Phillip Mann Estate Agents Limited 03789992 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Real estate agencies Digita Accounts Production Advanced 6.30.9574.0 true true 03789992 2022-04-01 2023-03-31 03789992 2023-03-31 03789992 core:CurrentFinancialInstruments 2023-03-31 03789992 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03789992 core:Goodwill 2023-03-31 03789992 core:FurnitureFittingsToolsEquipment 2023-03-31 03789992 core:LandBuildings 2023-03-31 03789992 core:MotorVehicles 2023-03-31 03789992 core:OtherPropertyPlantEquipment 2023-03-31 03789992 bus:SmallEntities 2022-04-01 2023-03-31 03789992 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03789992 bus:FullAccounts 2022-04-01 2023-03-31 03789992 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03789992 bus:RegisteredOffice 2022-04-01 2023-03-31 03789992 bus:CompanySecretaryDirector1 2022-04-01 2023-03-31 03789992 bus:Director2 2022-04-01 2023-03-31 03789992 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03789992 core:Goodwill 2022-04-01 2023-03-31 03789992 core:ComputerEquipment 2022-04-01 2023-03-31 03789992 core:FurnitureFittings 2022-04-01 2023-03-31 03789992 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 03789992 core:LandBuildings 2022-04-01 2023-03-31 03789992 core:LeaseholdImprovements 2022-04-01 2023-03-31 03789992 core:MotorCars 2022-04-01 2023-03-31 03789992 core:MotorVehicles 2022-04-01 2023-03-31 03789992 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 03789992 core:OtherRelatedParties 2022-04-01 2023-03-31 03789992 countries:EnglandWales 2022-04-01 2023-03-31 03789992 2022-03-31 03789992 core:Goodwill 2022-03-31 03789992 core:FurnitureFittingsToolsEquipment 2022-03-31 03789992 core:LandBuildings 2022-03-31 03789992 core:MotorVehicles 2022-03-31 03789992 core:OtherPropertyPlantEquipment 2022-03-31 03789992 2021-04-01 2022-03-31 03789992 2022-03-31 03789992 core:CurrentFinancialInstruments 2022-03-31 03789992 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 03789992 core:FurnitureFittingsToolsEquipment 2022-03-31 03789992 core:LandBuildings 2022-03-31 03789992 core:MotorVehicles 2022-03-31 03789992 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 03789992

Phillip Mann Estate Agents Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Phillip Mann Estate Agents Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Phillip Mann Estate Agents Limited

Company Information

Directors

Mr Timothy Phillip Mann

Ms Jane Mann

Company secretary

Mr Timothy Phillip Mann

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Phillip Mann Estate Agents Limited

(Registration number: 03789992)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

423,553

144,022

Investment property

6

2,750,965

2,750,000

 

3,174,518

2,894,022

Current assets

 

Stocks

7

209,131

209,131

Debtors

8

435,906

349,433

Cash at bank and in hand

 

541,849

780,056

 

1,186,886

1,338,620

Creditors: Amounts falling due within one year

9

(829,592)

(828,609)

Net current assets

 

357,294

510,011

Total assets less current liabilities

 

3,531,812

3,404,033

Provisions for liabilities

(271,747)

(206,528)

Net assets

 

3,260,065

3,197,505

Capital and reserves

 

Called up share capital

1,000

1,000

Other reserves

1,006,325

1,071,544

Retained earnings

2,252,740

2,124,961

Shareholders' funds

 

3,260,065

3,197,505

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Phillip Mann Estate Agents Limited

(Registration number: 03789992)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 5 February 2024 and signed on its behalf by:



 

.........................................

Ms Jane Mann

Director

 

Phillip Mann Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Maria House
35 Millers Road
Brighton
BN1 5NP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Phillip Mann Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% on reducing balance

Fixtures & Fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Short leasehold

20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Non-distributable reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.
On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Phillip Mann Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Asset class

Amortisation method and rate

Goodwill

10% on cost

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 18).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

20,000

20,000

At 31 March 2023

20,000

20,000

Amortisation

At 1 April 2022

20,000

20,000

At 31 March 2023

20,000

20,000

Carrying amount

At 31 March 2023

-

-

 

Phillip Mann Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

104,127

202,380

48,713

52,447

407,667

Additions

323,687

-

-

-

323,687

Disposals

(18,430)

-

-

-

(18,430)

At 31 March 2023

409,384

202,380

48,713

52,447

712,924

Depreciation

At 1 April 2022

34,259

138,966

38,519

51,901

263,645

Charge for the year

7,189

15,853

2,548

136

25,726

At 31 March 2023

41,448

154,819

41,067

52,037

289,371

Carrying amount

At 31 March 2023

367,936

47,561

7,646

410

423,553

At 31 March 2022

69,868

63,414

10,194

546

144,022

 

Phillip Mann Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Investment properties

2023
£

At 1 April

2,750,000

Additions

965

At 31 March

2,750,965

7

Stocks

2023
£

2022
£

Other inventories

209,131

209,131

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

17,928

17,430

Amounts owed by related parties

12

242,433

221,678

Prepayments

 

6,915

4,310

Other debtors

 

168,630

106,015

   

435,906

349,433

 

Phillip Mann Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

601,307

636,030

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

-

1,693

Taxation and social security

 

209,910

169,740

Accruals and deferred income

 

16,148

18,803

Other creditors

 

2,227

2,343

 

829,592

828,609

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

601,307

636,030

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £438.00 (2022 - £380.00) per ordinary share

 

377,000

 

380,000

         

12

Related party transactions

 

Phillip Mann Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,000

24,000

Summary of transactions with other related parties


Mr T P & Mrs J Mann trading as Phillip Mann Property Developments
The directors are both partners of this business

During the year the company paid £32,000 (2022- £30,000) in rent.

 
WP (Seaford) Limited
A company in which Mr T P Mann is also a director

Amount due from related party at the balance sheet date amounts to £242,433 (2022 - £221,677)