Manaquel Company Limited Filleted accounts for Companies House (small and micro)

MANAQUEL COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 0548860

Manaquel Company Limited

Filleted Unaudited Financial Statements

31 March 2019

Manaquel Company Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5	13,533,129	13,456,449
Investments	6	433	433
		-------------	-------------
		13,533,562	13,456,882

Current assets

Debtors	7	2,523,846	2,405,532
Cash at bank and in hand		67,599	173,456
		------------	------------
		2,591,445	2,578,988

Creditors: amounts falling due within one year	8	7,956,502		8,085,120
		------------		------------
Net current liabilities			5,365,057	5,506,132
			-------------	-------------
Total assets less current liabilities			8,168,505	7,950,750
			------------	------------

Capital and reserves

Called up share capital	200	200
Revaluation reserve	10,787,684	10,787,684
Profit and loss account	( 2,619,379)	( 2,837,134)
	-------------	-------------
Shareholders funds	8,168,505	7,950,750
	-------------	-------------

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 March 2019 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 .

Manaquel Company Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 8 June 2020 , and are signed on behalf of the board by:

Mrs D. Feldman

Director

Company registration number: 0548860

Manaquel Company Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House,, 1 Hallswelle Road,, London,, NW11 ODH.

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.

Revenue recognition

The turnover of the company is derived solely from rental income.

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 & machinery	-	25% reducing balance
Fixtures & fittings	-	10% reducing balance

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2018: 11 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 April 2018	13,456,214	6,938	21,340	13,484,492
Additions	76,703	–	–	76,703
	-------------	-------	--------	-------------
At 31 March 2019	13,532,917	6,938	21,340	13,561,195
	-------------	-------	--------	-------------
Depreciation
At 1 April 2018	–	6,938	21,105	28,043
Charge for the year	–	–	23	23
	-------------	-------	--------	-------------
At 31 March 2019	–	6,938	21,128	28,066
	-------------	-------	--------	-------------
Carrying amount
At 31 March 2019	13,532,917	–	212	13,533,129
	-------------	-------	--------	-------------
At 31 March 2018	13,456,214	–	235	13,456,449
	-------------	-------	--------	-------------

6. Investments

	Other investments other than loans
	£
Cost
At 1 April 2018 and 31 March 2019	433
	----
Impairment
At 1 April 2018 and 31 March 2019	–
	----

Carrying amount
At 31 March 2019	433
	----
At 31 March 2018	433
	----

7. Debtors

	2019	2018
	£	£
Amounts owed by related undertakings	1,505,915	1,447,779
Other debtors	1,017,931	957,753
	------------	------------
	2,523,846	2,405,532
	------------	------------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Amounts owed to associated companies	7,866,456	7,866,456
Other creditors	90,046	218,664
	------------	------------
	7,956,502	8,085,120
	------------	------------

9. Related party transactions

Loan account balances with related companies are disclosed separately in the debtors and creditors notes to the accounts.