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Registration number: 2850048

Manorside Joinery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2018

Whitnalls Chartered Certified Accountants
44a Liverpool Road
Lydiate
Liverpool
Merseyside
L31 2LZ

 

Manorside Joinery Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Manorside Joinery Limited

Company Information for the Year Ended 31 August 2018

Director

P Cushley

Registered office

Whitnalls
44a Liverpool Road
Lydiate
Merseyside
L31 2LZ

Accountants

Whitnalls
Chartered Certified Accountants
44a Liverpool Road
Lydiate
Liverpool
Merseyside
L31 2LZ

 

Manorside Joinery Limited

(Registration number: 2850048)
Balance Sheet as at 31 August 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

3

539,633

538,023

Current assets

 

Stocks

4

46,181

15,000

Debtors

5

101,422

144,870

Cash at bank and in hand

 

373,145

301,920

 

520,748

461,790

Creditors: Amounts falling due within one year

6

(187,198)

(157,045)

Net current assets

 

333,550

304,745

Total assets less current liabilities

 

873,183

842,768

Provisions for liabilities

(5,630)

(5,044)

Net assets

 

867,553

837,724

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

143,189

143,189

Profit and loss account

724,264

694,435

Total equity

 

867,553

837,724

 

Manorside Joinery Limited

(Registration number: 2850048)
Balance Sheet as at 31 August 2018

For the financial year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 7 November 2018
 

.........................................

P Cushley

Director

 

Manorside Joinery Limited

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

1

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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:

 

Manorside Joinery Limited

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

Asset class

Depreciation method and rate

Leasehold Property & Improvements

- 2% p.a.on cost

Plant & Machinery

- 25% p.a.reducing basis

Motor Vehicle

- 25% p.a on reducing basis

Office Equipment

- 20% p.a. on reducing basis

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2017 - 9).

 

Manorside Joinery Limited

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

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 September 2017

510,000

22,913

25,376

131,944

690,233

Additions

-

322

10,350

-

10,672

Disposals

-

-

(4,152)

-

(4,152)

At 31 August 2018

510,000

23,235

31,574

131,944

696,753

Depreciation

At 1 September 2017

-

18,801

16,560

116,849

152,210

Charge for the year

-

830

4,629

2,560

8,019

Eliminated on disposal

-

-

(3,109)

-

(3,109)

At 31 August 2018

-

19,631

18,080

119,409

157,120

Carrying amount

At 31 August 2018

510,000

3,604

13,494

12,535

539,633

At 31 August 2017

510,001

4,112

8,815

15,095

538,023

Included within the net book value of land and buildings above is £250,000 (2017 - £62,435) in respect of freehold land and buildings and £260,000 (2017 - £447,565) in respect of long leasehold land and buildings.
 

4

Stocks

2018
£

2017
£

Other inventories

46,181

15,000

5

Debtors

2018
£

2017
£

Trade debtors

85,258

133,577

Prepayments

16,164

11,293

101,422

144,870

 

Manorside Joinery Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Loans and borrowings

7

426

427

Trade creditors

 

78,900

35,363

Taxation and social security

 

35,274

51,487

Accruals and deferred income

 

69,815

67,214

Other creditors

 

2,783

2,554

 

187,198

157,045

7

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Other borrowings

426

427

 

Manorside Joinery Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100