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REGISTERED NUMBER: 10163325 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MAY 2023

FOR

MANTRA ENTERTAINMENT LTD

MANTRA ENTERTAINMENT LTD (REGISTERED NUMBER: 10163325)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MANTRA ENTERTAINMENT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: Mr B J Hourahine





REGISTERED OFFICE: Flat 6, 406-408 Wilmslow Road
Manchester
Greater Manchester
M20 3BD





REGISTERED NUMBER: 10163325 (England and Wales)





ACCOUNTANTS: Dunhams
Chartered Accountants
11 Warwick Road
Old Trafford
Stretford
Manchester
M16 0QQ

MANTRA ENTERTAINMENT LTD (REGISTERED NUMBER: 10163325)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 466,737 467,135

CURRENT ASSETS
Cash at bank and in hand 4,498 12,991

CREDITORS
Amounts falling due within one year 5 573,192 541,718
NET CURRENT LIABILITIES (568,694 ) (528,727 )
TOTAL ASSETS LESS CURRENT LIABILITIES (101,957 ) (61,592 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (101,958 ) (61,593 )
(101,957 ) (61,592 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 February 2024 and were signed by:





Mr B J Hourahine - Director


MANTRA ENTERTAINMENT LTD (REGISTERED NUMBER: 10163325)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Mantra Entertainment Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 10% on cost and 2% on cost
Plant and machinery etc - 33% on cost and 20% on cost

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.


MANTRA ENTERTAINMENT LTD (REGISTERED NUMBER: 10163325)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 572,402 19,926 11,245 1,826 605,399
Additions - 30,335 - 1,082 31,417
At 31 May 2023 572,402 50,261 11,245 2,908 636,816
DEPRECIATION
At 1 June 2022 111,905 13,288 11,245 1,826 138,264
Charge for year 22,380 9,074 - 361 31,815
At 31 May 2023 134,285 22,362 11,245 2,187 170,079
NET BOOK VALUE
At 31 May 2023 438,117 27,899 - 721 466,737
At 31 May 2022 460,497 6,638 - - 467,135

MANTRA ENTERTAINMENT LTD (REGISTERED NUMBER: 10163325)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 175,764 188,598
Trade creditors 9,026 19,500
Associated company loan 1 1
Tax 12,969 12,715
Social security and other taxes 70,474 46,811
Wages payable - 3,749
Pensions Payable 354 215
VAT 131,764 96,404
Other creditors 10,714 10,714
Directors' current accounts 105,299 104,184
Accrued expenses 56,827 58,827
573,192 541,718

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 175,764 188,598

The bank loan is secured by a fixed and floating charge over the assets of the company.