Manifold Limited 04099698 false 2017-04-01 2018-03-31 2018-03-31 The principal activity of the company is a farm shop Digita Accounts Production Advanced 6.21.8540.0 Software true 04099698 2017-04-01 2018-03-31 04099698 2018-03-31 04099698 core:RetainedEarningsAccumulatedLosses 2018-03-31 04099698 core:ShareCapital 2018-03-31 04099698 core:CurrentFinancialInstruments 2018-03-31 04099698 core:CurrentFinancialInstruments core:WithinOneYear 2018-03-31 04099698 core:Non-currentFinancialInstruments 2018-03-31 04099698 core:Non-currentFinancialInstruments core:AfterOneYear 2018-03-31 04099698 core:FurnitureFittingsToolsEquipment 2018-03-31 04099698 core:MotorVehicles 2018-03-31 04099698 core:OtherPropertyPlantEquipment 2018-03-31 04099698 bus:SmallEntities 2017-04-01 2018-03-31 04099698 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 04099698 bus:FullAccounts 2017-04-01 2018-03-31 04099698 bus:RegisteredOffice 2017-04-01 2018-03-31 04099698 bus:Director1 2017-04-01 2018-03-31 04099698 bus:Director2 2017-04-01 2018-03-31 04099698 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 04099698 core:FurnitureFittingsToolsEquipment 2017-04-01 2018-03-31 04099698 core:MotorVehicles 2017-04-01 2018-03-31 04099698 core:OfficeEquipment 2017-04-01 2018-03-31 04099698 core:OtherPropertyPlantEquipment 2017-04-01 2018-03-31 04099698 core:PlantMachinery 2017-04-01 2018-03-31 04099698 countries:UnitedKingdom 2017-04-01 2018-03-31 04099698 2017-03-31 04099698 core:FurnitureFittingsToolsEquipment 2017-03-31 04099698 core:MotorVehicles 2017-03-31 04099698 core:OtherPropertyPlantEquipment 2017-03-31 04099698 2016-04-01 2017-03-31 04099698 2017-03-31 04099698 core:RetainedEarningsAccumulatedLosses 2017-03-31 04099698 core:ShareCapital 2017-03-31 04099698 core:CurrentFinancialInstruments 2017-03-31 04099698 core:CurrentFinancialInstruments core:WithinOneYear 2017-03-31 04099698 core:Non-currentFinancialInstruments 2017-03-31 04099698 core:Non-currentFinancialInstruments core:AfterOneYear 2017-03-31 04099698 core:FurnitureFittingsToolsEquipment 2017-03-31 04099698 core:MotorVehicles 2017-03-31 04099698 core:OtherPropertyPlantEquipment 2017-03-31 iso4217:GBP xbrli:pure

Registration number: 04099698

Manifold Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Manifold Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Manifold Limited

Company Information

Directors

Mr W J Edmonds

Mrs MJ Edmonds

Registered office

Upper Wick Farm
Rushwick
Worcester
WR2 5SU

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Manifold Limited

(Registration number: 04099698)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

27,710

33,879

Current assets

 

Stocks

5

20,340

25,996

Debtors

6

9,703

5,651

Cash at bank and in hand

 

41,381

49,718

 

71,424

81,365

Creditors: Amounts falling due within one year

7

(111,278)

(75,334)

Net current (liabilities)/assets

 

(39,854)

6,031

Total assets less current liabilities

 

(12,144)

39,910

Creditors: Amounts falling due after more than one year

7

(28,519)

(81,475)

Net liabilities

 

(40,663)

(41,565)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(40,665)

(41,567)

Total equity

 

(40,663)

(41,565)

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 November 2018 and signed on its behalf by:
 

.........................................
Mr W J Edmonds
Director

.........................................
Mrs MJ Edmonds
Director

 
 

Manifold Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Upper Wick Farm
Rushwick
Worcester
WR2 5SU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements for the period ended 31 March 2017 are the first financial statements that comply with FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Manifold Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Office equipment

25% on reducing balance

Motor vehicles

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Manifold Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2017 - 8).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

6,019

29,000

99,750

134,769

Additions

832

-

2,239

3,071

At 31 March 2018

6,851

29,000

101,989

137,840

Depreciation

At 1 April 2017

4,997

22,092

73,801

100,890

Charge for the year

462

1,728

7,050

9,240

At 31 March 2018

5,459

23,820

80,851

110,130

Carrying amount

At 31 March 2018

1,392

5,180

21,138

27,710

At 31 March 2017

1,022

6,908

25,949

33,879

5

Stocks

2018
£

2017
£

Other inventories

20,340

25,996

6

Debtors

2018
£

2017
£

Trade debtors

7,696

3,644

Other debtors

2,007

2,007

Total current trade and other debtors

9,703

5,651

 

Manifold Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

2,889

3,025

Trade creditors

 

32,965

21,679

Amounts owed to related parties

42,844

28,926

Taxation and social security

 

496

775

Other creditors

 

32,084

20,929

 

111,278

75,334

Due after one year

 

Loans and borrowings

8

28,519

81,475

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

8

28,519

81,475

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

28,519

31,475

Other borrowings

-

50,000

28,519

81,475

2018
£

2017
£

Current loans and borrowings

Bank borrowings

2,889

3,025