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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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FOR |
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MOSAIC (TWICKENHAM) LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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FOR |
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MOSAIC (TWICKENHAM) LIMITED |
MOSAIC (TWICKENHAM) LIMITED (REGISTERED NUMBER: 11473688) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Statement of Comprehensive Income | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Notes to the Financial Statements | 9 |
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MOSAIC (TWICKENHAM) LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
MOSAIC (TWICKENHAM) LIMITED (REGISTERED NUMBER: 11473688) |
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REPORT OF THE DIRECTORS |
FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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The directors present their report with the financial statements of the company for the period 20 July 2018 to 31 March 2019. |
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INCORPORATION |
The company was incorporated on 19 July 2018 and commenced trading on 1 January 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of property investment and the receiving of |
investment income. |
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DIVIDENDS |
No dividends will be distributed for the period ended 31 March 2019. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 20 July 2018 to the date of this report. |
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Both the directors, being eligible, offer themselves for election at the forthcoming first Annual General Meeting. |
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DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve |
the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company |
and of the profit or loss of the company for that period. In preparing these financial statements, the directors are |
required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to |
have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that |
the company's auditors are aware of that information. |
MOSAIC (TWICKENHAM) LIMITED (REGISTERED NUMBER: 11473688) |
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REPORT OF THE DIRECTORS |
FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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AUDITORS |
The auditors, Lewis Brownlee (Chichester) Limited, will be proposed for re-appointment at the forthcoming Annual |
General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOSAIC (TWICKENHAM) LIMITED |
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Opinion |
We have audited the financial statements of Mosaic (Twickenham) Limited (the 'company') for the period ended |
31 March 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity |
and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting |
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, |
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its loss for the period then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial |
statements section of our report. We are independent of the company in accordance with the ethical requirements that |
are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled |
our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have |
obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of |
the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Report of the Directors for the financial year for which the financial statements are
prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOSAIC (TWICKENHAM) LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for |
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the directors determine necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants |
Statutory Auditors |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
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MOSAIC (TWICKENHAM) LIMITED (REGISTERED NUMBER: 11473688) |
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STATEMENT OF COMPREHENSIVE INCOME |
FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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Notes | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING LOSS | 4 | ( |
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Gain/loss on revaluation of investment
property |
(17,561 |
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(19,759 | ) |
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Interest payable and similar expenses | 5 |
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LOSS BEFORE TAXATION | ( |
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Tax on loss | 6 |
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LOSS FOR THE FINANCIAL PERIOD | ( |
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OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD |
( |
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MOSAIC (TWICKENHAM) LIMITED (REGISTERED NUMBER: 11473688) |
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BALANCE SHEET |
31 MARCH 2019 |
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Notes | £ | £ |
FIXED ASSETS |
Investment property | 7 |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved by the Board of Directors on
by: |
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MOSAIC (TWICKENHAM) LIMITED (REGISTERED NUMBER: 11473688) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Changes in equity |
Issue of share capital |
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Total comprehensive income | - | ( |
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Balance at 31 March 2019 |
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( |
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MOSAIC (TWICKENHAM) LIMITED (REGISTERED NUMBER: 11473688) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Mosaic (Twickenham) Ltd is a private company, limited by shares, registered in England and Wales. The |
company's registered number is 11473688 and its registered office is Ridge Court, The Ridge, Epsom, Surrey, |
KT18 7EP. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, |
as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
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the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f),
11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c). |
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Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates |
and assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is revised if the revision affects only that period, or in the |
period of the revision and future periods if the revision affects both current and future periods. |
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The key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial |
statements is the valuation of investment property. Investment property is stated at fair value based on the |
valuation performed by an independent professional valuer with recent experience in the location and category of |
property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, |
location or condition of the specific asset. |
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Revenue |
Revenue represents income received from the company's property investments. |
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Investment property |
In accordance with FRS 102 Section 16, properties held for long-term investment are included in the Balance |
Sheet at fair value. The surpluses or deficits on such properties are recognised on the Income Statement. |
Depreciation is not provided in respect of such freehold investment properties. |
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Financial instruments |
Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 |
Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The |
company has no advanced financial instruments. |
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MOSAIC (TWICKENHAM) LIMITED (REGISTERED NUMBER: 11473688) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. 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 |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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 period end and that are expected to apply to the reversal of |
the timing difference. |
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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. |
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Going concern |
The financial statements have been prepared on the basis that the company is a going concern. The company's |
ability to continue as a going concern is dependent upon the support provided by the parent undertaking. The |
director has received assurances that no repayment of the loan provided by the parent undertaking will be |
requested for at least the next twelve months from the date of approval of these financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the period ended 31 March 2019. |
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The average number of employees and directors during the year was 2. |
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£ |
Directors' remuneration |
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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£ |
Auditors' remuneration |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
£ |
Interest payable on loans from group
undertakings |
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6. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the period. |
MOSAIC (TWICKENHAM) LIMITED (REGISTERED NUMBER: 11473688) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
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Revaluations | (17,561 | ) |
At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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The investment property was valued by GL Hearn on 10 May 2019 at £300,000. It is the opinion of the directors |
that the value of the investment property did not change between balance sheet date and the date of the |
valuation. This is their opinion of Market Value in accordance with the RICS Red Book Valuation definitions. The |
historical cost of the property is £317,561. |
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No tax liability would fall due if the property had been sold at the year end. |
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Fair value at 31 March 2019 is represented by: |
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£ |
Valuation in 2019 | (17,561 | ) |
Cost | 317,561 |
300,000 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
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Accruals and deferred income |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Amounts owed to group undertakings |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
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Ordinary | £1 | 1 |
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The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to |
one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's |
residual assets. |
MOSAIC (TWICKENHAM) LIMITED (REGISTERED NUMBER: 11473688) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 20 JULY 2018 TO 31 MARCH 2019 |
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11. | RESERVES |
Retained |
earnings |
£ |
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Deficit for the period | ( |
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At 31 March 2019 | ( |
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12. | CONTINGENT LIABILITIES |
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The shares of the company and the property held by the company are charged as security for the bank |
borrowings of the parent undertaking. |
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13. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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14. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is the board of directors of Somers Isles Private Trust Company Ltd. |
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The ultimate parent undertaking is Prime Life Common Fund Ltd, a company domiciled in Bermuda. |
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The immediate parent undertaking is Mosaic Estates Ltd, a company registered in England and Wales, which |
prepares group financial statements. Copies can be obtained from Ridge Court, The Ridge, Epsom, Surrey, KT18 |
7EP. |