Registered number: 02567296
MANSION HOUSE ESTATES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MANSION HOUSE ESTATES LIMITED
REGISTERED NUMBER: 02567296
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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MANSION HOUSE ESTATES LIMITED
REGISTERED NUMBER: 02567296
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statementsts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
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MANSION HOUSE ESTATES LIMITED
NOTES TO THE STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024
Mansion House Estates Limited is a private company, limited by shares, incorporated in England and Wales with registration number 02567296. The address of the registered office is Old Library Chambers, 21 Chipper Lane, Salisbury, Wiltshire, SP1 1BG.
2.Accounting policies
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Basis of preparation of statutory accounts
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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MANSION HOUSE ESTATES LIMITED
NOTES TO THE STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Where the Company collects income as agent, this revenue is not included within turnover. Recharged expenses are therefore not included in turnover.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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MANSION HOUSE ESTATES LIMITED
NOTES TO THE STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Investments in listed shares are classified as basic financial instruments. They are initially measured at transaction price and subsequently measured at fair value, with changes in fair value being recognised in profit or loss. Fair value is determined using the quoted bid price at the balance sheet date.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.
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Current and deferred taxation
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Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
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MANSION HOUSE ESTATES LIMITED
NOTES TO THE STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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MANSION HOUSE ESTATES LIMITED
NOTES TO THE STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Losses and other deductions
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Allotted, called up and fully paid
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3 Ordinary A shares of £1.00 each
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414,898 Ordinary B shares of £1.00 each
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The Ordinary A shares have attached to them voting and dividend rights and are irredeemable. Each
share entitles the holder to participate in a return of capital, whether on a winding up or otherwise, in
accordance with Article 2.10 of the Articles of Association of the Company.
The Ordinary B shares have attached to them dividend rights but no voting rights and are irredeemable. Each share entitles the holder to participate in a return of capital, whether on a winding up or otherwise, in accordance with Article 2.10 of the Articles of Association of the Company.
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MANSION HOUSE ESTATES LIMITED
NOTES TO THE STATUTORY ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024
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Related party transactions
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At the year end, the Company owed £3,180 (2023 - £3,180) to the directors. This loan is unsecured, interest free and repayable on demand.
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In the opinion of the directors, there is no ultimate controlling party.
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