023 |
2022 |
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Shares in group undertakings and participating interests |
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Loans to group undertakings and participating interests |
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Shares in group undertakings and participating interests |
£ |
Cost or valuation |
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At 1 April 2022 |
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Provision |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Loans to group undertakings and participating interests |
£ |
Cost |
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At 1 April 2022 |
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Provision |
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Provision |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Mamex West Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
- |
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Amounts owed by related parties |
- |
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Other debtors |
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Prepayments |
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- |
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Details of non-current trade and other debtors
£Nil (2022 -£1,167,261) of 'Amounts owed by group undertakings' is classified as non current. This amount is due from a wholly owned subsidiary undertaking, and participating interests, and is repayable after five years.
£Nil (2022 -£302,116) of is classified as non current. Other debtors include interest paid in advance on a commercial loan £138,339 (2022 £453,050). Interest is released monthly.
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Bank loans and overdrafts |
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- |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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- |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Loans and borrowings |
- |
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Other loans |
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- |
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274,353 |
2,460,000 |
In 2022 'Loans and borrowings' included a commercial loan repayable in three years by 21 January 2025. The loan was fully repaid in May 2023 and appears in creditors due within one year.The loan is secured on the company assets.
Other loans represent amounts owed to/from participating interest due for settlement between two and five years..
Mamex West Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
- |
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2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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- |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
Going concern |
The financial statements have been prepared on a going concern basis due to the continuing support of the company director and the ultimate parent undertaking.