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COMPANY REGISTRATION NUMBER: 08819810
Menta Regeneration II Limited
Financial Statements
For the period ended
31 March 2023
Menta Regeneration II Limited
Financial Statements
Period from 1 July 2022 to 31 March 2023
Contents
Pages
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 8
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11 to 16
Menta Regeneration II Limited
Officers and Professional Advisers
The Board of Directors
H Hjortland
C R Marks
Registered Office
67 Grosvenor Street
London
England
W1K 3JN
Auditor
Greaves West & Ayre
Chartered Accountants & Statutory Auditor
17 Walkergate
Berwick Upon Tweed
United Kingdom
TD15 1DJ
Accountants CT
61 Dublin Street
Edinburgh
EH3 6NL
Menta Regeneration II Limited
Strategic Report
Period from 1 July 2022 to 31 March 2023
Strategic report
The directors present their strategic report for the period ended 31 March 2023. In the period the directors decided to change the year end, and therefore the current period is 9 months, resulting in the results for the year not being directly comparable to the prior period of 12 months.
Principal activity
The principal activity of the company is to develop, market, manage and sell the interests in the property, comprising the Morello Property and Cherry Orchard Gardens site, Croydon.
Review of business
During the course of the period the company continued with its partnership with its stakeholders to manage the property and land development. The directors anticipate that the development will be completed in January 2024. The company's turnover increased from £13,599,689 to £14,365,634. The company generated profit of £2,806,795 compared to £3,592,883 in the previous year. At the period end the company had shareholder funds of £11,021,209 compared to £8,214,414 at 30 June 2022. The directors are satisfied with the results for the period and the position at the period end.
Key performance indicators
As with many other development businesses, the directors of The company use a number of key performance indicators to assess the performance of the company. The company regularly reviews: - Construction costs - Cash levels - Quality assurance
Principal risks and uncertainties
The management of the business and the execution of the company's objectives are subject to a number of risks. The key business risks and uncertainties affecting the company relate to periodic downturns in the housing market, construction quality, and delays to construction due to supply shortages. These risks are formally reviewed by the board of directors and processes are put in place to monitor them and to deal with them as appropriate.
Financial risk management
The board of directors' objectives are to: - Retain sufficient liquid funds to enable the company to meet its day to day obligations as they fall due whilst maximising returns on surplus funds; - Minimise the company's exposure to price risk by using appropriate legal contracts to minimise its exposure - Minimise the company's exposure to credit and liquidity risk by agreeing prices and payments in advance and having appropriate legal contracts in place at the start of the development. The company's financial instruments comprise cash and short-term deposits, and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to fund the company's operations as well as to manage its working capital and liquidity.
This report was approved by the board of directors on 29 March 2024 and signed on behalf of the board by:
C R Marks
Director
Menta Regeneration II Limited
Directors' Report
Period from 1 July 2022 to 31 March 2023
The directors present their report and the financial statements of the company for the period ended 31 March 2023 .
Principal activities
The principal activity of the company is to develop, market, manage and sell the interests in the property, comprising the Morello Property and Cherry Orchard Gardens site, Croydon.
Directors
The directors who served the company during the period were as follows:
H Hjortland
C R Marks
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The directors consider the progress of the business during the period, the state of affairs at the end of the period, and the future prospects of the company, to be satisfactory.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 29 March 2024 and signed on behalf of the board by:
C R Marks
Director
Menta Regeneration II Limited
Independent Auditor's Report to the Members of Menta Regeneration II Limited
Period from 1 July 2022 to 31 March 2023
Opinion
We have audited the financial statements of Menta Regeneration II Limited (the 'company') for the period ended 31 March 2023 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to the Companies Act 2006. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. We focused on laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to: - agreement of the financial statement disclosures to underlying supporting documentation; enquiries of the management and the directors; - review of legal correspondence and invoices, and - obtaining an understanding of the control environment in monitoring compliance with laws and regulations. There are inherent limitations in an audit of financial statements and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would be to become aware of it. We also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Craig G Little
(Senior Statutory Auditor)
For and on behalf of
Greaves West & Ayre
Chartered Accountants & Statutory Auditor
17 Walkergate
Berwick Upon Tweed
United Kingdom
TD15 1DJ
29 March 2024
Menta Regeneration II Limited
Statement of Income and Retained Earnings
Period from 1 July 2022 to 31 March 2023
Period from
1 Jul 22 to
Year to
31 Mar 23
30 Jun 22
Note
£
£
Turnover
4
14,365,634
13,599,689
Cost of sales
( 8,805,146)
( 8,801,637)
-------------
-------------
Gross profit
5,560,488
4,798,052
Administrative expenses
( 2,169,231)
( 1,882,630)
Other operating income
5
34,162
------------
------------
Operating profit
3,391,257
2,949,584
Other interest receivable and similar income
8
52,240
7,140
Interest payable and similar expenses
9
( 26,214)
------------
------------
Profit before taxation
3,443,497
2,930,510
Tax on profit
10
( 654,264)
662,373
------------
------------
Profit for the financial period and total comprehensive income
2,789,233
3,592,883
------------
------------
Retained earnings at the start of the period
8,214,314
4,621,431
-------------
------------
Retained earnings at the end of the period
11,003,547
8,214,314
-------------
------------
All the activities of the company are from continuing operations.
Menta Regeneration II Limited
Statement of Financial Position
31 March 2023
31 Mar 23
30 Jun 22
Note
£
£
£
Current assets
Debtors
12
18,379,955
7,572,239
Cash at bank and in hand
824,265
10,291,752
-------------
-------------
19,204,220
17,863,991
Creditors: amounts falling due within one year
13
( 8,200,573)
( 9,649,577)
-------------
-------------
Net current assets
11,003,647
8,214,414
-------------
------------
Total assets less current liabilities
11,003,647
8,214,414
-------------
------------
Net assets
11,003,647
8,214,414
-------------
------------
Capital and reserves
Called up share capital
14
100
100
Profit and loss account
11,003,547
8,214,314
-------------
------------
Shareholders funds
11,003,647
8,214,414
-------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
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: 08819810
Menta Regeneration II Limited
Notes to the Financial Statements
Period from 1 July 2022 to 31 March 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, W1K 3JN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with 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. Amounts are rounded to the nearest pound. Disclosure Exemption policy The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": the requirements of Section 7 Statement of Cash Flows; and the requirement of paragraph 33.7. 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. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below. i. Carrying value of inventory and amounts recoverable on contracts Inventory is carried at the lower of cost and net realisable value. A full review of the net realisable value of inventories was undertake at 31 March 2023 and 30 June 2022. Reasonably foreseeable changes in the assumptions used would not have a significant impact on the net realisable value.
Revenue recognition
Revenue for the sale of goods is recognised when: 1) the significant risks and rewards of ownership of the goods have been transferred; 2) the seller retains neither continuing managerial involvement nor effective control; 3) the amount of revenue can be measured reliably; 4) it is probable (i.e. more likely than not) that economic benefits will flow; and 5) the costs relating to the transaction can be measured reliably. Revenue for services is recognised using the percentage of completion method. If services are performed by an indeterminate number of acts over a specified period, revenue is recognised on a straight-line basis. Construction contracts are measured as follows: - If the outcome of a construction contract can be measured reliably, revenue and contract costs are recognised using the percentage of completion method based on the proportion of costs incurred. - If it is probable that the contract as a whole will be loss making, the expected loss is recognised immediately, with an onerous contract provision. - If the outcome cannot be measured reliably, revenue is recognised only to the extent of construction contract costs incurred that it is probable will be recoverable and such costs are recognised as an expense in the period in which they are incurred. Interest income is recognised using the effective interest rate method. Royalty income is recognised on an accruals basis. Dividends are recognised when the shareholder's right to receive payment is established.
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 substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, 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. Basic financial liabilities, which include trade and other creditors, 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Turnover
Turnover arises from:
Period from
1 Jul 22 to
Year to
31 Mar 23
30 Jun 22
£
£
Construction contracts
14,365,634
13,599,689
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
Period from
1 Jul 22 to
Year to
31 Mar 23
30 Jun 22
£
£
Other operating income
34,162
----
--------
6. Auditor's remuneration
Period from
1 Jul 22 to
Year to
31 Mar 23
30 Jun 22
£
£
Fees payable for the audit of the financial statements
23,000
12,000
--------
--------
7. Staff costs
The average number of persons employed by the company during the period, including the directors, amounted to:
31 Mar 23
30 Jun 22
No.
No.
Management staff
2
2
----
----
8. Other interest receivable and similar income
Period from
1 Jul 22 to
Year to
31 Mar 23
30 Jun 22
£
£
Interest on cash and cash equivalents
14,728
7,140
Other interest receivable and similar income
37,512
--------
-------
52,240
7,140
--------
-------
9. Interest payable and similar expenses
Period from
1 Jul 22 to
Year to
31 Mar 23
30 Jun 22
£
£
Other interest payable and similar charges
26,214
----
--------
10. Tax on profit
Major components of tax expense/(income)
Period from
1 Jul 22 to
Year to
31 Mar 23
30 Jun 22
£
£
Current tax:
UK current tax expense
656,707
556,854
Adjustments in respect of prior periods
( 2,443)
( 1,219,227)
---------
------------
Total current tax
654,264
( 662,373)
---------
------------
---------
---------
Tax on profit
654,264
( 662,373)
---------
---------
Reconciliation of tax expense/(income)
The tax assessed on the profit on ordinary activities for the period is higher than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
1 Jul 22 to
Year to
31 Mar 23
30 Jun 22
£
£
Profit on ordinary activities before taxation
3,443,497
2,930,510
------------
------------
Profit on ordinary activities by rate of tax
639,145
556,797
Adjustment to tax charge in respect of prior periods
( 2,443)
( 1,219,227)
Effect of expenses not deductible for tax purposes
57
------------
------------
Tax on profit
636,702
( 662,373)
------------
------------
An increase in the UK corporation tax rate from 19% to 25% will take effect from 1 April 2023.
11. Construction commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2023
2022
£
£
Construction contracts
1,353,143
10,483,810
------------
-------------
The above costs will be fully recharged in future periods.
12. Debtors
31 Mar 23
30 Jun 22
£
£
Trade debtors
6,745,916
Amounts owed by undertakings in which the company has a participating interest
82,891
Prepayments and accrued income
8,490,603
5,842,018
Corporation tax repayable
2,049,424
689,620
Drawdown balance
973,609
1,040,601
Other debtors
37,512
-------------
------------
18,379,955
7,572,239
-------------
------------
Included within trade debtors is a COG retention of £670,917 that is due in more than one year.
13. Creditors: amounts falling due within one year
31 Mar 23
30 Jun 22
£
£
Trade creditors
785,712
1,541,020
Amounts owed to group undertakings
1,236
1,236
Accruals and deferred income
4,316,281
3,724,132
Social security and other taxes
18,708
688,636
Amounts owed to related parties
2,144,448
2,760,365
Other creditors
934,188
934,188
------------
------------
8,200,573
9,649,577
------------
------------
14. Called up share capital
Issued, called up and fully paid
31 Mar 23
30 Jun 22
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
15. Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. Included in other debtors there is an amount of £82,891 (2022: £nil) due from a company under common control. During the period, funds of £82,891 were advanced. Included in other creditors there is an amount of £2,144,448 (2022: £2,062,207) due to a company under common control. Included within accruals and deferred income there is an amount of £2,030,808 (2022: £27,624) due to the same company. During the period, management fees of £2,071,718 (2022: £1,859,162) were charged to this company, which are included within administrative expenses. Included in other creditors there is an amount of £934,188 (2022: £934,188) due to a person with significant control. The outstanding balances are payable on demand and are interest free.
16. Controlling party
Menta (Regeneration) Limited is the immediate and ultimate parent company of the company by virtue of an interest (directly or indirectly) in 100% of the issued ordinary share capital in the company. In the opinion of the directors, Craig Marks is the ultimate controlling party. Menta (Regeneration) Limited prepares consolidated group accounts and this is the smallest and the largest group of which the company is a member. Copies of these accounts can be obtained from The Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.