MARS REAL ESTATE LIMITED Company accounts

MARS REAL ESTATE LIMITED Company accounts

MARS REAL ESTATE LIMITED - Company Information

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0 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 94,289 92,507 1,459,000 1,459,000 1,459,000 xbrli:pure xbrli:shares iso4217:GBP 05718040 2022-01-01 2022-12-31 05718040 2022-12-31 05718040 2021-01-01 2021-12-31 05718040 2021-12-31 05718040 bus:RegisteredOffice 2022-01-01 2022-12-31 05718040 bus:Director1 2022-01-01 2022-12-31 05718040 core:WithinOneYear 2022-12-31 05718040 core:WithinOneYear 2021-12-31 05718040 core:AfterOneYear 2022-12-31 05718040 core:AfterOneYear 2021-12-31 05718040 core:RetainedEarningsAccumulatedLosses 2021-12-31 05718040 core:RetainedEarningsAccumulatedLosses 2020-12-31 05718040 core:RetainedEarningsAccumulatedLosses 2022-12-31 05718040 core:RetainedEarningsAccumulatedLosses 2021-12-31 05718040 core:ShareCapital 2022-12-31 05718040 core:ShareCapital 2021-12-31 05718040 core:OtherReservesSubtotal 2022-12-31 05718040 core:OtherReservesSubtotal 2021-12-31 05718040 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 05718040 core:Non-currentFinancialInstruments 2022-12-31 05718040 core:Non-currentFinancialInstruments 2021-12-31 05718040 bus:SmallEntities 2022-01-01 2022-12-31 05718040 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 05718040 bus:FullAccounts 2022-01-01 2022-12-31 05718040 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 05718040 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05718040 core:AllUnconsolidatedStructuredEntities 2022-01-01 2022-12-31 05718040 core:UltimateParent 2021-01-01 2021-12-31 05718040 core:UltimateParent 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 05718040
MARS REAL ESTATE LIMITED
Unaudited Financial Statements
31 December 2022
MARS REAL ESTATE LIMITED
Financial Statements
Year ended 31 December 2022
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
MARS REAL ESTATE LIMITED
Director's Report
Year ended 31 December 2022
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2022 .
Director
The director who served the company during the year was as follows:
Ms Sonzini
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 September 2023 and signed on behalf of the board by:
Ms Sonzini
Director
Registered office:
Portman House 2 Portman Street
C/O Fidlaw Ltd
London
England
MARS REAL ESTATE LIMITED
Statement of Income and Retained Earnings
Year ended 31 December 2022
2022
2021
Note
£
£
Administrative expenses
94,289
92,507
--------
--------
Operating loss
( 94,289)
( 92,507)
--------
--------
Loss before taxation
( 94,289)
( 92,507)
Tax on loss
–
–
--------
--------
Loss for the financial year and total comprehensive income
( 94,289)
( 92,507)
--------
--------
Retained losses at the start of the year
( 3,680,714)
( 3,588,208)
------------
------------
Retained losses at the end of the year
( 3,775,003)
(3,680,715)
------------
------------
All the activities of the company are from continuing operations.
MARS REAL ESTATE LIMITED
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Investments
4
1,459,000
1,459,000
Creditors: amounts falling due within one year
5
2,899
3,600
-------
-------
Net current liabilities
2,899
3,600
------------
------------
Total assets less current liabilities
1,456,101
1,455,400
Creditors: amounts falling due after more than one year
6
2,970,825
2,875,836
------------
------------
Net liabilities
( 1,514,724)
( 1,420,436)
------------
------------
Capital and reserves
Called up share capital
2,250,000
2,250,000
Other reserves
10,279
10,279
Profit and loss account
( 3,775,003)
(3,680,715)
------------
------------
Shareholders deficit
( 1,514,724)
( 1,420,436)
------------
------------
These financial statements have been prepared 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'.
For the year ending 31 December 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 September 2023 , and are signed on behalf of the board by:
Ms Sonzini
Director
Company registration number: 05718040
MARS REAL ESTATE LIMITED
Notes to the Financial Statements
Year ended 31 December 2022
1.
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Portman House 2 Portman Street, C/O Fidlaw Ltd, London, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Other investments other than loans
£
Cost
At 1 January 2022 and 31 December 2022
1,459,000
------------
Impairment
At 1 January 2022 and 31 December 2022
–
------------
Carrying amount
At 31 December 2022
1,459,000
------------
At 31 December 2021
1,459,000
------------
5. Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
2,899
3,600
-------
-------
6. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
2,970,825
2,875,836
------------
------------
7. Ultimate parent undertaking and controlling party
The company's immediate and ultimate parent undertaking is T.P.E. Trading Per L'Energia SpA. T.P.E. Trading Per L'Energia SpA was incorporated in (Please enter country of incorporation). Copies of the group accounts may be obtained from the secretary, Addressed in Italy. The ultimate controlling party is T.P.E. Trading Per L'Energia SpA who controls 100% of the shares of MARS REAL ESTATE LIMITED .
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2022
2021
£
£
Related party 1 name or description - desc in a/c
2,535,092
2,449,535
------------
------------
During the year the company entered into the following transactions with related parties: €2,535,092 (2021: €2,449,535) included within other creditors falling due after more than one year due to ICD-Inter Commercial Dialogue Ltd, a company under the control of European Business Trust, registered in Nevis. This amount has been guaranteed against the ownership of the subsidiary La Vedetta S.r.l, a company registered in Italy. During the year, interest of €85,728 (2021: €82,829) was due in respect of the loan from ICD-Inter Commercial Dialogue Ltd.