Mentfield Logistics (UK) Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 12878738 (England and Wales)

Audited Financial Statements

for the Period

14 September 2020 to 31 December 2021

for

Mentfield Logistics (UK) Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

25,324

CURRENT ASSETS

Debtors

5

339,421

Cash at bank

13,740

353,161

CREDITORS

Amounts falling due within one year

6

(592,919

)

NET CURRENT LIABILITIES

(239,758

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(214,434

)

CAPITAL AND RESERVES

Called up share capital

40

Retained earnings

(214,474

)

SHAREHOLDERS' FUNDS

(214,434

)

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 Board of Directors and authorised for issue on 6 November 2022 and were signed on its behalf by:

Mr A Shalev - Director

1.	STATUTORY INFORMATION

Mentfield Logistics (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 12878738. The registered office is Solar House - PF 915 High Road, North Finchley, London, England, N12 8QJ.

The presentation currency of the financial statements is pound sterling (£) and the level of rounding is the nearest £1.

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.

Going Concern

The directors have received written confirmation that the holding company Mentfield (1983) Ltd will provide unconditional financial support to Mentfield Logistics (UK) Ltd for at least one year after these financial statements are signed. The company therefore continues to adopt the going concern basis in preparing its financial statement.

Revenue recognition

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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated

useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings : 20% on cost

Computer equipment : 20% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

Taxation

Taxation for the period 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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions.

Creditors

Basic financial liabilities, including trade and other creditors, loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment..

Financial instruments

The company has entered into basic financial instruments and transaction that result in the recognition of financial assets and liabilities like other debtors, creditors and loans to related parties.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

Additions

20,367

12,688

33,055

At 31 December 2021

20,367

12,688

33,055

DEPRECIATION

Charge for period

4,754

2,977

7,731

At 31 December 2021

4,754

2,977

7,731

NET BOOK VALUE

At 31 December 2021

15,613

9,711

25,324

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

224,827

Other debtors

60,739

VAT

23,209

Prepayments

30,646

339,421

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

158,947

Amounts owed to participating interests

327,411

Social security and other taxes

3,660

Other creditors

4,323

Net Wages

(16

)

Accrued expenses

98,594

592,919

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Faustino Franco (Senior Statutory Auditor)

for and on behalf of Perlin Franco

8.	RELATED PARTY DISCLOSURES

At the year-end Mentfield Logistics (UK) Ltd owed Mentfield (1983) Ltd £399,047.

At the year-end Mentfield (1983) Ltd owed Mentfield Logistics (UK) Ltd £39,211

Mentfield (1983) Ltd holds 92.5% of the Ordinary Shares in Mentfield Logistics (UK)

Mentfield (1983) Ltd charged management fees of £71,600 to the UK company.

O Izhari is both Director in Mentfield Logistics (UK) Ltd and Mentfield Logistics (UK) Ltd

9.	ULTIMATE CONTROLLING PARTY

Mentfield (1983) Ltd (incorporated in Israel) is regarded by the directors as being the company's ultimate parent company.

The address from which copies of the consolidated accounts may be obtained from 11 Hapardes street , Azor, Israel.