0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 750,000 750,000 750,000 xbrli:pure xbrli:shares iso4217:GBP 03067032 2023-07-01 2024-06-30 03067032 2024-06-30 03067032 2023-06-30 03067032 2022-07-01 2023-06-30 03067032 2023-06-30 03067032 2022-06-30 03067032 bus:Director1 2023-07-01 2024-06-30 03067032 core:PlantMachinery 2023-06-30 03067032 core:PlantMachinery 2024-06-30 03067032 core:PlantMachinery 2023-07-01 2024-06-30 03067032 core:WithinOneYear 2024-06-30 03067032 core:WithinOneYear 2023-06-30 03067032 core:AfterOneYear 2024-06-30 03067032 core:AfterOneYear 2023-06-30 03067032 core:ShareCapital 2024-06-30 03067032 core:ShareCapital 2023-06-30 03067032 core:RevaluationReserve 2024-06-30 03067032 core:RevaluationReserve 2023-06-30 03067032 core:RetainedEarningsAccumulatedLosses 2024-06-30 03067032 core:RetainedEarningsAccumulatedLosses 2023-06-30 03067032 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 03067032 core:Non-currentFinancialInstruments 2024-06-30 03067032 core:Non-currentFinancialInstruments 2023-06-30 03067032 bus:SmallEntities 2023-07-01 2024-06-30 03067032 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 03067032 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03067032 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03067032 bus:FullAccounts 2023-07-01 2024-06-30 03067032 core:OfficeEquipment 2023-06-30 03067032 core:OfficeEquipment 2023-07-01 2024-06-30 03067032 core:OfficeEquipment 2024-06-30 03067032 core:ComputerEquipment 2024-06-30 03067032 core:ComputerEquipment 2023-06-30
COMPANY REGISTRATION NUMBER: 03067032
MANSION ACQUISITIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
MANSION ACQUISITIONS LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
85,282
70,985
Investments
6
750,000
750,000
----------
----------
835,282
820,985
Current assets
Debtors
7
931
13,014
Cash at bank and in hand
3,499
-------
---------
4,430
13,014
Creditors: amounts falling due within one year
8
( 152,084)
( 177,263)
----------
----------
Net current liabilities
( 147,654)
( 164,249)
----------
----------
Total assets less current liabilities
687,628
656,736
Creditors: amounts falling due after more than one year
9
( 379,127)
( 372,976)
----------
----------
Net assets
308,501
283,760
----------
----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
381,386
381,386
Profit and loss account
( 72,985)
( 97,726)
----------
----------
Shareholders funds
308,501
283,760
----------
----------
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 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MANSION ACQUISITIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
Mr J Sage
Director
Company registration number: 03067032
MANSION ACQUISITIONS 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 PO Box 239, Hurst Road, Horsham, West Sussex, RH13 6YL.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current 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.
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.
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
-
20% Straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Plant and machinery
Equipment
User defined asset
Total
£
£
£
£
Cost
At 1 July 2023
1,968
1,458
70,693
74,119
Additions
14,589
14,589
-------
-------
---------
---------
At 30 June 2024
1,968
1,458
85,282
88,708
-------
-------
---------
---------
Depreciation
At 1 July 2023
1,968
1,166
3,134
Charge for the year
292
292
-------
-------
---------
---------
At 30 June 2024
1,968
1,458
3,426
-------
-------
---------
---------
Carrying amount
At 30 June 2024
85,282
85,282
-------
-------
---------
---------
At 30 June 2023
292
70,693
70,985
-------
-------
---------
---------
The 2019 valuations were made by the director, on an open market value for existing use basis.
6. Investments
Other investments other than loans
£
Cost
At 1 July 2023 and 30 June 2024
750,000
----------
Impairment
At 1 July 2023 and 30 June 2024
----------
Carrying amount
At 30 June 2024
750,000
----------
At 30 June 2023
750,000
----------
7. Debtors
2024
2023
£
£
Trade debtors
42,680
36,077
Amounts owed by group undertakings and undertakings in which the company has a participating interest
( 12,000)
6,607
Other debtors
( 29,749)
( 29,670)
---------
---------
931
13,014
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
36,183
36,184
Trade creditors
( 1,225)
6,026
Amounts owed to group undertakings and undertakings in which the company has a participating interest
48,029
67,784
Social security and other taxes
7,541
2,642
Other creditors - desc in a/cs
15,981
15,030
Other creditors
45,575
49,597
----------
----------
152,084
177,263
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
379,127
372,976
----------
----------
The bank loan of £402,429 (2023: £394,851) is secured by a first legal charge over the property owned by the company and a fixed charge over the assets of the company. There is also a personal guarantee of £96,750 (2020: £96,750)
10. Director's advances, credits and guarantees
No transactions with directors were undertaken such as are required to be disclosed under FRS102 section 1A
11. Related party transactions
There is a loan to Mansion Developments Limited,a company under common control of £48,029 (2023: £67,784). There is a loan to Gillson Moore Limited, a company under common control. At the year end, the company owed £12,000 (2023: was owed £18,627) to Gillson Moore Limited.