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COMPANY REGISTRATION NUMBER: 02061540
Menta Developments Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
Menta Developments Limited
Financial Statements
Year ended 30 June 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
Menta Developments Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
710
1,920
Investments
6
7,899,997
6,514,623
------------
------------
7,900,707
6,516,543
Current assets
Debtors
7
8,516,560
6,976,365
Cash at bank and in hand
91,619
609,805
------------
------------
8,608,179
7,586,170
Creditors: amounts falling due within one year
8
792,605
848,520
------------
------------
Net current assets
7,815,574
6,737,650
-------------
-------------
Total assets less current liabilities
15,716,281
13,254,193
-------------
-------------
Net assets
15,716,281
13,254,193
-------------
-------------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
15,716,279
13,254,191
-------------
-------------
Shareholders funds
15,716,281
13,254,193
-------------
-------------
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 comprehensive income has not been delivered.
For the year ending 30 June 2024 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 26 March 2025 , and are signed on behalf of the board by:
C R Marks
Director
Company registration number: 02061540
Menta Developments Limited
Notes to the Financial Statements
Year ended 30 June 2024
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 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 Company. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax. Turnover of development properties which are not held for the long-term is recorded when a sale is completed in accordance with the company's profit recognition criteria. 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 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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, 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. Basic financial liabilities, which include trade and other creditors, 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 5 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
919
10,605
11,524
----
--------
--------
Depreciation
At 1 July 2023
919
8,685
9,604
Charge for the year
1,210
1,210
----
--------
--------
At 30 June 2024
919
9,895
10,814
----
--------
--------
Carrying amount
At 30 June 2024
710
710
----
--------
--------
At 30 June 2023
1,920
1,920
----
--------
--------
6. Investments
Other investments other than loans
Other loans
Total
£
£
£
Cost
At 1 July 2023
5,514,723
999,900
6,514,623
Additions
722,330
722,330
Disposals
( 747,163)
( 747,163)
Revaluations
1,410,207
1,410,207
------------
---------
------------
At 30 June 2024
6,900,097
999,900
7,899,997
------------
---------
------------
Impairment
At 1 July 2023 and 30 June 2024
------------
---------
------------
Carrying amount
At 30 June 2024
6,900,097
999,900
7,899,997
------------
---------
------------
At 30 June 2023
5,514,723
999,900
6,514,623
------------
---------
------------
7. Debtors
2024
2023
£
£
Other debtors
8,516,560
6,976,365
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,555
1,955
Trade creditors
25,806
5,482
Corporation tax
55,053
250,647
Social security and other taxes
2,155
Other creditors
710,191
588,281
---------
---------
792,605
848,520
---------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.001 each
2,000
2
2,000
2
-------
----
-------
----
10. Controlling party
Menta Newholdco Limited is the immediate and ultimate parent of Menta Developments Limited . No group financial statements are prepared. The ultimate controlling party is Mr C R Marks .
11. Related party transactions
At the year-end Menta Developments Limited owed £558,720 (2023: £500,270) to Menta Investments (Derby) Limited. Mr C R Marks, director, is also a director of Menta Investments (Derby) Limited. The loan is repayable on demand and no interest was charged in the period. At the year-end Menta Developments Limited was owed £3,801 (2023: £3,662) by Menta (Regeneration) Limited. Mr C R Marks, director, is also a director of Menta (Regeneration) Limited. The loan is repayable on demand and no interest was charged in the period. At the year-end Menta Developments Limited owed £142,590 (2023: £24,629) by Menta Regeneration I Limited. Mr C R Marks, director, is also a director of Menta Regeneration I Limited. The loan is repayable on demand and no interest was charged in the period. At the year-end Menta Developments Limited was owed £591,100 (2023: £748,132) by Menta Regeneration II Limited. Mr C R Marks, director, is also a director of Menta Regeneration II Limited. The loan is repayable on demand and no interest was charged in the period. At the year-end Menta Developments Limited was owed £855,000 (2023: £878,865) by Menta Subco Limited. Mr C R Marks, director, is also a director of Menta Subco Limited. The loan is repayable on demand and no interest was charged in the period. At the year-end Menta Developments Limited was owed £2,537,852 (2023: £1,646,051) by Menta Demergeco Limited. Mr C R Marks, director, is also a director of Menta Demergeco Limited. The loan is repayable on demand and no interest was charged in the period.