Mantle (Saffron) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05752770 (England and Wales)

Financial Statements

for the Year Ended 30 June 2019

for

MANTLE (SAFFRON) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J A Baker

Mr G E Baker

Mr M J Chandler

REGISTERED OFFICE:

The Priory Thremhall Park

Start Hill

Bishops Stortford

Hertfordshire

CM22 7WE

REGISTERED NUMBER:

05752770 (England and Wales)

ACCOUNTANTS:

Jeff Lermer & Associates

Chartered Accountants

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

FIXED ASSETS

Investment property

4

3,590,000

2,880,000

CURRENT ASSETS

Debtors

144,474

3,390

Cash at bank

176,940

221,389

321,414

224,779

CREDITORS

Amounts falling due within one year

284,172

244,597

NET CURRENT ASSETS/(LIABILITIES)

37,242

(19,818

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,627,242

2,860,182

CREDITORS

Amounts falling due after more than one year

(1,563,768

)

(1,598,914

)

PROVISIONS FOR LIABILITIES

6

(268,430

)

(134,139

)

NET ASSETS

1,795,044

1,127,129

CAPITAL AND RESERVES

Called up share capital

7

200

200

Other reserves

1,546,570

970,862

Retained earnings

248,274

156,067

SHAREHOLDERS' FUNDS

1,795,044

1,127,129

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 March 2020 and were signed on its behalf by:

Mr G E Baker - Director

1.	STATUTORY INFORMATION

Mantle (Saffron) Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit

arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

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 year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 3 ).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2018

2,880,000

Revaluations

710,000

At 30 June 2019

3,590,000

NET BOOK VALUE

At 30 June 2019

3,590,000

At 30 June 2018

2,880,000

Fair value at 30 June 2019 is represented by:

£

Valuation in 2018

1,105,000

Valuation in 2019

710,000

Cost

1,775,000

3,590,000

5.

LOANS

An analysis of the maturity of loans is given below:

30.6.19

30.6.18

£

£

Amounts falling due within one year or on demand:

Bank loans

34,262

33,188

Amounts falling due between one and two years:

Bank loans - 1-2 years

1,563,768

1,598,914

The bank loans are secured as follows:

A first legal charge dated 28 February 2014 over the company's investment property and

adjoining land known as Saffron Ground, Ditchmore Lane, Stevenage, Hertfordshire; and

A first fixed and floating charge dated 28 February 2014 over all the assets of the company;

and

An assignment of rents; and

A charge over a blocked cash deposit account for £400,000; and

A composite corporate guarantee from Mantle (Woodside) Limited for £1,761,500 plus

interest and costs; and

A composite corporate guarantee from Mantle (Chelmsford) Limited for £1,761,500 plus

interest and costs.

6.	PROVISIONS FOR LIABILITIES

30.6.19

30.6.18

£

£

Deferred tax

Other timing differences

268,430

134,139

Deferred

tax

£

Balance at 1 July 2018

134,139

Provided during year

134,291

Balance at 30 June 2019

268,430

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.19

30.6.18

value:

£

£

200

Ordinary

£1

200

200

8.	CONTINGENT LIABILITIES

A composite corporate guarantee of £2,288,000 plus interest and costs has been provided

as security for the bank loans of Mantle (Woodside) Limited.

A composite corporate guarantee of £1,868,750 plus interest and costs has been provided

as security for the bank loans of Mantle (Chelmsford) Limited.

9.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £150,000 (2018: £Nil) to Mantle (Woodside)

Ltd, a related party by virtue of the fact that they are under common control.