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Company registration number: 08202596
Manor Drive Investments Limited
Trading as Manor Drive Investments Limited
Unaudited filleted financial statements
31 March 2023
MANOR DRIVE INVESTMENTS LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr T Barrow
Secretary Mr T Barrow
Company number 08202596
Registered office 2 Market Close
Stonehouse
Plymouth
Devon
PL1 3SY
Business address 2 Market Close
Stonehouse
Plymouth
Devon
PL1 3SY
Accountants Westcotts
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT
MANOR DRIVE INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 185,129 543,363
Investments 6 534,020 534,020
_______ _______
719,149 1,077,383
Current assets
Debtors 7 920,500 505,969
Cash at bank and in hand 485,343 126,561
_______ _______
1,405,843 632,530
Creditors: amounts falling due
within one year 8 ( 398,366) ( 475,317)
_______ _______
Net current assets 1,007,477 157,213
_______ _______
Total assets less current liabilities 1,726,626 1,234,596
Creditors: amounts falling due
after more than one year 9 ( 729,436) ( 357,010)
_______ _______
Net assets 997,190 877,586
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 10 21,453 21,453
Profit and loss account 10 974,737 855,133
_______ _______
Shareholders funds 997,190 877,586
_______ _______
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:
- 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 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 02 November 2023 , and are signed on behalf of the board by:
Mr T Barrow
Director
Company registration number: 08202596
MANOR DRIVE INVESTMENTS 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 Manor Drive Investments Limited , 2 Market Close, Stonehouse, Plymouth, Devon, PL1 3SY.
Principal activity
The principal activity of the company is that of the letting or operation of owned commercial property.
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.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 2 % straight line
IT equipment - 20 % reducing balance
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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 infinance 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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property IT equipment Total
£ £ £
Cost
At 1 April 2022 552,596 4,055 556,651
Additions 23,839 999 24,838
Disposals ( 378,435) - ( 378,435)
_______ _______ _______
At 31 March 2023 198,000 5,054 203,054
_______ _______ _______
Depreciation
At 1 April 2022 11,880 1,410 13,290
Charge for the year 3,960 675 4,635
_______ _______ _______
At 31 March 2023 15,840 2,085 17,925
_______ _______ _______
Carrying amount
At 31 March 2023 182,160 2,969 185,129
_______ _______ _______
At 31 March 2022 540,716 2,645 543,361
_______ _______ _______
The freehold property is rented to the company's subsidiary for use in their trade. The building has been valued at £198,000 as at 31 March 2021 by it's director.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 March 2023
Aggregate cost 195,745 195,745
Aggregate depreciation (35,736) (35,736)
_______ _______
Carrying amount 160,009 160,009
_______ _______
At 31 March 2022
Aggregate cost 550,342 550,342
Aggregate depreciation (30,987) (30,987)
_______ _______
Carrying amount 519,355 519,355
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2022 and 31 March 2023 534,020 534,020
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 534,020 534,020
_______ _______
At 31 March 2022 534,020 534,020
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors - 520
Amounts owed by group undertakings and undertakings in which the company has a participating interest 920,500 502,099
Other debtors - 3,350
_______ _______
920,500 505,969
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 39,942 102,792
Trade creditors 766 345
Amounts owed to group undertakings and undertakings in which the company has a participating interest 110,125 110,125
Accruals and deferred income 1,150 1,105
Social security and other taxes 6,688 6,355
Other creditors 239,695 254,595
_______ _______
398,366 475,317
_______ _______
The CBILs loan benefits from a government guarantee.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 254,436 291,017
Other creditors 475,000 65,993
_______ _______
729,436 357,010
_______ _______
The CBILs loan benefits from a government guarantee.
Included within creditors: amounts falling due after more than one year is an amount of £ 64,399 (2022 £ 91,469 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The long term loans are secured.
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.Revaluation reserve:This reserve records fair value adjustments in relation to freehold property. This reserve is not distributable.
11. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2023 2022
£ £
Mr T Barrow 239,695 254,595
_______ _______
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Pension scheme loan ( 6,523) ( 9,435) ( 475,000) ( 128,843)
_______ _______ _______ _______
The company received a loan from The Trustees of Manor Drive Investments Pension Scheme in the year ending 31 March 2019, of which T Barrow, director and shareholder, and F Barrow, shareholder, are trustees and members. This was completed on normal commercial terms. Interest is being charged at 5%. The balance at the year end was £475,000 (2022 - £128,843).