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 2021

Mendoza Estates Limited

Balance Sheet

31 October 2021

	2021		2020
Note	£	£	£

Fixed assets

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

Current assets

Work in progress	5	30,013	–
Debtors	6	1,308	4,546
Cash at bank and in hand		102,528	17,581
		---------	--------
		133,849	22,127

Creditors: amounts falling due within one year	7	29,151		28,279
		---------		--------
Net current assets/(liabilities)			104,698	( 6,152)
			------------	------------
Total assets less current liabilities			1,354,698	1,243,848

Creditors: amounts falling due after more than one year	8		797,000	737,000

Provisions

Taxation including deferred tax	9	18,460	18,460
		------------	------------
Net assets		539,238	488,388
		------------	------------

Capital and reserves

Called up share capital		1,100	1,100
Profit and loss account	11	538,138	487,288
		---------	---------
Shareholders funds		539,238	488,388
		---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 October 2021 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 .

Mendoza Estates Limited

Balance Sheet (continued)

31 October 2021

These financial statements were approved by the board of directors and authorised for issue on 15 July 2022 , 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 2021

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 is provided in respect of investment properties.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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 balance sheet 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

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 2020 and 31 October 2021	1,250,000
	------------
Impairment
At 1 November 2020 and 31 October 2021	–
	------------

Carrying amount
At 31 October 2021	1,250,000
	------------
At 31 October 2020	1,250,000
	------------

The valuation of the company's investment property was carried out at the reporting date by the directors on an open market basis. The directors are of the opinion that carrying value is the same as the open market value and no adjustment is required. No 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 (2020: £1,062,473).

5. Work in progress

	2021	2020
	£	£
Work in progress	30,013	–
	--------	----

6. Debtors

	2021	2020
	£	£
Other debtors	1,308	4,546
	-------	-------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	11,928	11,877
Social security and other taxes	3,978	3,187
Other creditors	13,245	13,215
	--------	--------
	29,151	28,279
	--------	--------

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

	2021	2020
	£	£
Other loans	115,000	–
Other creditors	682,000	737,000
	---------	---------
	797,000	737,000
	---------	---------

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

9. Provisions

	Deferred tax (note 10)
	£
At 1 November 2020 and 31 October 2021	18,460
	--------

10. Deferred tax

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

	2021	2020
	£	£
Included in provisions (note 9)	18,460	18,460
	--------	--------

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

	2021	2020
	£	£
Fair value adjustment of investment property	18,460	18,460
	--------	--------

11. Profit and loss account

	2021	2020
	£	£
Distributable reserves	369,071	318,221
Fair value gains on investment properties	169,067	169,067
	---------	---------
	538,138	487,288
	---------	---------