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2022-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,050,000
1,050,000
1,050,000
xbrli:pure
xbrli:shares
iso4217:GBP
03653755
2022-07-01
2023-06-30
03653755
2023-06-30
03653755
2022-06-30
03653755
2021-07-01
2022-06-30
03653755
2022-06-30
03653755
2021-06-30
03653755
bus:Director1
2022-07-01
2023-06-30
03653755
core:WithinOneYear
2023-06-30
03653755
core:WithinOneYear
2022-06-30
03653755
core:ShareCapital
2023-06-30
03653755
core:ShareCapital
2022-06-30
03653755
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2023-06-30
03653755
core:RevaluationReserve
2022-06-30
03653755
core:RetainedEarningsAccumulatedLosses
2023-06-30
03653755
core:RetainedEarningsAccumulatedLosses
2022-06-30
03653755
core:LandBuildings
2023-06-30
03653755
core:LandBuildings
2022-06-30
03653755
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2022-07-01
2023-06-30
03653755
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2022-07-01
2023-06-30
03653755
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2022-07-01
2023-06-30
03653755
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2022-07-01
2023-06-30
03653755
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2022-07-01
2023-06-30
COMPANY REGISTRATION NUMBER:
03653755
Menta Investments (Derby) Limited |
|
Filleted Unaudited Financial Statements |
|
Menta Investments (Derby) Limited |
|
Year ended 30 June 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
2 to 5 |
|
|
Menta Investments (Derby) Limited |
|
Statement of Financial Position |
|
30 June 2023
Fixed assets
Tangible assets |
4 |
|
1,050,000 |
1,050,000 |
|
|
|
|
|
Current assets
Debtors |
5 |
500,270 |
|
453,509 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
14,617) |
|
(
9,287) |
|
--------- |
|
--------- |
Net current assets |
|
485,653 |
444,222 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,535,653 |
1,494,222 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
87,377) |
(
87,377) |
|
|
------------ |
------------ |
Net assets |
|
1,448,276 |
1,406,845 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Revaluation reserve |
|
576,581 |
576,581 |
Profit and loss account |
|
871,693 |
830,262 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,448,276 |
1,406,845 |
|
|
------------ |
------------ |
|
|
|
|
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 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:
Company registration number:
03653755
Menta Investments (Derby) 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 investment properties measured at fair value through profit or loss. The financial statements have been presented in Pounds Sterling as this is the functional and presentational currency of the Company. Going concern The financial statements have been prepared on a going concern basis. The director has assessed the Company's ability to continue as a going concern and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing these financial statements.
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 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 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 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 property.
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
Cost |
|
At 1 July 2022 and 30 June 2023 |
1,050,000 |
|
------------ |
Depreciation |
|
At 1 July 2022 and 30 June 2023 |
– |
|
------------ |
Carrying amount |
|
At 30 June 2023 |
1,050,000 |
|
------------ |
At 30 June 2022 |
1,050,000 |
|
------------ |
|
|
Investment property is represented at valuation. The valuation of the investment property is represented by: | | 2023 |
| | £ |
| Original Cost | 414,002 |
| Valuation uplift in 2006 | 235,998 |
| Valuation uplift in 2012 | 400,000 |
| | ------------ |
| Total | 1,050,000 |
| | ------------ |
| | |
The property was revalued on an open market basis on 31 March 2012. The surplus on the valuation of £635,998 has been transferred to the revaluation reserve. No depreciation has been charged on the revalued amount as the Directors intend to carry out regular revaluations of the property. The directors are satisfied that at 30 June 2022 the value was not significantly different to its fair value.
5.
Debtors
Other debtors |
500,270 |
453,509 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
Corporation tax |
10,681 |
7,670 |
Other creditors |
3,936 |
1,617 |
|
-------- |
------- |
|
14,617 |
9,287 |
|
-------- |
------- |
|
|
|
7.
Related party transactions
At the year end the company was owed £500,270 (2022:£453,507) by Menta Developments Limited, a company in which
C R Marks
is a director and shareholder.