Company Registration No. 03570539 (England and Wales)
MANORVALE LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2022
MANORVALE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Information for management
-
MANORVALE LIMITED
BALANCE SHEET
AS AT 31 MAY 2022
31 May 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
4
750,000
750,000
Current assets
Debtors
5
2,184
2,184
Cash at bank and in hand
383,382
288,958
385,566
291,142
Creditors: amounts falling due within one year
6
(177,140)
(165,154)
Net current assets
208,426
125,988
Total assets less current liabilities
958,426
875,988
Provisions for liabilities
(72,058)
(72,058)
Net assets
886,368
803,930
Capital and reserves
Called up share capital
7
102
102
Fair value reserve
8
524,602
524,602
Profit and loss reserves
9
361,664
279,226
Total equity
886,368
803,930

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 23 August 2022
2022-08-23
A P Crane
Director
Company Registration No. 03570539
MANORVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 2 -
1
Accounting policies
Company information

Manorvale Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 Charles Street, Sileby, Loughborough, Leicestershire, LE12 7RJ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover
Turnover represents amounts receivable for rent net of VAT.
1.3
Tangible fixed assets

Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Landlord's fixtures & fittings
10% on cost
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

MANORVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 3 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2021 and 31 May 2022
35,010
Depreciation and impairment
At 1 June 2021 and 31 May 2022
35,010
Carrying amount
At 31 May 2022
-
0
At 31 May 2021
-
0
MANORVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 4 -
4
Investment property
2022
£
Fair value
At 1 June 2021 and 31 May 2022
750,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Prepayments and accrued income
2,184
2,184
6
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
24,967
24,981
Other taxation and social security
13,275
13,275
Other creditors
115,623
103,623
Accruals and deferred income
23,275
23,275
177,140
165,154
7
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
2 Ordinary A shares of £1 each
2
2
102
102
8
Fair value reserve
2022
2021
£
£
At beginning and end of year
524,602
524,602
MANORVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 5 -
9
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
279,226
220,729
Profit for the year
106,438
106,497
Dividends declared and paid in the year
(24,000)
(48,000)
At the end of the year
361,664
279,226
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