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COMPANY REGISTRATION NUMBER: 4188721
Mastermind Trading Limited
Filleted Financial Statements
31 December 2023
Mastermind Trading Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
9,113,947
9,113,947
Current assets
Debtors
6
269,816
120,429
Cash at bank and in hand
64,471
731,594
---------
---------
334,287
852,023
Creditors: amounts falling due within one year
7
749,746
283,069
---------
---------
Net current (liabilities)/assets
( 415,459)
568,954
------------
------------
Total assets less current liabilities
8,698,488
9,682,901
Creditors: amounts falling due after more than one year
8
1,061,993
1,754,715
Provisions
Taxation including deferred tax
167,302
167,302
------------
------------
Net assets
7,469,193
7,760,884
------------
------------
Capital and reserves
Called up share capital
6,548,863
6,548,863
Profit and loss account
9
920,330
1,212,021
------------
------------
Shareholders funds
7,469,193
7,760,884
------------
------------
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.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 26 August 2024 , and are signed on behalf of the board by:
Mr H Tamerus
Director
Company registration number: 4188721
Mastermind Trading Limited
Notes to the Financial Statements
Year ended 31 December 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 Knapdale Nursery, Cattlegate Road, Enfield, EN2 9ED.
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 entity.
Going concern
The director has reviewed the company's rental income stream for the forseeable future of at least 12 months from the date of the approval of these accounts, and is of the opinion that the company will continue to settle its debts as they fall due.
Revenue recognition
Turnover represents rents receivable from investment properties,stated net ofValue Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax 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. The carrying amount of deferred tax assets is reviewed at each reporting date and deducted to the full extent that it is no longer probable that sufficient profits will allow it to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is is also dealt within equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current assets and liabilities and the deferred tax asset and liabilities relate to taxes levied by the same tax authority.
Tangible assets
Investment property, which is property to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and ant directly attributable expenditure. Subsequently it is measured at fair vlaue at the reporting date. Changes in fair value are recognised in the profit and loss. The director will review fair value and make necessary adjustments to the financial statements to ensure value reflected ramains appropriate.
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.
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
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Investment Properties
Total
£
£
Cost
At 1 January 2023 and 31 December 2023
9,113,947
9,113,947
------------
------------
Depreciation
At 1 January 2023 and 31 December 2023
------------
------------
Carrying amount
At 31 December 2023
9,113,947
9,113,947
------------
------------
At 31 December 2022
9,113,947
9,113,947
------------
------------
Tangible assets held at valuation
Investment Property The director has assessed the fair value of each property within the portfolio, based upon local knowledge and advice of potential resale values from its property advisors. The increase in the valuation of £- (2022:£-) has been included in the profit and loss account.
6. Debtors
2023
2022
£
£
Trade debtors
266,889
26,430
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,927
93,999
---------
---------
269,816
120,429
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
695,049
229,200
Trade creditors
5,450
Corporation tax
43,737
45,828
Social security and other taxes
1,610
1,409
Other creditors
3,900
6,632
---------
---------
749,746
283,069
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,061,993
1,754,715
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £385,072 (2022: £557,718) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank loans are secured by way of legal mortgage over some of the company's investment property. The loans are repayable on a repayment basis, and bear an interest rate charge of 7.50% p.a. Total monthly payments amount to £17,047 (2022:£17,200)
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. The profit and loss account includes a "non-distributable reserve" of £880,537.
10. Contingencies
The company has cross guaranteed the banking facilities of the J van Vliet Cash & Carry Limited (and its subsidiaries and associate company), which are also owned by the same holding company Esmeralda Limited.
11. Summary audit opinion
The auditor's report dated 27 August 2024 was unqualified .
The senior statutory auditor was Mr S Moustafa, BA , FCA , for and on behalf of Hurshens Limited .
12. Related party transactions
The company is under the day to day control of the directors named in the Director's Report. During the year, the company received rent of £353,668 (2022:£336,001) from the J Van Vliet London Cash & Carry Ltd group of companies. These companies are related to this company by way of common ownership with respect to their ultimate holding company.
13. Controlling party
The company's parent undertaking is Esmeralda Limited. It has included the company in its group accounts, copies of which are available from its registered office: BDO Malta Elite Business Centre, Trejqa ta' Box Box, Msida, MSD 1840, Malta. The ultimate controlling party is Mr J van Vliet.
14. Financial risk management
Interest rate risk
The company borrows from its bankers using term loans whose tenure depends on the nature of the asset and management's view of the future direction of interest rate.