Company registration number 02141125 (England and Wales)
MANNING IMPEX LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
MANNING IMPEX LIMITED
COMPANY INFORMATION
Directors
Mrs E E Cheong
Mr N I A Cheong
Mr N A Cheong
Dr M A Cheong
Secretary
Dr M A Cheong
Company number
02141125
Registered office
Manning Impex House
2 Doman Road
Camberley
Surrey
GU15 3DF
Auditor
Gravita Audit II Limited
66 Prescot Street
London
E1 8NN
Bankers
National Westminster Bank Plc
Chatham Rcsc
Western Avenue
Waterside Court
Chatham
ME4 4RT
MANNING IMPEX LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
MANNING IMPEX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Promoting the success of the company

The purpose of this report is to inform the members of the company and help them to assess how the directors have performed their duties under s172 of the Companies Act 2006, in promoting the success of the company.

 

The directors have performed their duties under s172 with regard to their responsibility to members of the company and wider stakeholder interests.

Fair review of the business

Through the vision of Esther and Neil Cheong, Manning Impex Limited was established in 1987 and has grown to be both a pioneer and gateway for Southeast Asian foods to the UK and Irish territories. Offering a comprehensive range of over 1,000 product lines and representing a large number of category brand leaders from countries such as Thailand, Philippines, and Malaysia. Manning Impex’s tagline of ‘The Finest Quality Foods from the Far East’ embodies wholesome food products that attain or exceed world food standards for safety and hygiene, this is further ensured through strict supply chain management which is denoted by the company’s BRC rating of ‘AA’.

 

For the past 11 years the company’s future has been guided by the founders two sons who have continued to drive brand awareness and category penetration, resulting in excellent growth, resulting in double digit percentage growth for the past few years. With a sound and solid financial backbone, the Directors ensure an unwavering foresight and strength to ensure exceptional situations such as the war in Europe, foreign exchange, high oil and gas cost and any other unforeseen factors does not restrict the company’s development and future plans. Investing heavily in IT the company is looking strong for the future, through the deployment of Sage X3, WMS, sales applications, ‘sign on glass’ and associated software packaging.

 

The Board's decision to migrate to a more modern organisation structure has meant the adoption of a new senior management layer within the business. The colleagues making up this layer have excellent track records within the business sector of operation and will bring the level of leadership and best practices which will invariably level up all aspects of operations and allow efficiencies to be deployed.

 

Sustainability in both modern trade and traditional trade channels have seen positive returns and gains even through dramatic episodes when the ‘Big 5’ retailers were rationalising ranges. The move to partner with major ‘Bricks and Mortar’ retailers has been a proven winner and the subsequent alliance with major online retailers has returned similar healthy results. The move to build relationships with the online food retailers has mirrored the ‘Bricks and Mortar’ stores.

 

Maintaining a strict control on overheads and outgoings has resulted in a lean and mean operation with investment spend benefiting the company’s day to day practices. Foreign exchange protective mechanisms ensure a viable and sustainable pricing policy for all categories of business dealings. Business partners for agency brands are an integral aspect of the business and whether it is face to face meetings in the Far East or video conferencing, joint business plans are derived, adapted, and monitored during a 12-month cycle.

MANNING IMPEX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Principal risks and uncertainties

Risk is everywhere and sometimes arrives uninvited, e.g., the war in Europe and the Windsor Framework. Nonetheless, the company has been leading the elements of safety both for products supplied and personnel. Through continued colleague training, monitoring of regulatory and legal framework changes, the company ensures an eye is always kept on the weather gauge. With strong banking partners the company has also built up a resilience towards unfavourable winds and backed up with effective credit, liquidity, overhead and market risk strategies and plans.

 

Interest rate risk

The company finances its operations through a mixture of borrowings and overdraft facilities. Re-financing has given the company far more control over the level of credit and risk that it is exposed to.

 

Currency risk

The company has been exposed to extreme foreign currency fluctuations in the past and with the current change at Prime Minister level of Government this layers on deep uncertainty. The majority of the imports are from Southeast Asia and are mainly invoiced in US dollars and to some extent Singapore dollars, Thai Bhat, and Japanese Yen. The company manages its currency risk with a number of controls including forward contracts, crash analysis and constant monitoring. This is regarded as a key performance indicator and is highly monitored. The Chief Finance Officer has partnered with alternate business partners to deploy a new foreign exchange strategy.

 

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit that is reassessed regularly by the finance department.

 

Liquidity risk

Cautious liquidity management entails the maintenance of sufficient reserves of cash and the availability of sufficient credit facilities, to ensure that there are available funds to carry on operations and any planned expansions. Constant crash tests and forecasts are put together to manage this risk.

 

Price risk

The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits.

Development and performance

The directors see a positive future and solid returns on investments for the coming years and whilst strengthening its internal core future expansion will continue to be at the forefront.

Key performance indicators

The company has been in the fortunate position to perform within expectations, including:

Turnover: within expectations

Stock write-downs: within expectations

Wages and salaries: within expectations

Foreign exchange gains and losses: within expectations

Overheads: within expectations

Environmental and health taxes: within expectations

Net returns: within expectations

Debt turnaround days: within expectations

MANNING IMPEX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Post reporting period events

The prolonged war in Europe, the change of Prime Minister, the Windsor Framework, the cost of living crisis, high oil and gas costs, weakened GBP, raising interest rates and a possible recession may affect the company negatively. However, the company would be able to benefit from the stronger sales team, stronger importation team and the capitalisation of new markets by sales teams. Additionally there will be internal cost efficiency drives after the implementation of the new systems.

On behalf of the board

Mr N I A Cheong
Dr M A Cheong
Director
Director
22 November 2023
MANNING IMPEX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company during the year continued to be the wholesaler of food goods.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends paid during the year were amounting to £221,760. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs E E Cheong
Mr N I A Cheong
Mr N A Cheong
Dr M A Cheong
Auditor

In accordance with the company's articles, a resolution proposing that Gravita Audit II Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

MANNING IMPEX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
On behalf of the board
Mr N I A Cheong
Dr M A Cheong
Director
Director
22 November 2023
MANNING IMPEX LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MANNING IMPEX LIMITED
- 6 -
Opinion

We have audited the financial statements of Manning Impex Limited (the 'company') for the year ended 31 March 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern

We draw attention to note 1.2 in the financial statements, which states that the company is reliant on the renewal of a revolving credit facility with Bangkok Bank which amounts to US$7,000,000, equivalent to £5,661,598 at the reporting date. The facility is usually renewed on an annual basis and is due for renewal on 30 November 2023. As at the date of signing these financial statements, the company has yet to receive confirmation that the facility will be renewed.

As stated in note 1.2, these events or conditions, along with other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MANNING IMPEX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MANNING IMPEX LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of the food and retail sectors.

 

Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, food, fire and health and safety, water quality, taxation, data protection, anti-bribery, anti-money-laundering and employment legislations. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

MANNING IMPEX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MANNING IMPEX LIMITED
- 8 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Luke Metson
Senior Statutory Auditor
For and on behalf of Gravita Audit II Limited
27 November 2023
Chartered Accountants
Statutory Auditor
66 Prescot Street
London
E1 8NN
MANNING IMPEX LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
25,025,591
25,143,128
Cost of sales
(20,766,797)
(19,205,746)
Gross profit
4,258,794
5,937,382
Distribution costs
(589,892)
(735,155)
Administrative expenses
(4,603,139)
(3,002,148)
Other operating income
512
8,967
Operating (loss)/profit
4
(933,725)
2,209,046
Interest payable and similar expenses
7
(276,250)
(116,763)
(Loss)/profit before taxation
(1,209,975)
2,092,283
Tax on (loss)/profit
8
269,035
(350,881)
(Loss)/profit for the financial year
(940,940)
1,741,402

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 14 to 28 form part of these financial statements.

MANNING IMPEX LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
2023
2022
£
£
(Loss)/profit for the year
(940,940)
1,741,402
Other comprehensive income
Revaluation of tangible fixed assets
961,893
-
0
Tax relating to other comprehensive income
(252,973)
-
0
Other comprehensive income for the year
708,920
-
0
Total comprehensive income for the year
(232,020)
1,741,402

The notes on pages 14 to 28 form part of these financial statements.

MANNING IMPEX LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,247,134
3,383,417
Current assets
Stocks
12
8,359,194
8,294,864
Debtors
13
3,826,522
3,009,664
Cash at bank and in hand
1,724,616
2,023,792
13,910,332
13,328,320
Creditors: amounts falling due within one year
14
(10,913,356)
(9,125,477)
Net current assets
2,996,976
4,202,843
Total assets less current liabilities
7,244,110
7,586,260
Creditors: amounts falling due after more than one year
15
(713,034)
(868,904)
Provisions for liabilities
Deferred tax liability
18
267,500
-
0
(267,500)
-
Net assets
6,263,576
6,717,356
Capital and reserves
Called up share capital
20
25,000
25,000
Revaluation reserve
758,920
50,000
Profit and loss reserves
5,479,656
6,642,356
Total equity
6,263,576
6,717,356

The notes on pages 14 to 28 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
Mr N I A Cheong
Dr M A Cheong
Director
Director
Company Registration No. 02141125
MANNING IMPEX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
25,000
50,000
5,086,714
5,161,714
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
1,741,402
1,741,402
Dividends
9
-
-
(185,760)
(185,760)
Balance at 31 March 2022
25,000
50,000
6,642,356
6,717,356
Year ended 31 March 2023:
Loss for the year
-
-
(940,940)
(940,940)
Other comprehensive income:
Revaluation of tangible fixed assets
-
961,893
-
961,893
Tax relating to other comprehensive income
-
(252,973)
-
0
(252,973)
Total comprehensive income for the year
-
708,920
(940,940)
(232,020)
Dividends
9
-
-
(221,760)
(221,760)
Balance at 31 March 2023
25,000
758,920
5,479,656
6,263,576

The notes on pages 14 to 28 form part of these financial statements.

MANNING IMPEX LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(533,830)
(421,037)
Interest paid
(268,487)
(116,763)
Income taxes paid
(293,522)
(302,454)
Net cash outflow from operating activities
(1,095,839)
(840,254)
Investing activities
Purchase of tangible fixed assets
(36,041)
(138,591)
Proceeds from disposal of tangible fixed assets
33,731
750
Net cash used in investing activities
(2,310)
(137,841)
Financing activities
Repayment of borrowings
-
0
(78,500)
Proceeds from new bank loans
1,048,044
2,608,549
Repayment of bank loans
(451,584)
(1,152,261)
Proceeds from derivatives
477,525
-
0
Repayment of derivatives
-
0
(432,866)
Payment of finance leases obligations
(56,981)
(17,348)
Dividends paid
(221,760)
(185,760)
Net cash generated from financing activities
795,244
741,814
Net decrease in cash and cash equivalents
(302,905)
(236,281)
Cash and cash equivalents at beginning of year
2,023,792
2,260,073
Cash and cash equivalents at end of year
1,720,887
2,023,792
Relating to:
Cash at bank and in hand
1,724,616
2,023,792
Bank overdrafts included in creditors payable within one year
(3,729)
-
0

The notes on pages 14 to 28 form part of these financial statements.

MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information

Manning Impex Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manning Impex House, 2 Doman Road, Camberley, Surrey, GU15 3DF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis, as the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

The company has a revolving credit facility with Bangkok Bank which amounts to US$7,000,000, equivalent to £5,661,698 at the reporting date. The facility is renewed on an annual basis and is due for renewal on 30 November 2023. As at the date of signing these financial statements, the company has yet to receive confirmation that the facility will be renewed however, Bangkok Bank have asked the directors to commence the facility renewal process, which has historically been concluded in the month preceding the renewal date.

The facility has been in place for several years and has always been renewed. The company has not been in breach of any of the covenants in relation to this facility and expects the facility to be renewed. However, should the facility not be renewed, the company does not have sufficient liquid resources to repay the facility.

The directors are therefore aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern, should the facility not be renewed. However, the directors continue to adopt the going concern basis of accounting in preparing these financial statements, which do not reflect any adjustments that would be necessary if the facility was not renewed.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
land is non-depreciable and property is over 50 years
Plant and machinery
20% on cost
Equipment
20% on cost
Computer equipment
25% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and loans from directors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The general areas for which estimation has been applied are considered to be in calculating depreciation and the useful economic life of assets, provision for bad debts and stock write offs. The valuation of freehold property is of material consequence.

 

Management recognised the freehold property at a market value obtained from a firm of chartered surveyors. The valuation was performed in October 2022 and management estimated the split of land and buildings to be £2,050,000 each. Management estimated that the residual value of the buildings would be £Nil and so have depreciated the depreciable element over its remaining useful life.

 

The company utilises forward currency contracts which are used to manage fluctuations in foreign exchange rates, as they deal extensively in foreign currencies. The period end fair value exposure, as valued by the exchange providers, was a creditor of £348,131 (2022: debtor of £129,394).

3
Turnover

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Sale of goods
25,025,591
25,143,128
2023
2022
£
£
Turnover analysed by geographical market
UK sales
22,545,194
23,427,870
EU sales
2,480,397
1,715,258
25,025,591
25,143,128
4
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
848,368
(513,809)
Fees payable to the company's auditor for the audit of the company's financial statements
28,000
16,800
Depreciation of owned tangible fixed assets
106,330
85,498
Depreciation of tangible fixed assets held under finance leases
16,615
18,202
Profit on disposal of tangible fixed assets
(22,459)
(750)
Operating lease charges
74,418
52,705
MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Administrative staff
22
17
Distribution staff
30
27
Management staff
9
8
Directors
4
4
Total
65
56

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,287,727
2,007,750
Social security costs
234,041
193,462
Pension costs
47,766
38,933
2,569,534
2,240,145
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
239,320
235,153
Company pension contributions to defined contribution schemes
1,800
1,800
241,120
236,953

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
100,000
97,917
Company pension contributions to defined contribution schemes
1,800
1,800
MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
268,487
112,442
Other finance costs:
Interest on finance leases and hire purchase contracts
3,270
4,140
Other interest
4,493
181
276,250
116,763
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
388,106
Adjustments in respect of prior periods
(6,665)
(37,225)
Total current tax
(6,665)
350,881
Deferred tax
Origination and reversal of timing differences
(262,370)
-
0
Total tax (credit)/charge
(269,035)
350,881

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(1,209,975)
2,092,283
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(229,895)
397,534
Tax effect of expenses that are not deductible in determining taxable profit
18,221
23,017
Gains not taxable
-
0
(143)
Unutilised tax losses carried forward
210,442
-
0
Adjustments in respect of prior years
(6,665)
(37,225)
Permanent capital allowances in excess of depreciation
444
(28,665)
Non-allowable percentage of leased cars
-
0
1,012
Finance lease allowable depreciation
-
0
(4,649)
Other fixed asset adjustments
788
-
0
Other timing differences
(262,370)
-
0
Taxation (credit)/charge for the year
(269,035)
350,881
MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Taxation
(Continued)
- 22 -

In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Revaluation of property
252,973
-
9
Dividends
2023
2022
£
£
Interim paid
221,760
185,760
10
Tangible fixed assets
Freehold property
Plant and machinery
Equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2022
3,252,666
463,381
82,740
213,614
56,060
4,068,461
Additions
12,000
3,781
1,692
18,568
-
0
36,041
Disposals
-
0
(30,324)
(16,413)
(55,590)
(56,060)
(158,387)
Revaluation
835,334
-
0
-
0
-
0
-
0
835,334
At 31 March 2023
4,100,000
436,838
68,019
176,592
-
0
4,781,449
Depreciation and impairment
At 1 April 2022
97,296
356,684
45,533
145,355
40,176
685,044
Depreciation charged in the year
55,749
27,242
10,204
25,078
4,672
122,945
Eliminated in respect of disposals
-
0
(30,307)
(16,395)
(55,565)
(44,848)
(147,115)
Revaluation
(126,559)
-
0
-
0
-
0
-
0
(126,559)
At 31 March 2023
26,486
353,619
39,342
114,868
-
0
534,315
Carrying amount
At 31 March 2023
4,073,514
83,219
28,677
61,724
-
0
4,247,134
At 31 March 2022
3,155,370
106,697
37,207
68,259
15,884
3,383,417
MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Tangible fixed assets
(Continued)
- 23 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and machinery
26,122
27,362
Motor vehicles
-
0
15,884
Computer equipment
1
2,375
26,123
45,621

Freehold property with a carrying amount of £4,073,514 (2022 - £3,155,370) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Freehold property with a carrying amount of £4,073,514 (2022 - £3,155,370), which includes incidentals and improvements, was valued at £4,100,000 in October 2022 by Vail Williams, a firm of chartered surveyors, on an open market basis. The valuation conformed to Valuation Standards and was based on market transactions on arm's length terms, for similar properties.

11
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
129,394
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
348,131
-
12
Stocks
2023
2022
£
£
Finished goods and goods for resale
8,359,194
8,294,864
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,666,820
2,328,589
Corporation tax recoverable
55,529
-
0
Derivative financial instruments
-
129,394
Other debtors
325,739
152,438
Prepayments and accrued income
501,537
399,243
3,549,625
3,009,664
MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13
Debtors
(Continued)
- 24 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 18)
276,897
-
0
Total debtors
3,826,522
3,009,664
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
5,087,996
4,346,012
Obligations under finance leases
17
14,076
53,712
Trade creditors
4,066,267
3,008,901
Amounts owed to group undertakings
782,338
795,254
Corporation tax
-
0
240,165
Other taxation and social security
54,803
42,663
Derivative financial instruments
348,131
-
0
Other creditors
40,227
9,590
Accruals and deferred income
519,518
629,180
10,913,356
9,125,477
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
268,826
410,621
Obligations under finance leases
17
30,101
44,176
Other borrowings
16
414,107
414,107
713,034
868,904
MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
16
Loans and overdrafts
2023
2022
£
£
Bank loans
5,353,093
4,756,633
Bank overdrafts
3,729
-
0
Other loans
414,107
414,107
5,770,929
5,170,740
Payable within one year
5,087,996
4,346,012
Payable after one year
682,933
824,728

The bank facilities are secured by the following:

1) A first legal charge over the freehold property at 2 Doman Road, Camberley, Surrey, GU15 3DF.

2) A corporate guarantee by The Manning Impex Group Limited.

3) A corporate guarantee by New Loon Moon Limited.

4) A personal guarantee by Mr N I A Cheong and Dr M A Cheong.

5) A debenture from the company.

6) A debenture from New Loon Moon Limited.

Bank loans include a monthly instalment loan to be matured in January 2025, another monthly instalment loan to be matured in February 2027, and trade financing facilities to be renewed annually.

 

Other loans are amounts due to directors which are interest-free, unsecured and payable after 12 months from the reporting date.

17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
16,146
56,981
In two to five years
32,813
49,328
48,959
106,309
Less: future finance charges
(4,782)
(8,421)
44,177
97,888

Finance lease payments represent rentals payable by the company for certain items of plant and equipment and computer equipment. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Capital allowances
15,295
-
-
-
Tax losses
-
-
276,897
-
Revaluations
252,973
-
-
-
Others
(768)
-
-
-
267,500
-
276,897
-
2023
Movements in the year:
£
Liability at 1 April 2022
-
Credit to profit or loss
(262,370)
Charge to other comprehensive income
252,973
Asset at 31 March 2023
(9,397)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits. The deferred tax liability set out above relates to capital allowances and revaluations of freehold property and are expected to reverse over the remaining useful lives of the associated fixed assets.

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
47,766
38,933

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25,000
25,000
MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
21
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for the warehouse and motor vehicles that it leases. It relates to multiple leases, which have different terms. At the reporting date all leases expire within two years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
302,679
725,968
Between two and five years
40,660
317,014
343,339
1,042,982
22
Related party transactions
Remuneration of key management personnel

Only the directors of the company are considered key management personnel, their remuneration is disclosed within note 6.

Transactions with related parties
Wages and salaries
2023
2022
£
£
Other related parties
59,833
39,567

The company has taken advantage of the exemption available in FRS 102 "Related Party Disclosures" Section 33.1A whereby it has not disclosed transactions or balances entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

 

23
Directors' transactions

The following amounts were outstanding at the reporting date and were owed to the directors:

At the reporting date the company owed the directors £414,107 (2022: £414,107). The amounts are interest-free, unsecured and repayable in not less than twelve months from the reporting date.

 

There is a security over the bank borrowings in the form of personal guarantees from two of the directors, Mr N I A Cheong and Dr M A Cheong.

MANNING IMPEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
24
Ultimate controlling party

The Manning Impex Group Limited is regarded by the directors as being the company's parent company and has the same registered office address with the company. Copies of consolidated financial statements can be obtained from the parent company's registered office.

There is no ultimate controlling party.

25
Cash absorbed by operations
2023
2022
£
£
(Loss)/profit for the year after tax
(940,940)
1,741,402
Adjustments for:
Taxation (credited)/charged
(269,035)
350,881
Finance costs
276,250
116,763
Gain on disposal of tangible fixed assets
(22,459)
(750)
Depreciation and impairment of tangible fixed assets
122,945
103,700
Movements in working capital:
Increase in stocks
(64,330)
(2,780,386)
Increase in debtors
(613,826)
(669,844)
Increase in creditors
977,565
717,197
Cash absorbed by operations
(533,830)
(421,037)
26
Analysis of changes in net debt
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
2,023,792
(299,176)
1,724,616
Bank overdrafts
-
0
(3,729)
(3,729)
2,023,792
(302,905)
1,720,887
Borrowings excluding overdrafts
(5,170,740)
(596,460)
(5,767,200)
Obligations under finance leases
(97,888)
53,711
(44,177)
(3,244,836)
(845,654)
(4,090,490)
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