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Company registration number: 05084288
Manland Limited
Unaudited filleted financial statements
31 March 2023
Manland Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Manland Limited
Directors and other information
Directors Mr G.S White
Mrs S White
Company number 05084288
Registered office 19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
Business address 12 Kirkdale Road
Harpenden
Herts
AL5 2PT
Accountants Hardcastle Blake
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
Manland Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Manland 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 Manland Limited for the year ended 31 March 2023 which comprise the statement of financial position 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 board of directors of Manland Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Manland Limited and state those matters that we have agreed to state to the board of directors of Manland Limited 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 Manland Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Manland 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 Manland Limited. You consider that Manland 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 Manland 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.
Hardcastle Blake
ICAEW
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
2 November 2023
Manland Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 5 3,472,584 3,727,419
_______ _______
3,472,584 3,727,419
Current assets
Debtors 6 9,415 9,415
Cash at bank and in hand 57,412 10,647
_______ _______
66,827 20,062
Creditors: amounts falling due
within one year 7 ( 10,860) ( 8,460)
_______ _______
Net current assets 55,967 11,602
_______ _______
Total assets less current liabilities 3,528,551 3,739,021
Creditors: amounts falling due
after more than one year 8 ( 3,063,062) ( 3,063,062)
Provisions for liabilities ( 9,934) ( 49,922)
_______ _______
Net assets 455,555 626,037
_______ _______
Capital and reserves
Called up share capital 11,000 11,000
Profit and loss account 444,555 615,037
_______ _______
Shareholders funds 455,555 626,037
_______ _______
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.
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 02 November 2023 , and are signed on behalf of the board by:
Mr G.S White
Director
Company registration number: 05084288
Manland 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 United Kingdom. The address of the registered office is 19 New Road, Drayton Parslow, Milton Keynes, MK17 0JH.
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 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.
Turnover
Turnover represents the amount of dividends received, interest and other investment returns resulting from the long term investments held by the company
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 impairment losses.
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:
User defined asset - 10 % straight line
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 .
Fixed asset 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
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. 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Fixtures, fittings and equipment Office equipment Total
£ £ £
Cost
At 1 April 2022 and 31 March 2023 2,083 4,929 7,012
_______ _______ _______
Depreciation
At 1 April 2022 and 31 March 2023 2,083 4,929 7,012
_______ _______ _______
Carrying amount
At 31 March 2023 - - -
_______ _______ _______
At 31 March 2022 - - -
_______ _______ _______
5. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2022 3,727,419 3,727,419
Additions 626,517 626,517
Disposals ( 758,607) ( 758,607)
Fair value adjustment (122,745) (122,745)
_______ _______
At 31 March 2023 3,472,584 3,472,584
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 3,472,584 3,472,584
_______ _______
At 31 March 2022 3,727,419 3,727,419
_______ _______
6. Debtors
2023 2022
£ £
Other debtors 9,415 9,415
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 10,860 8,460
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 3,063,062 3,063,062
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions 9,934 49,922
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Fair value adjustment of financial assets 29,853 64,572
Unused tax losses ( 19,919) ( 14,650)
_______ _______
9,934 49,922
_______ _______
10. Controlling party
The company is controlled by Mr G.S White - director.