Mentor Properties Limited Filleted accounts for Companies House (small and micro)

MENTOR PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03467068

MENTOR PROPERTIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2019

MENTOR PROPERTIES LIMITED

BALANCE SHEET

31 December 2019

	2019		2018
Note	£	£	£

CURRENT ASSETS

Stocks		–	1,458,770
Debtors	4	366,219	5,758
Cash at bank and in hand		543,805	10,658
		----------	-------------
		910,024	1,475,186

CREDITORS: amounts falling due within one year	5	( 239,180)		( 19,696)
		----------		-------------
NET CURRENT ASSETS			670,844	1,455,490
			----------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			670,844	1,455,490

CREDITORS: amounts falling due after more than one year	6	( 1,641,008)	( 1,966,549)
		-------------	-------------
NET LIABILITIES		( 970,164)	( 511,059)
		-------------	-------------

CAPITAL AND RESERVES

Called up share capital	3	3
Profit and loss account	( 970,167)	( 511,062)
	----------	----------
SHAREHOLDERS DEFICIT	( 970,164)	( 511,059)
	----------	----------

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 profit and loss account has not been delivered.

For the year ending 31 December 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 .

MENTOR PROPERTIES LIMITED

BALANCE SHEET (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 25 June 2021 , and are signed on behalf of the board by:

„„„„„„„„„„

MR BENJAMIN SCHIMMEL

DIRECTOR

Company registration number: 03467068

MENTOR PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 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 121 Princes Park Avenue, NW110JS, London.

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 are prepared in sterling as has been the case since historically. The functional currency of the entity is New Israeli Shekels.

Going concern

The outbreak of the Covid19 pandemic throughout 2019 and 2020 has resulted in a downturn in the business operations. The pandemic has had a negative impact on the UK economy as a whole, including on the company's revenue and operations. Uncertainty surrounding Brexit and the associated potential financial costs may also have a negative impact. These risks are beyond the control of the company and represent uncertainty to the revenue and cash flow of the company for the foreseeable future. Notwithstanding the uncertainty, the financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the available sources of finance.

Judgements and key sources of estimation uncertainty

There are no judgements, estimates and assumptions that affect the amounts reported.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.

Taxation

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Acquisitions and disposals of properties

Acquisitions and Disposals are considered to have taken place at the date of legal completion and are included in the Financial Statements accordingly.

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.

4. DEBTORS

	2019	2018
	£	£
Other debtors	366,219	5,758
	----------	-------

5. CREDITORS: amounts falling due within one year

	2019	2018
	£	£
Corporation tax	116	115
Social security and other taxes	5,409	–
Other creditors	233,655	19,581
	----------	---------
	239,180	19,696
	----------	---------

6. CREDITORS: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	1,641,008	1,966,549
	-------------	-------------

Other creditors relate to long term loans from other companies. These loans are fully linked to the US Dollar except for the amount due to UKI Limited, which is linked to the Great British Pound. These loans are from Companies in which the Director has a beneficial interest and are as follows:-

Boundstream Limited	90,692	94,440
Farmwood Investments Limited	184,463	192,086
UKI Limited	1,365,853	1,680,023
	-------------	-------------
	1,641,008	1,966,549
	-------------	-------------

7. EVENTS AFTER THE END OF THE REPORTING PERIOD

Since 31 December 2019, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Governments and central banks have responded with monetary and fiscal interventions to stabilise economic conditions. The Company has determined that these events (also mentioned in notes 3 & 5) are non-adjusting subsequent events. Accordingly, the financial position and results of operations at and for the year ended 31 December 2019 have not been adjusted to reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

8. FOREIGN EXCHANGE RATE

The rate of exchange between Sterling and the Israeli Shekel at Balance Sheet date was 4.79 Shekels/£ (2017: 4.69 Shekels/£).

The rate of exchange between US Dollar and the Israeli Shekel at Balance Sheet date was 3.47 Shekels/$ (2017: 3.48 Shekels/$).

9. GOING CONCERN

The Financial Statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continued financial support from the company's long term loan creditors (see note 6 above). The Director is of the opinion that such support will be forthcoming.