Menhenitt and Prior Limited Filleted Accounts Cover
Menhenitt and Prior Limited
Company No. 00965542
Information for Filing with The Registrar
31 March 2023
Menhenitt and Prior Limited Balance Sheet Registrar
at
31 March 2023
Company No.
00965542
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
680907
Investment property
5
1,088,0001,030,000
1,088,6801,030,907
Current assets
Debtors
6
89,20897,254
Cash at bank and in hand
504,408545,705
593,616642,959
Creditors: Amount falling due within one year
7
(90,946)
(108,434)
Net current assets
502,670534,525
Total assets less current liabilities
1,591,3501,565,432
Provisions for liabilities
Other provisions
(43,130)
(43,130)
Net assets
1,548,2201,522,302
Capital and reserves
Called up share capital
10,50010,500
Non-distributable reserve
8
293,032235,032
Profit and loss account
8
1,244,6881,276,770
Total equity
1,548,2201,522,302
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 22 September 2023
And signed on its behalf by:
J.M. Snell
Director
22 September 2023
Menhenitt and Prior Limited Notes to the Accounts Registrar
for the year ended 31 March 2023
1
General information
Its registered number is: 00965542
Its registered office is:
Menhenitt and Prior Limited
3 Trenant Industrial Estate
WADEBRIDGE
Cornwall
PL27 6HB
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Turnover represents the invoiced value of rents from light industrial units.

Rental income is recognised on a straight line basis over the life of the lease.

The unearned portion of lease invoices, relating to future periods, is excluded from income and included in accruals and deferred income.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Motor vehicles
25% Reducing balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
00
4
Tangible fixed assets
Motor vehicles
Total
£
£
Cost or revaluation
At 1 April 2022
3,8253,825
At 31 March 2023
3,8253,825
Depreciation
At 1 April 2022
2,9182,918
Charge for the year
227227
At 31 March 2023
3,1453,145
Net book values
At 31 March 2023
680680
At 31 March 2022
907
907
5
Investment property
Freehold Investment Property
£
Valuation
At 1 April 2022
1,030,000
Revaluation
58,000
At 31 March 2023
1,088,000
The freehold investment property was acquired on 3rd June 1983. The freehold property was revalued on 31st March 2023 by the directors.
6
Debtors
2023
2022
£
£
Trade debtors
86,17092,623
VAT recoverable
290-
Prepayments and accrued income
2,7484,631
89,20897,254
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Trade creditors
6,840106
Taxes and social security
20,512
28,503
Other creditors
-4,370
Accruals and deferred income
63,59475,455
90,946108,434
8
Reserves
Non-distributable Reserve
Total other reserves
£
£
At 1 April 2021
235,032
235,032
At 31 March 2022 and 1 April 2022
235,032
235,032
Movement on Non-distributable Reserve
58,000
58,000
At 31 March 2023
293,032293,032
Non-distributable reserve - reflects the separation of non-distributable revaluation gains from distributable profits.
Profit and loss account - includes all current and prior period retained profits and losses.
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