Mentfield Logistics (UK) Ltd - Accounts to registrar (filleted) - small 23.2.5
Mentfield Logistics (UK) Ltd - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Year Ended 31 December 2022 |
| for |
| Mentfield Logistics (UK) Ltd |
| Mentfield Logistics (UK) Ltd (Registered number: 12878738) |
| Contents of the Financial Statements |
| for the Year Ended 31 DECEMBER 2022 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| Mentfield Logistics (UK) Ltd (Registered number: 12878738) |
| Balance Sheet |
| 31 DECEMBER 2022 |
| 31.12.22 | 31.12.21 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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 |
| Mentfield Logistics (UK) Ltd (Registered number: 12878738) |
| Notes to the Financial Statements |
| for the Year Ended 31 DECEMBER 2022 |
| 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 financial statements disclose all matters of which we are aware that are relevant to the ability of the Company to continue as a going concern, including all significant conditions and events, mitigating factors and plans of the Company. The Company also has the intent and ability to take actions necessary to continue as a going concern, and has obtained a letter of support from Mentfield (1983) Ltd (the Parent Company) which provides support for meeting our liabilities as and when they fall due, but only to the extent that money is not otherwise available to meet such liabilities. This support will take the form of cash injection or parent company guarantees where appropriate and the support has been provided for a minimum period of 12 months from the date of signing of the financial statements. |
| As a result of the review and the support from its parent, the director is confident the Company has sufficient resources to continue as a going concern for at least 12 months from the date of signing these financial statements and on this basis, they consider that it is appropriate to prepare the financial statements on the going concern. |
| 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. |
| Mentfield Logistics (UK) Ltd (Registered number: 12878738) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 DECEMBER 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year 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 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. |
| 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. |
| Trade and other 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. |
| Trade and other 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 year was |
| Mentfield Logistics (UK) Ltd (Registered number: 12878738) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 DECEMBER 2022 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2022 |
| Additions |
| At 31 December 2022 |
| DEPRECIATION |
| At 1 January 2022 |
| Charge for year |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Trade creditors |
| Amounts owed to participating interests | 931,747 | 327,411 |
| Taxation and social security |
| Other creditors |
| 7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the year ended 31 December 2022 and the period ended 31 December 2021: |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Mentfield Logistics (UK) Ltd (Registered number: 12878738) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 DECEMBER 2022 |
| 9. | RELATED PARTY DISCLOSURES |
| At the year-end Mentfield Logistics (UK) Ltd owed Mentfield (1983) Ltd £931,747 (2021: £327,447). |
| At the year-end Mentfield Logistics (UK) Ltd owed Mentfield (1983) Ltd £97,385 (2021: Mentfield (1983) Ltd owed Mentfield Logistics Ltd £4,286). |
| At the year-end Ship2U Ltd owed Mentfield Logistics (UK) Ltd £34,446 (2021:£34,926). |
| At the year-end Mentfield Logistics (UK) Ltd owed Mentfield (1983) Ltd £7,619 (2021: £ Nil). |
| Mentfield (1983) Ltd holds 87% of the Ordinary Shares in Mentfield Logistics (UK) Ltd. |
| Mentfield (1983) Ltd charged management fees of £266,986 (2021: £71,600) to Mentfield Logistics(UK) Ltd. |
| Mr O Izhari is both Director in Mentfield (1983) Ltd and Mentfield Logistics (UK) Ltd. |
| 10. | 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. |