Mansion Property Management Limited 31/03/2022 iXBRL

Mansion Property Management Limited 31/03/2022 iXBRL

MANSION PROPERTY MANAGEMENT LIMITED - Company Information

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Company registration number: 06638836
Mansion Property Management Limited
Unaudited filleted financial statements
31 March 2022
Mansion Property Management Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Mansion Property Management Limited
Directors and other information
Director Mr Shankar Ramanathan
Company number 06638836
Registered office 1 Oakwood Square
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3SB
Business address 1 Oakwood Square
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3SB
Accountants Langers
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
Mansion Property Management Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Investments 6 15,000 15,000
_______ _______
15,000 15,000
Current assets
Stocks 56,366 56,366
Debtors 7 363,528 6,626,533
_______ _______
419,894 6,682,899
Creditors: amounts falling due
within one year 8 ( 390,272) ( 2,711,549)
_______ _______
Net current assets 29,622 3,971,350
_______ _______
Total assets less current liabilities 44,622 3,986,350
_______ _______
Net assets 44,622 3,986,350
_______ _______
Capital and reserves
Called up share capital 9 1 1
Profit and loss account 44,621 3,986,349
_______ _______
Shareholders funds 44,622 3,986,350
_______ _______
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 22 December 2022 , and are signed on behalf of the board by:
Mr Shankar Ramanathan
Director
Company registration number: 06638836
Mansion Property Management Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1 Oakwood Square, Cheadle Royal Business Park, Cheadle, Cheshire, SK8 3SB.
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 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.
Judgements and key sources of estimation uncertainty
The critical accounting estimates and judgements made by the company regarding the future or other key sources of estimation, uncertainty and judgement that may have a significant risk of giving rise to a material adjustment to the carrying values of assets and liabilities within the next financial year are:Recoverability of debtor balancesManagement assess the estimated recoverability of gross debtor balances and in doing so make provisions for any amounts which are deemed to be unrecoverable.
Turnover
Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of value added tax.Revenue includes management fee income. Management fees are recognised in the accounting year in which the services are rendered.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2021 and 31 March 2022 2,200 2,200
_______ _______
Depreciation
At 1 April 2021 and 31 March 2022 2,200 2,200
_______ _______
Carrying amount
At 31 March 2022 - -
_______ _______
At 31 March 2021 - -
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2021 and 31 March 2022 15,000 15,000
_______ _______
Impairment
At 1 April 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 15,000 15,000
_______ _______
At 31 March 2021 15,000 15,000
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 75,068 44,811
Amounts owed by group undertakings and undertakings in which the company has a participating interest 106,611 6,581,722
Other debtors 181,849 -
_______ _______
363,528 6,626,533
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 181,849 ( 105)
Amounts owed to group undertakings and undertakings in which the company has a participating interest 25,957 2,604,085
Corporation tax ( 15) ( 15)
Social security and other taxes 83,805 1,827
Other creditors 98,676 105,757
_______ _______
390,272 2,711,549
_______ _______
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
9. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
10. Related party transactions
The company has taken advantage of the exemption under FRS 102 section 33 not to disclose transactions with other entities that fall within the group of companies owned 100% by the ultimate holding company. There have been no other related party transactions.
11. Controlling party
The company's ultimate parent undertaking is TMGH Limited, a company incorporated in the United Kingdom and registered in England and Wales.TMGH Limited is controlled by Eugene McTaggart and Shankar Ramanathan based on their majority shareholding.