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REGISTERED NUMBER: 14283319 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Mangrove Property Limited

Mangrove Property Limited (Registered number: 14283319)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Mangrove Property Limited (Registered number: 14283319)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 8,656 10,819
Investment property 5 591,000 555,817
599,656 566,636

CURRENT ASSETS
Cash at bank 1,393 2,417

CREDITORS
Amounts falling due within one year 6 114,230 122,004
NET CURRENT LIABILITIES (112,837 ) (119,587 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

486,819

447,049

CREDITORS
Amounts falling due after more than one
year

7

(465,595

)

(465,594

)

PROVISIONS FOR LIABILITIES 9 (1,645 ) (2,056 )
NET ASSETS/(LIABILITIES) 19,579 (20,601 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 19,479 (20,701 )
SHAREHOLDERS' FUNDS 19,579 (20,601 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Mangrove Property Limited (Registered number: 14283319)

Balance Sheet - continued
31 August 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:




Dr K Lucas - Director



Dr M Eyeoyibo - Director


Mangrove Property Limited (Registered number: 14283319)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Mangrove Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 14283319

Registered office: C/O Echo Tax, SPACES Manchester
Peter House
Oxford Street
Manchester
M1 5AN

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Mangrove Property Limited (Registered number: 14283319)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 September 2023
and 31 August 2024 12,072
DEPRECIATION
At 1 September 2023 1,253
Charge for year 2,163
At 31 August 2024 3,416
NET BOOK VALUE
At 31 August 2024 8,656
At 31 August 2023 10,819

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 555,817
Revaluations 35,183
At 31 August 2024 591,000
NET BOOK VALUE
At 31 August 2024 591,000
At 31 August 2023 555,817

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2023 555,817
Valuation in 2024 35,183
591,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Tax 2 -
Rent Advance 7,200 5,600
Directors' current accounts 106,548 115,924
Accrued expenses 480 480
114,230 122,004

Mangrove Property Limited (Registered number: 14283319)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans (see note 8) 378,995 378,994
Other loans (see note 8) 86,600 86,600
465,595 465,594

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 378,995 378,994

8. LOANS

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
£    £   
Amounts falling due between two and five years:
Other loans - 2-5 years 86,600 86,600

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 378,995 378,994

9. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 1,645 2,056

Deferred
tax
£   
Balance at 1 September 2023 2,056
Utilised during year (411 )
Balance at 31 August 2024 1,645

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
100 Ordinary 1 100 100

On incorporation 100 Ordinary shares each of £1 were allotted, called up and fully paid at par.

These Shares confer on the holders the right to vote upon any resolution proposed at any general meeting of the company.

Mangrove Property Limited (Registered number: 14283319)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 August 2024 and the period ended 31 August 2023:

31.8.24 31.8.23
£    £   
Dr M Eyeoyibo
Balance outstanding at start of year (62,062 ) -
Amounts advanced 5,000 50
Amounts repaid (312 ) (62,112 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (57,374 ) (62,062 )

Dr K Lucas
Balance outstanding at start of year (53,862 ) -
Amounts advanced 5,000 50
Amounts repaid (312 ) (53,912 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (49,174 ) (53,862 )

12. ULTIMATE CONTROLLING PARTY

The controlling party is the directors..