Company Registration No. 06329645 (England and Wales)
MANDORA INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
MANDORA INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr P Ferstendik
Mrs I. Dyan
Company number
06329645
Registered office
2nd Floor
145-157 St John Street
London
EC1V 4PY
Accountants
Westbury
2nd Floor
145-157 St John Street
London
EC1V 4PY
MANDORA INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MANDORA INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
1,058,928
Investments
3
98,000
-
98,000
1,058,928
Current assets
Debtors
4
1,205,037
712,766
Cash at bank and in hand
399,673
21,158
1,604,710
733,924
Creditors: amounts falling due within one year
5
(19,145)
(25,381)
Net current assets
1,585,565
708,543
Total assets less current liabilities
1,683,565
1,767,471
Capital and reserves
Called up share capital
6
299
299
Other reserves
1,057,928
1,057,928
Profit and loss reserves
625,338
709,244
Total equity
1,683,565
1,767,471
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2017 and are signed on its behalf by:
Mr P Ferstendik
Director
Company Registration No. 06329645
MANDORA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 2 -
1
Accounting policies
Company information
Mandora Investments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2nd Floor, 145-157 St John Street, London, EC1V 4PY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Mandora Investments Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents
rent receivable during the year
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Land and buildings Leasehold
Nil
1.4
Fixed asset investments
Fixed asset investments
are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity
;
such gains and loss are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
MANDORA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
MANDORA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
2
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2016
1,058,928
Disposals
(1,058,928)
At 31 December 2016
-
Depreciation and impairment
At 1 January 2016 and 31 December 2016
-
Carrying amount
At 31 December 2016
-
At 31 December 2015
1,058,928
3
Fixed asset investments
2016
2015
£
£
Investments
98,000
-
MANDORA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2016
-
Additions
98,000
At 31 December 2016
98,000
Carrying amount
At 31 December 2016
98,000
At 31 December 2015
-
4
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
-
4,425
Other debtors
1,205,037
708,341
1,205,037
712,766
5
Creditors: amounts falling due within one year
2016
2015
£
£
Corporation tax
17,237
4,693
Other creditors
1,908
20,688
19,145
25,381
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
2,400 Ordinary Shares of 8.3333p each
200
200
612 Ordinary A-Shares of 8.3333p each
51
51
576 Ordinary B-Shares of 8.3333p each
48
48
299
299
MANDORA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 6 -
7
Related party transactions
At the year end the company was owed the following amounts by the following companies also under the control of the director:
Mandora Limited £701,759
Mandora Investments Limited £503,223