ACCOUNTS - Final Accounts

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Mantis UK Limited

Registered number: 03488630

Information for filing with the Registrar

For the year ended 31 December 2021

03488630

31 December 2021

MANTIS UK LIMITED

REGISTERED NUMBER: 03488630

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	1,660,842		1,664,695
Cash at bank and in hand		5,344		6,904
		1,666,186		1,671,599
Creditors: amounts falling due within one year	5	(1,744,619)		(1,720,857)
Net current liabilities			(78,433)		(49,258)
Total assets less current liabilities			(78,433)		(49,258)

Net liabilities			(78,433)		(49,258)

Capital and reserves
Called up share capital		200	200
Share premium account	6	99,800	99,800
Profit and loss account	6	(178,433)	(149,258)
		(78,433)	(49,258)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 August 2022.

J.E. Perelman

Director

The notes on pages 2 to 5 form part of these financial statements.

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03488630

31 December 2021

MANTIS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

Mantis UK Limited (''the Company''), Company number 03488630, is a private Company, limited by shares, registered in England and Wales and incorporated in the United Kingdom. The address of its registered office is One St Peter's Square, Manchester, M2 3DE.
In 2018 the Company ceased to trade.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Going concern

The Company is not currently trading with no revenue generating activities. Transactions in the short term are expected to be administrative costs incurred to maintain the Company. The Company is not expected to resume trading, therefore these financial statements have been prepared on a basis other than that of a going concern. Group support exists to ensure that liabilities will be met as they fall due.

2.3

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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03488630

31 December 2021

MANTIS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2021	2020
	No.	No.

Directors	3	3

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03488630

31 December 2021

MANTIS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Debtors

					2021	2020
					£	£


Amounts owed by group undertakings	1,660,842	1,664,695

Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Amounts owed to group undertakings	1,733,884	1,720,857
Accruals	10,735	-

Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit & loss account

This represents the cumulative profits and losses recognised by the Company.

7.	Post balance sheet events

On 24 February 2022 Russian Forces entered Ukraine, resulting in Western Nation reactions including announcements of sanctions against Russia and Russian interests worldwide and an economic ripple effect on the global economy. The Directors have carried out an assessment of the potential impact of Russian Forces entering Ukraine on the business, including the impact of mitigation measures and uncertainties, and have concluded that this is a non-adjusting post balance sheet event with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.

8.	Controlling party

At 31 December 2021, the Company's ultimate parent undertaking was JEP Europe Inc, registered in the USA. The ultimate controlling party is J. E. Perelman.
The financial statements of the Company are included within the consolidated accounts of JEP Europe Inc, which are publicly available from 101 Cherry Lane, Wynnewood, PA 19096, United States.

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03488630

31 December 2021

MANTIS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

9.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2021 was unqualified although did contain an other matter with reference to the financial statements being prepared on a basis other than that of a going concern as set out within note 2.2.

The audit report was signed on 24 August 2022 by Neil Barton (Senior Statutory Auditor) on behalf of Mazars LLP.

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