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Registration number: 06721320

Mamex West Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2023

 

Mamex West Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Mamex West Limited

(Registration number: 06721320)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,587,595

2,631,236

Investment property

5

1,500,000

1,500,000

Investments

6

150,100

600,100

 

4,237,695

4,731,336

Current assets

 

Debtors

7

162,858

1,658,548

Cash at bank and in hand

 

600,039

61,417

 

762,897

1,719,965

Creditors: Amounts falling due within one year

8

(3,087,955)

(72,898)

Net current (liabilities)/assets

 

(2,325,058)

1,647,067

Total assets less current liabilities

 

1,912,637

6,378,403

Creditors: Amounts falling due after more than one year

8

(274,353)

(2,460,000)

Net assets

 

1,638,284

3,918,403

Capital and reserves

 

Called up share capital

101

101

Profit and loss account

1,638,183

3,918,302

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 8 March 2024
 

 

Mamex West Limited

(Registration number: 06721320)
Statement of Financial Position as at 31 March 2023

.........................................
M R Erwich
Director

 

Mamex West Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Westwood Barn, Westwood Lane, Normandy, Guildford, Surrey, GU3 2JE.

2

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

The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts..

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Mamex West Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Other assets
£

Cost or valuation

At 1 April 2022

2,632,393

22,684

247,273

15,514

Additions

16,553

2,116

-

-

Disposals

-

-

(47,200)

-

At 31 March 2023

2,648,946

24,800

200,073

15,514

Depreciation

At 1 April 2022

57,164

20,383

193,867

15,214

Charge for the year

20,659

461

10,682

300

Eliminated on disposal

-

-

(16,992)

-

At 31 March 2023

77,823

20,844

187,557

15,514

Carrying amount

At 31 March 2023

2,571,123

3,956

12,516

-

At 31 March 2022

2,575,229

2,301

53,406

300

Total
£

Cost or valuation

At 1 April 2022

2,917,864

Additions

18,669

Disposals

(47,200)

At 31 March 2023

2,889,333

Depreciation

At 1 April 2022

286,628

Charge for the year

32,102

Eliminated on disposal

(16,992)

At 31 March 2023

301,738

Carrying amount

At 31 March 2023

2,587,595

At 31 March 2022

2,631,236

 

Mamex West Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Investment properties

2023
£

At 1 April 2022

1,500,000

At 31 March 2023

1,500,000

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

6

Investments

2023
£

2022
£

Shares in group undertakings and participating interests

100

100

Loans to group undertakings and participating interests

150,000

600,000

150,100

600,100

Shares in group undertakings and participating interests

£

Cost or valuation

At 1 April 2022

100

Provision

Carrying amount

At 31 March 2023

100

At 31 March 2022

100

Loans to group undertakings and participating interests

£

Cost

At 1 April 2022

600,000

Provision

Provision

450,000

Carrying amount

At 31 March 2023

150,000

At 31 March 2022

600,000

 

Mamex West Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

10,000

Amounts owed by related parties

-

1,167,261

Other debtors

 

139,906

481,287

Prepayments

 

22,952

-

 

162,858

1,658,548

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.

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

9

2,460,000

-

Trade creditors

 

21,147

63,448

Accruals and deferred income

 

19,500

9,450

Other creditors

 

587,308

-

 

3,087,955

72,898

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

9

-

2,460,000

Other loans

 

274,353

-

 

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

2,460,000

2023
£

2022
£

Current loans and borrowings

Other borrowings

2,460,000

-

10

Parent and ultimate parent undertaking

The company's immediate parent is Maurits Exploitatiemaatschappij b.v., incorporated in Netherlands. The registered office of this company is Parklaan 34, Nieuwe Werk, Rotterdam Centrum, Rotterdam 3016 BC..

 The ultimate controlling party is Ansje Grietje Erwich-Toering.

11

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.