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COMPANY REGISTRATION NUMBER: 01737799
J. Mansfield Securities Limited
Filleted Unaudited Financial Statements
30 April 2023
J. Mansfield Securities Limited
Financial Statements
Year ended 30 April 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
J. Mansfield Securities Limited
Statement of Financial Position
30 April 2023
2023
2022
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
4,759,927
4,763,236
Investments
6
1,000,000
1,000,000
------------
------------
5,759,927
5,763,236
Current assets
Debtors
7
1,964,159
1,952,490
Investments
8
263,220
404,005
Cash at bank and in hand
1,579,139
1,579,139
------------
------------
3,806,518
3,935,634
Creditors: amounts falling due within one year
9
636,227
785,927
------------
------------
Net current assets
3,170,291
3,149,707
------------
------------
Total assets less current liabilities
8,930,218
8,912,943
Creditors: amounts falling due after more than one year
10
1,724,394
1,907,472
Provisions
Taxation including deferred tax
212,767
161,703
------------
------------
Net assets
6,993,057
6,843,768
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
6,992,057
6,842,768
------------
------------
Shareholders funds
6,993,057
6,843,768
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 30 April 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
J. Mansfield Securities Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2023 , and are signed on behalf of the board by:
Mr J M Cairns
Director
Company registration number: 01737799
J. Mansfield Securities Limited
Notes to the Financial Statements
Year ended 30 April 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 33 Royal View, 80 Grand Parade, Brighton, BN2 9JA, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 liabilities 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover in the accounts represents the rental income receivable in the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent 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 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:
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded 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.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Investment property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022 (as restated) and 30 April 2023
4,750,000
5,771
1,910
37,440
4,795,121
------------
-------
-------
--------
------------
Depreciation
At 1 May 2022
5,290
1,909
24,686
31,885
Charge for the year
120
1
3,188
3,309
------------
-------
-------
--------
------------
At 30 April 2023
5,410
1,910
27,874
35,194
------------
-------
-------
--------
------------
Carrying amount
At 30 April 2023
4,750,000
361
9,566
4,759,927
------------
-------
-------
--------
------------
At 30 April 2022
4,750,000
481
1
12,754
4,763,236
------------
-------
-------
--------
------------
Tangible assets held at valuation
Investment properties of £5,300,000 have been revalued based on valuations provided by Mr J Cairns, a director and majority shareholder in the company. The directors believe that the valuations accurately reflect the open market value of the properties.
6. Investments
Investments
£
Cost
At 1 May 2022 as restated and 30 April 2023
1,000,000
------------
Impairment
At 1 May 2022 as restated and 30 April 2023
------------
Carrying amount
At 30 April 2023
1,000,000
------------
At 30 April 2022
1,000,000
------------
7. Debtors
2023
2022
(restated)
£
£
Other debtors
1,964,159
1,952,490
------------
------------
8. Investments
2023
2022
(restated)
£
£
Investments
263,220
404,005
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
459,510
517,636
Corporation tax
91,647
82,394
Social security and other taxes
12,047
6,986
Other creditors
73,023
178,911
---------
---------
636,227
785,927
---------
---------
Banks loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.
10. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
1,724,394
1,907,472
------------
------------
Banks loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.
11. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
(restated)
£
£
Financial assets measured at fair value through profit or loss
Corporate bonds
263,220
404,005
Investments
1,000,000
1,000,000
------------
------------
1,263,220
1,404,005
------------
------------
12. Restated accounts
The prior year accounts have been restated by an amount of £137,056 to adjust for over-accrued dividends included in the prior year. This has had an effect of reducing the retained earnings brought forward figure by £137,056 for the year ended 30 April 2023.
13. Directors' advances, credits and guarantees
At the year end the company was owed £1,513,509 (2022: £1,523,138) by the directors. During the year the company made aggregate advances of £241,446 (2022: £313,165) to the directors, the directors made repayments of £271,766 (2022: £776,387). Interest of £28,299 (2022: £39,189) was charged on the outstanding balance.