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Registered number: 02492037
MANTIS COLLECTION LTD.
PAGES FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 MARCH 2020
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MANTIS COLLECTION LTD.
REGISTERED NUMBER: 02492037
BALANCE SHEET
AS AT 31 MARCH 2020
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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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Net assets excluding pension asset
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MANTIS COLLECTION LTD.
REGISTERED NUMBER: 02492037
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
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 by:
................................................
A W McEwen Smith
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The notes on pages 3 to 11 form part of these financial statements.
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MANTIS COLLECTION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
The company is a private limited company which is incorporated and domiciled in England and Wales. The address of its registered office is Griffin House, 135 High Street Crawley, West Sussex, RH10 1DQ.
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:
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:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss 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.
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MANTIS COLLECTION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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MANTIS COLLECTION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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MANTIS COLLECTION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. On this background, the directors consider there to be judgments applied only on depreciation policy of the fixed assets and the depreciation rates are based upon the expected useful life of the assets. There are no other judgments in any other accounting policies that might have a material effect on the balances held at the Statement of Financial Position date.
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Fees payable to the Company's auditor for the audit of the Company's annual financial statements totalled £4,688 (2019 - 3,750).
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The average monthly number of employees, including directors, during the period was 3 (2019 - 3).
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MCI Ventures - Cancellation fee for management and marketing services
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MANTIS COLLECTION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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Charge for the period on owned assets
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MANTIS COLLECTION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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MANTIS COLLECTION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Tax losses carried forward
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,154 (2019 - £2,282). No contributions were payable to the provider at the balance sheet date, and no contributions were due at the previous period end date.
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MANTIS COLLECTION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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Related party transactions
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The company is under common control with the following LLP and companies:
- The Draycott Hotel LLP, an LLP registered in England and Wales;
- Ashley Adams Travel (UK) Limited, a company registered in England and Wales;
- Finisterre Holdings (UK) Limited, a company registered in England and Wales;
- Mantis Global Holdings Limited, a company registered in England and Wales;
- MM Ventures Pty Ltd, a company registered in South Africa;
- Mantis Entertainment, a company registered in England and Wales;
- Mantis Development, a company registered in South Africa;
- Devkom Proprietary Limited, a company registered in South Africa;
- Mantis Media Limited, a company registered in England and Wales;
- MCI Ventures Limited, a company registered in the British Virgin Islands;
- Gamart Holdings Limited, a company registered in Guernsey;
In addition to the above entities, the company is also connected to the following:
- P Gardiner, a director of the company;
- A W McEwen Smith, a director of the company;
- S Holt, a director of the company;
- J S Hanna, a director of the Company;
- Stenden University, has an educational partnership;
- Sphere Management, the company is run by a Director of Gamart Holdings Limited
At the balance sheet date, Gamart Limited was owed nil (2019: £nil).
In addition to above, during the period there were transactions between the company and related parties as follows:
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Management and marketing fees received
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At the balance sheet date the company was owed by the Draycott Hotel
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At the balance sheet date the company owed to the Draycott Hotel
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Recharged costs fees received
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At the balance sheet date the company was owed from Mantis Entertainment
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At the balance sheet date the company owed to Mantis Entertainment
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Mantis Global Holdings Limited:
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At the balance sheet date the company owed to Mantis Global Holdings
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Recharged costs fees received
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At the balance sheet date the company was owed by Mantis Development
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MANTIS COLLECTION LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
14.Related party transactions (continued)
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At the balance sheet date the company owed to Mantis Development
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Recharge costs fees received
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At the balance sheet date the company was owed by Mantis Management
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Finisterre Holdings (UK) Limited
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Management and marketing fees received
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At the balance sheet date the company was owed by Finisterre Holdings (UK) Limited
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Management and marketing fees received
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Cancellation charges marketing agreement costs
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Post balance sheet events
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The financial statements were authorised for issue on March 2021 and for disclosure purposes it is important to note that due to the economic impact of the Covid-19 pandemic the company has considered the potential impact on trading of further lockdowns and imposed site closure. Any estimation of the impact of future trading restrictions is incredibly difficult to assess at the sign off date however any impact is not expected to affect going concern.
The auditors' report on the financial statements for the period ended 31 March 2020 was unqualified.
The audit report was signed on 31 March 2021 by Kathleen Parker (Senior statutory auditor) on behalf of Wellers.
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