Company registration number 08719489 (England and Wales)
MANACA' ESTATE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
MANACA' ESTATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MANACA' ESTATE LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
Fixed assets
Investment property
4
3,500,000
3,500,000
Current assets
Debtors
5
198
180
Cash at bank and in hand
5,049
16,107
5,247
16,287
Creditors: amounts falling due within one year
6
(3,429,483)
(3,472,356)
Net current liabilities
(3,424,236)
(3,456,069)
Net assets
75,764
43,931
Capital and reserves
Called up share capital
7
119
119
Profit and loss reserves
75,645
43,812
Total equity
75,764
43,931

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 7 January 2025
Patrizia Ghoul-Ferretti
Director
Company registration number 08719489 (England and Wales)
MANACA' ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Manaca' Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor De Burgh House, Market Road, Wickford, Essex, England, SS12 0FD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable in respect of the investment property held. Rental income is recognised in accordance with the terms of the lease. Turnover is disclosed net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets include debtors and cash and bank balances.

MANACA' ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Cash at bank and in hand

Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities include creditors. Creditors are not interest bearing and are stated at their nominal value.    

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Foreign exchange

Transactions in currencies other than euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

MANACA' ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Fixtures, fittings & equipment
Cost
At 1 November 2023 and 31 October 2024
15,822
Depreciation and impairment
At 1 November 2023 and 31 October 2024
15,822
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
-
0
4
Investment property
2024
Fair value
At 1 November 2023 and 31 October 2024
3,500,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out on the 15 December 2023 by an independent valuer who holds a recognised and relevant professional qualification. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
Other debtors
198
180
MANACA' ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
Corporation tax
11,327
10,215
Other creditors
3,418,156
3,462,141
3,429,483
3,472,356
7
Called up share capital
2024
2023
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
119
119
119
119
8
Financial commitments, guarantees and contingent liabilities

The Italian Revenue Agency (Italian Guardia di Finanza), commenced with an investigation in which they are disputing the residency of the Company. They assert that the Company should be considered to be resident in Italy for tax purposes.

 

The investigation looked at the 2014 - 2018 financial years and the Italian Revenue Agency made a demand for payment including interest and penalties.

 

During the year the company has made payments to the Italian tax authorities which total8,355 (2023 - €4,097) and the total amount paid to date (including interest) is now €43,097 ( 2023 -34,742), and will continue to pay the remaining €28,776 (2023 - 36,961) in instalments.

As the director believes that the company will not be reimbursed for these payments, this amount has been written off to property taxes.

9
Related party transactions

Included within other creditors is an amount due to the shareholders of €3,416,236 (2023 - €3,460,419). The shareholders loan is interest free and is repayable on demand.

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