Mendoza Estates Limited Filleted accounts for Companies House (small and micro)

MENDOZA ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08400742

Mendoza Estates Limited

Filleted Unaudited Financial Statements

31 October 2018

Mendoza Estates Limited

Balance Sheet

31 October 2018

	2018		2017
Note	£	£	£

Fixed assets

Investments	4		1,250,000	1,250,000

Current assets

Debtors	5	2,864	605
Cash at bank and in hand		7,733	13,731
		--------	--------
		10,597	14,336

Creditors: amounts falling due within one year	6	29,889		29,530
		--------		--------
Net current liabilities			19,292	15,194
			------------	------------
Total assets less current liabilities			1,230,708	1,234,806

Creditors: amounts falling due after more than one year	7		825,000	880,000

Provisions

Taxation including deferred tax	8	16,517	18,490
		------------	------------
Net assets		389,191	336,316
		------------	------------

Capital and reserves

Called up share capital		1,100	1,100
Profit and loss account	10	388,091	335,216
		---------	---------
Shareholders funds		389,191	336,316
		---------	---------

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 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 2018 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 .

Mendoza Estates Limited

Balance Sheet (continued)

31 October 2018

These financial statements were approved by the board of directors and authorised for issue on 4 March 2019 , 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 2018

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, Greater 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 or amortisation is provided in respect of investment properties.

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 2017 and 31 October 2018	1,250,000
	------------
Impairment
At 1 November 2017 and 31 October 2018	–
	------------

Carrying amount
At 31 October 2018	1,250,000
	------------
At 31 October 2017	1,250,000
	------------

The valuation of the company's investment property was carried out at the reporting date by the director on an open market basis. No amortisation or depreciation is provided in respect to investment properties.

In respect of certain fixed assets stated at valuations,the comparable historical cost values would be £1,062,473 (2017: £1,062,473).

5. Debtors

	2018	2017
	£	£
Other debtors	2,864	605
	-------	----

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	1,219	1,219
Corporation tax	11,935	11,692
Social security and other taxes	3,187	3,183
Other creditors	13,548	13,436
	--------	--------
	29,889	29,530
	--------	--------

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

	2018	2017
	£	£
Other creditors	825,000	880,000
	---------	---------

Other creditors comprise of shareholders loans, which are interest free and with no fixed repayment date. The director does not foresee the loans to be repaid within 12 months of the reporting date and therefore it has been disclosed under amounts falling due after more than one year.

8. Provisions

	Deferred tax (note 9)
	£
At 1 November 2017	18,490
Unused amounts reversed	( 1,973)
	--------
At 31 October 2018	16,517
	--------

9. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2018	2017
	£	£
Included in provisions (note 8)	16,517	18,490
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Fair value adjustment of investment property	16,517	18,490
	--------	--------

10. Profit and loss account

	2018	2017
	£	£
Distributable reserves	217,081	166,179
Fair value gains on investment properties	171,010	169,037
	---------	---------
	388,091	335,216
	---------	---------