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COMPANY REGISTRATION NUMBER: 02061540
Menta Developments Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2023
Menta Developments Limited
Financial Statements
Year ended 30 June 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 6
Menta Developments Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,920
902,320
Investments
6
6,514,623
4,289,959
------------
------------
6,516,543
5,192,279
Current assets
Debtors
7
6,976,365
2,506,113
Cash at bank and in hand
609,805
5,374,451
------------
------------
7,586,170
7,880,564
Creditors: amounts falling due within one year
8
848,520
988,607
------------
------------
Net current assets
6,737,650
6,891,957
-------------
-------------
Total assets less current liabilities
13,254,193
12,084,236
-------------
-------------
Net assets
13,254,193
12,084,236
-------------
-------------
Capital and reserves
Called up share capital
9
2
2
Revaluation reserve
624,566
Profit and loss account
13,254,191
11,459,668
-------------
-------------
Shareholders funds
13,254,193
12,084,236
-------------
-------------
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 comprehensive income has not been delivered.
For the year ending 30 June 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 year 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: 02061540
Menta Developments Limited
Notes to the Financial Statements
Year ended 30 June 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 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 Company. 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 these financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax. Turnover of development properties which are not held for the long-term is recorded when a sale is completed in accordance with the company's profit recognition criteria. 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 substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 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 properties Investment properties are shown at valuation and the aggregate surplus or deficit is transferred to revaluation reserve. In order to present a true and fair value in the financial statements no depreciation has been provided in respect of investment properties.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% straight line
Fixtures & Fittings
-
20% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Investment property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
900,000
919
22,323
8,476
931,718
Additions
2,129
2,129
Disposals
( 900,000)
( 22,323)
( 922,323)
---------
----
--------
--------
---------
At 30 June 2023
919
10,605
11,524
---------
----
--------
--------
---------
Depreciation
At 1 July 2022
919
21,003
7,476
29,398
Charge for the year
1,320
1,209
2,529
Disposals
( 22,323)
( 22,323)
---------
----
--------
--------
---------
At 30 June 2023
919
8,685
9,604
---------
----
--------
--------
---------
Carrying amount
At 30 June 2023
1,920
1,920
---------
----
--------
--------
---------
At 30 June 2022
900,000
1,320
1,000
902,320
---------
----
--------
--------
---------
Tangible assets held at valuation
Investment property is represented at fair value. The valuation of the investment property is represented by:
2023
£
Original Cost2,233,929
Valuation uplift 2011582,627
Valuation uplift 201325,000
Valuation adjustment 2020(241,556)
Disposal of 14 Bourdon Street 2021(1,700,000)
Disposal of Flat 87 Santina, Croydon 2023(450,000)
Disposal of Flat 90 Santina, Croydon 2023(450,000)
------------
TOTAL
------------
During the year, the investment property was revalued on an open market basis, and was sold to at the open market value to a company under common control.
6. Investments
Subsidiary undertaking
Other investments other than loans
Other loans
Total
£
£
£
£
Cost
At 1 July 2022
100
3,289,959
999,900
4,289,959
Additions
2,997,433
2,997,433
Disposals
( 100)
( 100)
Revaluations
( 772,669)
( 772,669)
----
------------
---------
------------
At 30 June 2023
5,514,723
999,900
6,514,623
----
------------
---------
------------
Impairment
At 1 July 2022 and 30 June 2023
----
------------
---------
------------
Carrying amount
At 30 June 2023
5,514,723
999,900
6,514,623
----
------------
---------
------------
At 30 June 2022
100
3,289,959
999,900
4,289,959
----
------------
---------
------------
During the year, the company transferred the shares held in Menta Regeneration I Limited.
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,433,909
Other debtors
6,976,365
72,204
------------
------------
6,976,365
2,506,113
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,955
Trade creditors
5,481
3,184
Amounts owed to group undertakings and undertakings in which the company has a participating interest
24,629
Corporation tax
250,647
Social security and other taxes
2,155
365,222
Other creditors
563,653
620,201
---------
---------
848,520
988,607
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.001 each
2,000
2
2,000
2
-------
----
-------
----
10. Contingencies
Menta Newholdco Limited is the immediate and ultimate parent of Menta Developments Limited . No group financial statements are prepared. The ultimate controlling party is Mr C R Marks .
11. Related party transactions
At the year-end Menta Developments Limited owed £500,270 (2022: £453,507) to Menta Investments (Derby) Limited. Mr C R Marks, director, is also a director of Menta Investments (Derby) Limited. The loan is repayable on demand and no interest was charged in the period. At the year-end Menta Developments Limited was owed £3,662 (2022: £2,666) by Menta (Regeneration) Limited. Mr C R Marks, director, is also a director of Menta (Regeneration) Limited. The loan is repayable on demand and no interest was charged in the period. At the year-end Menta Developments Limited owed £24,629 (2022 was owed: £19,956) by Menta Regeneration I Limited. Mr C R Marks, director, is also a director of Menta Regeneration I Limited. The loan is repayable on demand and no interest was charged in the period. At the year-end Menta Developments Limited was owed £2,493,528 (2022: £2,411,287) by Menta Regeneration II Limited. Mr C R Marks, director, is also a director of Menta Regeneration II Limited. The loan is repayable on demand and no interest was charged in the period. At the year-end Menta Developments Limited was owed £878,865 (2022: £Nil) by Menta Subco Limited. Mr C R Marks, director, is also a director of Menta Subco Limited. The loan is repayable on demand and no interest was charged in the period.