REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
Manhatten Property Solutions Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
Manhatten Property Solutions Limited |
Manhatten Property Solutions Limited (Registered number: 09667084) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Manhatten Property Solutions Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Manhatten Property Solutions Limited (Registered number: 09667084) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Un-distributable reserve | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Manhatten Property Solutions Limited (Registered number: 09667084) |
Balance Sheet - continued |
31 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Manhatten Property Solutions Limited (Registered number: 09667084) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Manhatten Property Solutions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents received, excluding value added tax, recognised on the date of holiday departure. Monies received by the balance sheet date relating to holidays departing after the period end are included within current liabilities and deferred income. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Land and buildings are not depreciated. They are restated to their fair value at the end of each accounting period with any changes in fair value being taken to the fair value reserve. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. 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. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Manhatten Property Solutions Limited (Registered number: 09667084) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses. |
Loans and borrowings |
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 financing transaction it is measured at present value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
Additions |
Revaluations |
Reclassification/transfer |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Reclassification/transfer |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Manhatten Property Solutions Limited (Registered number: 09667084) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 December 2022 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2017 | 145,000 | - | 145,000 |
Valuation in 2018 | 140,000 | - | 140,000 |
Valuation in 2019 | 75,150 | - | 75,150 |
Valuation in 2020 | 120,000 | - | 120,000 |
Valuation in 2021 | 36,645 | - | 36,645 |
Valuation in 2022 | 151,732 | - | 151,732 |
Cost | 871,473 | 72,056 | 943,529 |
1,540,000 | 72,056 | 1,612,056 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 871,473 | 648,205 |
Freehold land and buildings were valued on an open market basis on 30 December 2022 by Manhatten Property Management Limited . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Finance leases |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Manhatten Property Solutions Limited (Registered number: 09667084) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Finance leases |
Other creditors |
Bank loans totalling £623,545 fall due in more than five years. |
8. | SECURED DEBTS |
Bank loans totalling £811,162 (2021: £614,278) are secured by legal charges over the properties to which they relate. £81,109 (2021: £nil) of this is also secured by a debenture and by personal guarantees from the directors of the company. |
Finance leases totalling £30,832 (2021: £12,695) are secured over the assets to which they relate. |
An other loan totalling £325,418 (2021: £150,000) is secured by a debenture and a legal charge over the property to which it relates. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 20 | 20 |
10. | RESERVES |
Un-distributable |
reserve |
£ |
At 1 January 2022 |
Transfer to/from profit and lo |
ss reserve | 158,783 |
At 31 December 2022 |
11. | PARENT UNDERTAKING |
The immediate and ultimate parent company is SDDE Smith Group Limited. These financial statements are included in the consolidated financial statements of SDDE Smith Group Limited. The parent's registered office address is Lien House 120 High Street, Skelton-In-Cleveland, Saltburn-By-The-Sea, England, TS12 2EA. |