Manbet Estates Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10913422 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2020

for

Manbet Estates Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

I Reich

REGISTERED OFFICE:

88A OSBALDESTON ROAD

LONDON

N16 6NL

REGISTERED NUMBER:

10913422 (England and Wales)

FIXED ASSETS

Investments

4

1

1

Investment property

5

558,017

500,000

558,018

500,001

CURRENT ASSETS

Debtors

6

29,163

29,263

Cash at bank

481

17

29,644

29,280

CREDITORS

Amounts falling due within one year

7

389,255

329,256

NET CURRENT LIABILITIES

(359,611

)

(299,976

)

TOTAL ASSETS LESS CURRENT LIABILITIES

198,407

200,025

PROVISIONS FOR LIABILITIES

8

45,565

45,565

NET ASSETS

152,842

154,460

CAPITAL AND RESERVES

Called up share capital

9

1

1

Fair value reserve

10

239,816

239,816

Retained earnings

10

(86,975

)

(85,357

)

SHAREHOLDERS' FUNDS

152,842

154,460

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 May 2021 and were signed by:

I Reich - Director

1.	STATUTORY INFORMATION

Manbet Estates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Preparation of consolidated financial statements

The financial statements contain information about Manbet Estates Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Financial instruments

Initial recognition of financial assets and liabilities.

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Initial measurement

When a financial asset or liability is recognised initially, the company shall measure it at the transaction price including transaction costs except in the initial measurement of financial assets and liabilities that are measured at fair value through profit or loss unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financial transaction, the company shall measure the financial asset or financial liability at the present value of the future payments discounted at the market rate of interest for a similar debt instrument.

Subsequent measurement

At the end of each reporting period, the company shall measure financial instruments without any deduction for transaction costs the company may incur on sale or other disposal. Debt instruments shall be measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year shall be measured at the undiscounted amount of the cash or other consideration expected to be paid or received unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financing transaction, the company shall measure the debt instrument at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial instruments

Impairment of financial instruments measured at cost or amortised cost. At the end of of each reporting period, the company shall assess whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost.If there is objective evidence of impairment, the company shall recognise an impairment loss in profit or loss immediately.

Derecognition of a financial asset

The company shall derecognise a financial asset only when the contractual rights to the cash flows from the financial asset expire or are settled, or the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company shall derecognise the asset and recognise separately any rights and obligations retained or created in the transfer.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 1 (2019 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 September 2019

and 31 August 2020

1

NET BOOK VALUE

At 31 August 2020

1

At 31 August 2019

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Manbet Ltd

Registered office: 16E Manor Road, London, England

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary

100.00

31.3.20

31.3.19

£

£

Aggregate capital and reserves

(10,995

)

8,362

(Loss)/profit for the year

(19,358

)

8,361

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2019

500,000

Additions

58,017

At 31 August 2020

558,017

NET BOOK VALUE

At 31 August 2020

558,017

At 31 August 2019

500,000

Fair value at 31 August 2020 is represented by:

£

Valuation in 2020

239,816

Cost

318,201

558,017

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Amounts owed by group undertakings

29,163

29,263

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade creditors

-

1

Amounts owed to participating interests

388,755

328,755

Accrued expenses

500

500

389,255

329,256

8.	PROVISIONS FOR LIABILITIES

31.8.20

31.8.19

£

£

Deferred tax

45,565

45,565

Deferred

tax

£

Balance at 1 September 2019

45,565

Balance at 31 August 2020

45,565

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.20

31.8.19

value:

£

£

1

Ordinary

£1

1

1

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 September 2019

(85,357

)

239,816

154,459

Deficit for the year

(1,618

)

(1,618

)

At 31 August 2020

(86,975

)

239,816

152,841