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Registration number: 06517053

Manor Wood Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Manor Wood Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Manor Wood Limited

Company Information

Directors

H N Sinkler

M D Artley

I H Sinkler

Company secretary

L Artley

Registered office

Manor Farm
Meaux Road
Routh
Beverley
East Yorkshire
HU17 9SR

 

Manor Wood Limited

(Registration number: 06517053)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,061,600

1,113,760

Current assets

 

Stocks

5

136,905

22,042

Debtors

6

54,465

71,079

Cash at bank and in hand

 

151,780

166,215

 

343,150

259,336

Creditors: Amounts falling due within one year

7

(279,574)

(263,211)

Net current assets/(liabilities)

 

63,576

(3,875)

Total assets less current liabilities

 

1,125,176

1,109,885

Creditors: Amounts falling due after more than one year

7

(209,692)

(278,201)

Provisions for liabilities

(67,435)

(70,123)

Net assets

 

848,049

761,561

Capital and reserves

 

Called up share capital

200

200

Share premium reserve

34,900

34,900

Retained earnings

812,949

726,461

Shareholders' funds

 

848,049

761,561

For the financial year ending 28 February 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 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 30 August 2022 and signed on its behalf by:
 

.........................................
H N Sinkler
Director

 

Manor Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 06517053.

The address of its registered office is:
Manor Farm
Meaux Road
Routh
Beverley
East Yorkshire
HU17 9SR

These financial statements were authorised for issue by the Board on 30 August 2022.

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 financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of eggs 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.

 

Manor Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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

Buildings

2% on cost

Plant and Machinery

15% reducing balance

Motor Vehicle

25% 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 the sale of goods and the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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 Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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.

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.

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.

 

Manor Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 6 (2021 - 6).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2021

958,269

-

818,906

1,850

1,779,025

Additions

-

8,383

-

-

8,383

At 28 February 2022

958,269

8,383

818,906

1,850

1,787,408

Depreciation

At 1 March 2021

113,950

-

550,132

1,183

665,265

Charge for the year

19,165

838

40,373

167

60,543

At 28 February 2022

133,115

838

590,505

1,350

725,808

Carrying amount

At 28 February 2022

825,154

7,545

228,401

500

1,061,600

At 28 February 2021

844,319

-

268,774

667

1,113,760

Included within the net book value of land and buildings above is £825,154 (2021 - £844,319) in respect of freehold land and buildings.
 

5

Stocks

2022
£

2021
£

Other inventories

136,905

22,042

6

Debtors

Current

2022
£

2021
£

Trade debtors

44,313

64,750

Prepayments

543

539

Other debtors

9,609

5,790

 

54,465

71,079

 

Manor Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

75,373

100,877

Trade creditors

 

114,461

70,279

Taxation and social security

 

27,155

30,116

Other creditors

 

299

-

Accruals and deferred income

 

1,269

922

Other borrowings

8

61,017

61,017

 

279,574

263,211

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

209,692

278,201

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

75,373

100,877

Other borrowings

61,017

61,017

136,390

161,894

2022
£

2021
£

Non-current secured loans and borrowings

Bank borrowings

209,692

278,201

Bank loans and borrowings are secured on the assets they relate to. Other borrowings relate to unsecured director loans.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

£49,189

 

Manor Wood Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

9

Related party transactions

M Artley
At the year end, the company owed the director £27,710 (2021: £27,710). This amount is unsecured, interest free and repayable on demand.

H Sinkler
At the year end, the company owed the director £33,307 (2021: £33,307). This amount is unsecured, interest free and repayable on demand.