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31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
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2023-03-31
04070461
2023-03-31
04070461
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2022-03-31
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04070461
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04070461
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04070461
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04070461
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04070461
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04070461
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2023-03-31
04070461
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2022-03-31
04070461
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2022-03-31
04070461
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2023-03-31
04070461
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2022-03-31
04070461
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04070461
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04070461
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2021-03-31
04070461
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04070461
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2023-03-31
Company registration number:
04070461
Manorseal Limited
Unaudited filleted financial statements
31 March 2023
Manorseal Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Manorseal Limited
Directors and other information
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Director |
D Guerrier |
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Company number |
04070461 |
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Registered office |
6a Harpenden Rise |
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Harpenden |
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AL5 3BH |
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Accountants |
Hicks and Company |
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Chartered Accountants |
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Vaughan Chambers |
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Vaughan Road |
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Harpenden |
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AL5 4EE |
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Manorseal Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Manorseal Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Manorseal Limited for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Manorseal Limited, as a body, in accordance with the terms of our engagement letter dated 23 August 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Manorseal Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Manorseal Limited and its director as a body for our work or for this report.
It is your duty to ensure that Manorseal Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Manorseal Limited. You consider that Manorseal Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Manorseal Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
6 October 2023
Manorseal Limited
Statement of financial position
31 March 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
637,406 |
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375,000 |
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_______ |
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_______ |
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637,406 |
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375,000 |
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Current assets |
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Debtors |
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6 |
77,364 |
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121,845 |
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Cash at bank and in hand |
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1,097 |
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2,887 |
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_______ |
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_______ |
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78,461 |
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124,732 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
29,350) |
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(
1,632) |
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_______ |
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_______ |
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Net current assets |
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49,111 |
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123,100 |
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_______ |
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_______ |
Total assets less current liabilities |
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686,517 |
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498,100 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
358,382) |
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(
100,120) |
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Provisions for liabilities |
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- |
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(
22,000) |
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_______ |
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_______ |
Net assets |
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328,135 |
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375,980 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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1 |
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1 |
Revaluation reserve |
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- |
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184,181 |
Profit and loss account |
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328,134 |
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191,798 |
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_______ |
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_______ |
Shareholder funds |
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328,135 |
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375,980 |
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_______ |
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_______ |
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For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
06 October 2023
, and are signed on behalf of the board by:
D Guerrier
Director
Company registration number:
04070461
Manorseal Limited
Statement of changes in equity
Year ended 31 March 2023
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
Total |
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£ |
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£ |
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£ |
£ |
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At 1 April 2021 |
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1 |
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161,481 |
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194,136 |
355,618 |
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(Loss)/profit for the year |
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20,362 |
20,362 |
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Other comprehensive income for the year: |
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Reclassification from revaluation reserve to profit and loss account |
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22,700 |
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(
22,700) |
- |
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_______ |
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_______ |
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_______ |
_______ |
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Total comprehensive income for the year |
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- |
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22,700 |
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(
2,338) |
20,362 |
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_______ |
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_______ |
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_______ |
_______ |
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At 31 March 2022 and 1 April 2022 |
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1 |
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184,181 |
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191,798 |
375,980 |
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(Loss)/profit for the year |
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(
47,845) |
(
47,845) |
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Other comprehensive income for the year: |
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Reclassification from revaluation reserve to profit and loss account |
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(
184,181) |
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184,181 |
- |
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_______ |
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_______ |
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_______ |
_______ |
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Total comprehensive income for the year |
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- |
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(
184,181) |
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136,336 |
(
47,845) |
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_______ |
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_______ |
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_______ |
_______ |
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At 31 March 2023 |
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1 |
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- |
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328,134 |
328,135 |
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_______ |
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_______ |
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_______ |
_______ |
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Manorseal Limited
Notes to the financial statements
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6a Harpenden Rise, Harpenden, AL5 3BH.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable for the year and relates to rents receivable.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Investment property |
- |
See investment property policy note |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure.Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Tangible assets
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Freehold property |
Long leasehold property |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 April 2022 |
- |
375,000 |
375,000 |
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Additions |
637,406 |
- |
637,406 |
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Disposals |
- |
(
375,000) |
(
375,000) |
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_______ |
_______ |
_______ |
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At 31 March 2023 |
637,406 |
- |
637,406 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 April 2022 and 31 March 2023 |
- |
- |
- |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 31 March 2023 |
637,406 |
- |
637,406 |
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_______ |
_______ |
_______ |
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At 31 March 2022 |
- |
375,000 |
375,000 |
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_______ |
_______ |
_______ |
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The freehold investment property has been valued by the director at its open market value at 31 March 2023. The original cost of the property was £637,406.
6.
Debtors
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2023 |
2022 |
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£ |
£ |
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Other debtors |
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77,364 |
121,845 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
|
16,742 |
- |
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Corporation tax |
|
10,814 |
- |
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Other creditors |
|
1,794 |
1,632 |
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|
_______ |
_______ |
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29,350 |
1,632 |
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_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
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|
2023 |
2022 |
|
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£ |
£ |
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Bank loans and overdrafts |
|
358,382 |
100,120 |
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_______ |
_______ |
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The current and long term bank loans are secured by fixed and floating charges over the assets of the company.
9.
Related party transactions
During the year the company provided financial support to Harpenden Car Sales Ltd, a company in which
D Guerrier
is a director and shareholder. The balance due from Harpenden Car Sales Ltd as at 31 March 2023 was £77,364 (2022 - £121,372).
10.
Reserves
Revaluation reserve: This relates to the revaluation of the investment properties. Distributable profit and loss account: This relates to distributable accumulated retained earnings net of accumulated losses.