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COMPANY REGISTRATION NUMBER: 14246901
Menta Subco Limited
Filleted Unaudited Financial Statements
For the period ended
31 July 2023
Menta Subco Limited
Statement of Financial Position
31 July 2023
31 Jul 23
Note
£
£
Current assets
Stocks
5
850,000
Creditors: amounts falling due within one year
6
880,614
---------
Net current liabilities
30,614
--------
Total assets less current liabilities
( 30,614)
--------
Net liabilities
( 30,614)
--------
Capital and reserves
Called up share capital
7
1
Profit and loss account
( 30,615)
--------
Shareholders deficit
( 30,614)
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
C R Marks
Director
Company registration number: 14246901
Menta Subco Limited
Notes to the Financial Statements
Period from 20 July 2022 to 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 67 Grosvenor Street, London, W1K3JN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The company continues to receive financial support from the parent company in order to meet its liabilities as they fall due. On this basis they continue to adopt the going concern basis of accounting in preparing these financial statements. The related party will not seek repayment of the loan within 12 months of the accounts signing date.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the period exclusive of Value Added Tax. Revenue from rental income is recognised in the period to which it relates.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantiv
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold property
£
Cost
At 20 July 2022
Additions
900,000
Transfers
( 900,000)
---------
At 31 July 2023
---------
Depreciation
At 20 July 2022 and 31 July 2023
---------
Carrying amount
At 31 July 2023
---------
During the year, property was transferred from Investment Property to Work in Progress.
5. Stocks
31 Jul 23
£
Work in progress
850,000
---------
During the year, the Work in Progress was revalued from the transfer value of £900,000 to £850,000. Work in Progress comprises of two properties.
6. Creditors: amounts falling due within one year
31 Jul 23
£
Other creditors
880,614
---------
7. Called up share capital
Issued, called up and fully paid
31 Jul 23
No.
£
Ordinary shares of £ 1 each
1
1
----
----
8. Related party transactions
At the period end the company was owed £876,984 by Menta Developments Limited, a company in which C R Marks is a director and shareholder.