Registered number
06784892
Mansam Products Limited
Unaudited Filleted Accounts
31 January 2023
Mansam Products Limited
Registered number: 06784892
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 6,763 4,457
Investments 5 100 100
6,863 4,557
Current assets
Stocks 452,702 353,582
Debtors 6 301,723 302,684
Cash at bank and in hand 2,233,179 2,160,272
2,987,604 2,816,538
Creditors: amounts falling due within one year 7 (1,242,469) (1,222,453)
Net current assets 1,745,135 1,594,085
Net assets 1,751,998 1,598,642
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,751,898 1,598,542
Shareholders' funds 1,751,998 1,598,642
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr LMJ Stern
Director
Approved by the board on 10 October 2023
Mansam Products Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance method
Motor vehicles 25% reducing balance method
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 35,000
At 31 January 2023 35,000
Amortisation
At 1 February 2022 35,000
At 31 January 2023 35,000
Net book value
At 31 January 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 24,098 12,682 36,780
Additions 4,561 - 4,561
At 31 January 2023 28,659 12,682 41,341
Depreciation
At 1 February 2022 19,942 12,381 32,323
Charge for the year 2,180 75 2,255
At 31 January 2023 22,122 12,456 34,578
Net book value
At 31 January 2023 6,537 226 6,763
At 31 January 2022 4,156 301 4,457
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 February 2022 100
At 31 January 2023 100
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
LSMS Products ( an unlimited company) previously known as Mansam Products( an unlimited company) Ordinary 100 936,065 -
6 Debtors 2023 2022
£ £
Trade debtors 148,608 132,932
Other debtors 153,115 169,752
301,723 302,684
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 190,847 194,907
Amounts owed to group undertakings and undertakings in which the company has a participating interest 936,065 936,065
Corporation tax 35,627 51,207
Other taxes and social security costs 73,273 4,012
Other creditors 6,657 36,262
1,242,469 1,222,453
8 Related party transactions
2023 2022
£ £
Lease of premises
The company leases its premises at a commercial rent from a trust whose trustees include the sole director of Mansam Products Limited. The annual rent is £30,000 per annum. 30,000 30,000
9 Controlling party
The company is controlled by Mr LMJ Stern, the company's sole director, who owns the majority of the issued share capital of the company.
10 Other information
Mansam Products Limited is a private company limited by shares and incorporated in England. Its registered office is:
49-51 Broughton Lane
Salford
Manchester
M8 9UE
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