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Registration number: 07467666

Manor Lodge Southport Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Manor Lodge Southport Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Manor Lodge Southport Limited

(Registration number: 07467666)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

           

Fixed assets

   

 

Tangible assets

6

 

260,438

 

298,011

Current assets

   

 

Stocks

7

64,076

 

54,165

 

Debtors

8

238,184

 

172,038

 

Cash at bank and in hand

 

106,145

 

170,782

 

 

408,405

 

396,985

 

Creditors: Amounts falling due within one year

9

(327,143)

 

(268,613)

 

Net current assets

   

81,262

 

128,372

Total assets less current liabilities

   

341,700

 

426,383

Creditors: Amounts falling due after more than one year

9

 

(178,897)

 

(295,891)

Net assets

   

162,803

 

130,492

Capital and reserves

   

 

Called up share capital

10

100

 

100

 

Profit and loss account

162,703

 

130,392

 

Shareholders' funds

   

162,803

 

130,492

For the financial year ending 31 March 2022 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.

 

Manor Lodge Southport Limited

(Registration number: 07467666)
Balance Sheet as at 31 March 2022

Approved and authorised by the director on 8 August 2022
 

.........................................
Mr C Lodge
Director

 

Manor Lodge Southport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
157A Sefton Street
Southport
Merseyside
PR8 5DA

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The company's functional and presentational currency is GBP and no level of rounding has been used in presenting the financial statements.

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 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.

 

Manor Lodge Southport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tangible assets

Tangible assets are stated in the balance sheet 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:

Asset class

Depreciation method and rate

Vehicles

25% reducing balance

Land and buildings

2% straight line

Furniture, fittings and equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

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.

 

Manor Lodge Southport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Manor Lodge Southport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2021 - 12).

 

Manor Lodge Southport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

31,492

45,001

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

90,000

90,000

At 31 March 2022

90,000

90,000

Amortisation

At 1 April 2021

90,000

90,000

At 31 March 2022

90,000

90,000

Carrying amount

At 31 March 2022

-

-

 

Manor Lodge Southport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

174,885

86,675

198,563

460,123

Additions

-

10,042

42,283

52,325

Disposals

-

-

(94,269)

(94,269)

At 31 March 2022

174,885

96,717

146,577

418,179

Depreciation

At 1 April 2021

24,484

37,585

100,043

162,112

Charge for the year

3,498

8,870

19,124

31,492

Eliminated on disposal

-

-

(35,863)

(35,863)

At 31 March 2022

27,982

46,455

83,304

157,741

Carrying amount

At 31 March 2022

146,903

50,262

63,273

260,438

At 31 March 2021

150,401

49,090

98,520

298,011

Included within the net book value of land and buildings above is £146,903 (2021 - £150,401) in respect of freehold land and buildings.
 

7

Stocks

2022
£

2021
£

Finished goods and goods for resale

64,076

54,165

8

Debtors

Current

2022
£

2021
£

Trade debtors

229,577

165,519

Prepayments

5,695

4,468

Other debtors

2,912

2,051

 

238,184

172,038

 

Manor Lodge Southport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

9

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

11

37,590

58,257

Trade creditors

 

248,837

197,078

Taxation and social security

 

4,348

3,139

Other creditors

 

36,368

10,139

 

327,143

268,613

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

11

178,897

295,891

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

94,366

118,203

Hire purchase contracts

15,969

39,922

Other borrowings

68,562

137,766

178,897

295,891

 

Manor Lodge Southport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

24,619

23,485

Hire purchase contracts

12,971

34,772

37,590

58,257