Mantle Investments Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03082634

Mantle Investments Limited

Filleted Unaudited Financial Statements

31 October 2024

Mantle Investments Limited

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Mantle Investments Limited

Year ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mantle Investments Limited for the year ended 31 October 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Mantle Investments Limited, as a body, in accordance with the terms of our engagement letter dated 27 June 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Mantle Investments Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mantle Investments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mantle Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mantle Investments Limited. You consider that Mantle Investments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Mantle Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

TURPIN BARKER ARMSTRONG Chartered Certified Accountants

Allen House 1 Westmead Road Sutton Surrey SM1 4LA

31 October 2025

Mantle Investments Limited

Statement of Financial Position

31 October 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	4		200,273	499,509

Current assets

Debtors	5	494,986	1,312,135
Cash at bank and in hand		2,402	3,825
		---------	------------
		497,388	1,315,960

Creditors: amounts falling due within one year	6	416,588		299,736
		---------		------------
Net current assets			80,800	1,016,224
			---------	------------
Total assets less current liabilities			281,073	1,515,733

Creditors: amounts falling due after more than one year	7		130,703	131,841

Provisions	25,420	9,031
	---------	------------
Net assets	124,950	1,374,861
	---------	------------

Mantle Investments Limited

Statement of Financial Position (continued)

31 October 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital	96	96
Other reserves	96,992	171,841
Profit and loss account	27,862	1,202,924
	---------	------------
Shareholders funds	124,950	1,374,861
	---------	------------

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 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 .

These financial statements were approved by the board of directors and authorised for issue on 22 October 2025 , and are signed on behalf of the board by:

Mr L Clemson

Director

Company registration number: 03082634

Mantle Investments 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 Allen House, 1 Westmead Road, Sutton, Surrey, SM1 4LA.

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.

Going concern

These financial statements are presented on a Going Concern basis. The director is satisfied that the company is taking appropriate measures to safeguard its future and is confident that the company will be able to meet its liabilities as they fall due for a period of at least 12 months following the date of signing these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Group's activities. Sales are presented, net of value-added tax, rebates and discounts, and after eliminating sales within the Group. The company recognises revenue when the amount of revenue and related cost can be reliably measured. Revenue arising from cost recharged to tenants is recognised in the period in which the cost can be contractually recovered.

Income tax

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 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% reducing balance
Fixtures, fittings and equipment	-	15% reducing balance
Motor vehicles	-	25% reducing balance

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.

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.

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 statement of financial position 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

A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Freehold property	Long leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£	£
Cost or valuation
At 1 Nov 2023	374,134	125,000	5,756	23,430	4,264	532,584
Additions	–	30,026	–	–	–	30,026
Disposals	( 374,134)	–	–	–	–	( 374,134)
Revaluations	–	44,974	–	–	–	44,974
	---------	---------	-------	--------	-------	---------
At 31 Oct 2024	–	200,000	5,756	23,430	4,264	233,450
	---------	---------	-------	--------	-------	---------
Depreciation
At 1 Nov 2023	–	–	5,702	23,109	4,264	33,075
Charge for the year	–	–	54	48	–	102
	---------	---------	-------	--------	-------	---------
At 31 Oct 2024	–	–	5,756	23,157	4,264	33,177
	---------	---------	-------	--------	-------	---------
Carrying amount
At 31 Oct 2024	–	200,000	–	273	–	200,273
	---------	---------	-------	--------	-------	---------
At 31 Oct 2023	374,134	125,000	54	321	–	499,509
	---------	---------	-------	--------	-------	---------

If investment properties held at the year-end had not been revalued to date they would have been included at historical cost of £63,00 (2023 - £318,454).

5. Debtors

	2024	2023
	£	£
Other debtors	494,986	1,312,135
	---------	------------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	8,784	15,804
Trade creditors	2,246	4,952
Amounts owed to group undertakings and undertakings in which the company has a participating interest	5,145	5,145
Corporation tax	36,540	270,835
Other creditors	363,873	3,000
	---------	---------
	416,588	299,736
	---------	---------

The company's bank loans are secured by way of a fixed and floating charge over the company's leasehold property.

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	130,703	131,841
	---------	---------

The company's bank loans are secured by way of a fixed and floating charge over the company's freehold property.

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr L Clemson	182,435	–	( 540,308)	( 357,873)
Mr M Micallef	335,676	352,450	( 335,676)	352,450
Mr F Clemson	180,014	–	( 139,518)	40,496
Mrs D Clemson	–	–	–	–
	---------	---------	------------	---------
	698,125	352,450	( 1,015,502)	35,073
	---------	---------	------------	---------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr L Clemson	223,159	182,435	( 223,159)	182,435
Mr M Micallef	238,478	335,676	( 238,478)	335,676
Mr F Clemson	–	–	–	–
Mrs D Clemson	157,875	22,139	–	180,014
	---------	---------	---------	---------
	619,512	540,250	( 461,637)	698,125
	---------	---------	---------	---------