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COMPANY REGISTRATION NUMBER: 08400742
Mendoza Estates Limited
Filleted Unaudited Financial Statements
31 October 2024
Mendoza Estates Limited
Balance Sheet
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
4
1,250,000
1,250,000
Current assets
Debtors
5
3,984
30,173
Cash at bank and in hand
9,035
56,356
--------
--------
13,019
86,529
Creditors: amounts falling due within one year
6
36,218
23,588
--------
--------
Net current (liabilities)/assets
( 23,199)
62,941
------------
------------
Total assets less current liabilities
1,226,801
1,312,941
Creditors: amounts falling due after more than one year
7
539,000
682,000
Provisions
Taxation including deferred tax
8
24,289
24,289
------------
------------
Net assets
663,512
606,652
------------
------------
Capital and reserves
Called up share capital
1,100
1,100
Profit and loss account
10
662,412
605,552
---------
---------
Shareholders funds
663,512
606,652
---------
---------
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 31 October 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 .
Mendoza Estates Limited
Balance Sheet (continued)
31 October 2024
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:
Mr H H Shah
Director
Company registration number: 08400742
Mendoza Estates Limited
Notes to the Financial Statements
Year ended 31 October 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 Kimberley House, 31 Burnt Oak Broadway, Edgware, London, HA8 5LD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, ' 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.
Revenue recognition
The rent income shown in the profit and loss account represents amounts receivable for the period, exclusive of Value Added Tax.
Deferred tax
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.
Investments
Investment properties are revalued annually to their fair value and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties.
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 balance sheet 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Investments
Investment properties
£
Valuation
At 1 November 2023 and 31 October 2024
1,250,000
------------
Impairment
At 1 November 2023 and 31 October 2024
------------
Carrying amount
At 31 October 2024
1,250,000
------------
At 31 October 2023
1,250,000
------------
The valuation of the company's investment property was carried out at the reporting date by the directors on an open market basis. The directors are of the opinion that carrying value is the same as the open market value and no adjustment is required.
In respect of certain fixed assets stated at valuations,the comparable historical cost values would be £1,062,473 (2023: £1,062,473).
5. Debtors
2024
2023
£
£
Trade debtors
22,765
Other debtors
3,984
7,408
-------
--------
3,984
30,173
-------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
16,055
15,990
Corporation tax
15,398
4,208
Social security and other taxes
3,622
2,247
Other creditors
1,143
1,143
--------
--------
36,218
23,588
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
539,000
682,000
---------
---------
Other creditors comprise of shareholders loans, which are interest free and with no fixed repayment date. The directors do not foresee the loans to be fully repaid within 12 months of the reporting date and therefore they have been disclosed under amounts falling due after more than one year.
8. Provisions
Deferred tax (note 9)
£
At 1 November 2023 and 31 October 2024
24,289
--------
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 8)
24,289
24,289
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
24,289
24,289
--------
--------
10. Profit and loss account
2024 2023
£ £
Distributable reserves 499,174 442,314
Fair value gains on investment properties 163,238 163,238
--------- ---------
662,412 605,552
--------- ---------