Mortmay Estates Limited Filleted accounts for Companies House (small and micro)

MORTMAY ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00385072

MORTMAY ESTATES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 June 2022

MORTMAY ESTATES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2022

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

MORTMAY ESTATES LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr P Lattimore
	Mr G Silverman
	Dr V Freir

Registered office	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7-12 Tavistock Square
	London
	WC1H 9BQ

MORTMAY ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2022

	2022		2021
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5	6,836,255	6,836,546
Investments	6	2,000	2,000
		------------	------------
		6,838,255	6,838,546

CURRENT ASSETS

Debtors	7	2,310,655	2,398,131
Cash at bank and in hand		268,554	405,295
		------------	------------
		2,579,209	2,803,426

CREDITORS: amounts falling due within one year	8	( 2,160,569)		( 2,060,654)
		------------		------------
NET CURRENT ASSETS			418,640		742,772
			------------		------------
TOTAL ASSETS LESS CURRENT LIABILITIES			7,256,895		7,581,318
			------------		------------
NET ASSETS			7,256,895		7,581,318
			------------		------------

CAPITAL AND RESERVES

Called up share capital	1,000	1,000
Capital redemption reserve	10,000	10,000
Other reserves	6,810,631	6,810,631
Profit and loss account	435,264	759,687
	------------	------------
SHAREHOLDERS FUNDS	7,256,895	7,581,318
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MORTMAY ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2022

These financial statements were approved by the board of directors and authorised for issue on 8 March 2023 , and are signed on behalf of the board by:

Mr P Lattimore
Director

Company registration number: 00385072

MORTMAY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2022

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents net rental proceeds from investment properties.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	20% straight line
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2021: 5 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 July 2021 and 30 June 2022	6,842,000	30,273	36,469	6,908,742
	------------	--------	--------	------------
Depreciation
At 1 July 2021	7,390	28,337	36,469	72,196
Charge for the year	–	291	–	291
	------------	--------	--------	------------
At 30 June 2022	7,390	28,628	36,469	72,487
	------------	--------	--------	------------
Carrying amount
At 30 June 2022	6,834,610	1,645	–	6,836,255
	------------	--------	--------	------------
At 30 June 2021	6,834,610	1,936	–	6,836,546
	------------	--------	--------	------------

In the directors opinion the open market value of the company's investment property is not materially different to the carrying value in the financial statements.

6. Investments

	Other investments other than loans
	£
Cost
At 1 July 2021 and 30 June 2022	2,000
	-------
Impairment
At 1 July 2021 and 30 June 2022	–
	-------

Carrying amount
At 30 June 2022	2,000
	-------
At 30 June 2021	2,000
	-------

7. Debtors

	2022	2021
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,983,241	1,983,241
Other debtors	327,414	414,890
	------------	------------
	2,310,655	2,398,131
	------------	------------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,024,184	1,924,186
Other creditors	136,385	136,468
	------------	------------
	2,160,569	2,060,654
	------------	------------

There is a debenture dated 16 February 2004 and a cross guarantee between all group company's dated 16 February 2004.

9. Directors' advances, credits and guarantees

At the balance sheet date the company owed £85 to the directors.

10. Controlling party

At the year end the directors consider the ultimate holding company to be The Silverman Group Limited, a company registered in England and Wales.