Mondale Estates Limited - Accounts to registrar (filleted) - small 18.2
Mondale Estates Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| MONDALE ESTATES LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| MONDALE ESTATES LIMITED (REGISTERED NUMBER: 03172158) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 7 |
| MONDALE ESTATES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| First Floor |
| 94 Stamford Hill |
| London |
| N16 6XS |
| MONDALE ESTATES LIMITED (REGISTERED NUMBER: 03172158) |
| BALANCE SHEET |
| 31 MARCH 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 13 |
| Retained earnings | 13 | 2,272,327 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| MONDALE ESTATES LIMITED (REGISTERED NUMBER: 03172158) |
| BALANCE SHEET - continued |
| 31 MARCH 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| MONDALE ESTATES LIMITED (REGISTERED NUMBER: 03172158) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 1. | STATUTORY INFORMATION |
| Mondale Estates Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on the historical cost basis, as modified to include investment properties measured at fair value through profit or loss. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. |
| Turnover |
| Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by rents and charges receivable in respect of the company's investment portfolio. Rental income is accounted for on an accruals basis. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Office equipment | - |
| Investment property |
| Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
| Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
| MONDALE ESTATES LIMITED (REGISTERED NUMBER: 03172158) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| 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 year 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. |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Office |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 6. | FIXED ASSET INVESTMENTS |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| MONDALE ESTATES LIMITED (REGISTERED NUMBER: 03172158) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2020 |
| Revaluations | 1,300,000 |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the company's director who has the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location. |
| The historical cost of investment properties at 31 March 2021 is £3,061,451. |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| as | restated |
| £ | £ |
| Trade debtors |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| as | restated |
| £ | £ |
| Bank loans and overdrafts |
| Taxation and social security |
| Other creditors |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| as | restated |
| £ | £ |
| Bank loans |
| MONDALE ESTATES LIMITED (REGISTERED NUMBER: 03172158) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| as | restated |
| £ | £ |
| Bank loans |
| The bank loans are secured by legal charges over certain of the company's investment properties. |
| 12. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| as | restated |
| £ | £ |
| Deferred tax | 744,004 | 312,877 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2020 |
| Provided during year |
| Balance at 31 March 2021 |
| Deferred tax arises from accelerated capital allowances and the revaluation of investment properties. |
| 13. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 April 2020 | 4,718,168 |
| Prior year adjustment |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Gains/(Losses) on fair value adjustment |
(1,300,000 |
) |
1,300,000 |
- |
| Transfer deferred tax from retained earnings |
431,286 |
(431,286 |
) |
- |
| At 31 March 2021 | 5,672,320 |
| 14. | RELATED PARTY DISCLOSURES |
| Other creditors include amounts aggregating £631,991 (2020: £631,991) due to related companies under common control. |