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

REGISTERED NUMBER: 05752770 (England and Wales)

Financial Statements

for the Year Ended 30 June 2021

for

MANTLE (SAFFRON) LIMITED

Page

Company Information

1

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

3,590,000

CURRENT ASSETS

Debtors

5

980,903

898,711

Cash at bank

177,854

245,635

1,158,757

1,144,346

CREDITORS

Amounts falling due within one year

6

384,467

442,253

NET CURRENT ASSETS

774,290

702,093

TOTAL ASSETS LESS CURRENT LIABILITIES

4,364,290

4,292,093

CREDITORS

Amounts falling due after more than one year

7

(2,001,727

)

(2,081,565

)

PROVISIONS FOR LIABILITIES

9

(268,430

)

(268,430

)

NET ASSETS

2,094,133

1,942,098

CAPITAL AND RESERVES

Called up share capital

10

200

200

Other reserves

1,546,570

1,546,570

Retained earnings

547,363

395,328

SHAREHOLDERS' FUNDS

2,094,133

1,942,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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.

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 and authorised for issue on 29 June 2022 and were signed on its behalf by:

Mr J A 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 (2020 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2020

and 30 June 2021

3,590,000

NET BOOK VALUE

At 30 June 2021

3,590,000

At 30 June 2020

3,590,000

Fair value at 30 June 2021 is represented by:

£

Valuation in 2018

1,105,000

Valuation in 2019

710,000

Cost

1,775,000

3,590,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

4,734

9,342

Amounts owed by associates

891,604

804,653

Other debtors

82,560

82,560

Prepayments and accrued income

2,005

2,156

980,903

898,711

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans and overdrafts (see note 8)

65,691

62,132

Trade creditors

(1

)

1,997

Amounts owed to associates

190,152

150,000

Tax

40,617

138,375

VAT

12,830

11,892

Other creditors

3,960

3,960

Accruals and deferred income

71,218

73,897

384,467

442,253

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans (see note 8)

2,001,727

2,081,565

8.

LOANS

An analysis of the maturity of loans is given below:

30.6.21

30.6.20

£

£

Amounts falling due within one year or on demand:

Bank loans

65,691

62,132

Amounts falling due between one and two years:

Bank loans - 1-2 years

2,001,727

2,081,565

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.

9.	PROVISIONS FOR LIABILITIES

30.6.21

30.6.20

£

£

Deferred tax

Other timing differences

268,430

268,430

Deferred

tax

£

Balance at 1 July 2020

268,430

Balance at 30 June 2021

268,430

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.21

30.6.20

value:

£

£

200

Ordinary

£1

200

200

11.	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.

12.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £150,000 (2020: £150,000) to Mantle (Woodside) Ltd, a related partyby virtue of the fact that they are under common control.

At the balance sheet date, the company owed £40,151 (2020: NIL) to Mantle (Chemford) Ltd, a related partyby virtue of the fact that they are under common control.

At the balance sheet date, the company was owed £502,574 (2020: £550,623) by Mantle Business Centre Ltd, a related party by virtue of the fact that they are under common control.

At the balance sheet date, the company was owed £254,030 (2020: £254,030) by Jackson Management, a related party by virtue of the fact that they are under common control.

At the balance sheet date, the company was owed £135,000 (2020: £Nil) by Coastwind Ltd, a related party by virtue of the fact that they are under common control.