Registered number:
09359071
SOLLAND 3M MAYFAIR LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 28 FEBRUARY 2021
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SOLLAND 3M MAYFAIR LIMITED
REGISTERED NUMBER:
09359071
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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SOLLAND 3M MAYFAIR LIMITED
REGISTERED NUMBER:
09359071
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
28 FEBRUARY 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
27 June 2022
.
The notes on pages 3 to 5 form part of these financial statements.
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SOLLAND 3M MAYFAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
Solland 3M Mayfair Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is at 124 Finchley Road, London NW3 5JS. The address of its principal place of business is 61 South Audley Street, Mayfair, London W1K 2QP.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
These financial statements are prepared on the going concern basis as the company continues to receive the financial support of its major creditors.
The company's functional and presentational currency is GBP.
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:
Sale of property
Income from the sale of property is recognised at the point of legal completion.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a historical cost basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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SOLLAND 3M MAYFAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
2.
Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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The average monthly number of employees, including directors, during the year was
2
(2020 -
2
)
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Amounts owed by joint ventures and associated undertakings
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SOLLAND 3M MAYFAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
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Creditors: Amounts falling due within one year
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Related party transactions
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The company has provided interest free, unsecured finance amounting to £1,012,082 (2020: £1,012,082) to Solland UGS Limited and £25,688 (2020: £25,688) to 22 Upper Grosvenor Street Limited, both of which own 50% of the issued share capital of the company. These amounts are repayable on demand.
At the financial year end the company owed £2,823,953 (2020 £2,662,253) to a company related by virtue of common directors and shareholders. These amounts are repayable on demand.
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Post balance sheet events
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The legal action brought against its former advisors and agents in connection with funding arrangements in respect of its property transactions remains ongoing.
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