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Financial Statements for the Year Ended 31 December 2021 |
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MOWGLI MENTORING LTD |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2021 |
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for |
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MOWGLI MENTORING LTD |
MOWGLI MENTORING LTD (REGISTERED NUMBER: 11740125) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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MOWGLI MENTORING LTD |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTORS: |
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SECRETARY: |
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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 |
69-71 East Street |
Epsom |
Surrey |
KT17 1BP |
MOWGLI MENTORING LTD (REGISTERED NUMBER: 11740125) |
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Balance Sheet |
31 December 2021 |
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31.12.21 | 31.12.20 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | (18,735 | ) | (98,188 | ) |
SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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MOWGLI MENTORING LTD (REGISTERED NUMBER: 11740125) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Mowgli Mentoring Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. |
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The company recognises revenue when: |
The amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
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Other grants |
The company engages with grant making organisations to implement funded projects. FRS102 would expect that non-government grants that do not impose specified future performance-related conditions should be recognised in income when the resources are received or receivable. However, the substance of the agreements is more accurately described as an engagement of services and therefore the accounting policy is to recognised the income over the length of the project funded or the service being provided. That is, when there is entitlement to the income, the amount can be measured reliably and it is probable that economic benefits will flow to the entity. |
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Funds received as the lead partner in a project, through grant funding or contract funding, on behalf of a partner or contractor is only recognised as income once reciprocal expenditure is recognised from the partner claiming their allotment; or if entitlement is otherwise obtained to the funds. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
MOWGLI MENTORING LTD (REGISTERED NUMBER: 11740125) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Going concern |
The Board of Directors consider that there are no material uncertainties affecting the going concern of the company and the financial statements have been prepared on the going concern basis. To assess the going concern status of Mowgli Mentoring Limited, the board have considered the twelve months of operation following the signing date of the accounts including the ongoing potential impact of Covid-19 on the company's activities, the wider economy, and the previous year transfer of the trade and activity from The Mowgli Foundation (Charity no. 06587752) to the company. |
The Directors consider that the ongoing support of Directors loans and encouraging cash flows in-year and post-year profits and cash flows, support this opinion. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
as | restated |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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MOWGLI MENTORING LTD (REGISTERED NUMBER: 11740125) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
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Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
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Trade debtors are recongnised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
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6. | CASH AT BANK |
31.12.21 | 31.12.20 |
as | restated |
£ | £ |
USD accounts | 11,026 | 16,051 |
Euro account | 163,419 | 206,296 |
Sterling account | 68,047 | 217,409 |
Kenya bank account | 18,414 | 6,039 |
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Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
as | restated |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from supplies. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
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Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
MOWGLI MENTORING LTD (REGISTERED NUMBER: 11740125) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.21 | 31.12.20 |
as | restated |
£ | £ |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
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9. | LOANS |
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Creditors include interest free loans from Directors of £250,000 (2020 - £250,000). It is the Directors' intention to convert £250,000 of the loan to equity in a future period. |
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10. | BORROWINGS |
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Interest-bearing borrowing are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. |
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Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
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Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
value: |
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restated |
£ | £ |
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Ordinary | £1 | 100 | 100 |
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Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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MOWGLI MENTORING LTD (REGISTERED NUMBER: 11740125) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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13. | RELATED PARTY DISCLOSURES |
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During the year ended 31st December 2021, one of the Directors has a 100% shareholding in a company registered in the British Virgin Islands. There was a nil balance as at 31st December 2021 (2020 - £140,000). |
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Mowgli Foundation was fully incorporated in to the company in the year and the final costs of this are shown as exceptional costs. |