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REGISTERED NUMBER: 02131000 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ASHBY & MANN LIMITED

ASHBY & MANN LIMITED (REGISTERED NUMBER: 02131000)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ASHBY & MANN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: B Mangiante
Mrs V Mangiante





SECRETARY: Mrs V Mangiante





REGISTERED OFFICE: 94-106 Upper Bond Street
Hinckley
Leicestershire
LE10 1RL





REGISTERED NUMBER: 02131000 (England and Wales)





ACCOUNTANTS: Ian Monk Limited
49 Barrow Road
Burton on the Wolds
Loughborough
Leicestershire
LE12 5TB

ASHBY & MANN LIMITED (REGISTERED NUMBER: 02131000)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,002,490 1,017,834

CURRENT ASSETS
Stocks 1,005,144 912,196
Debtors 5 61,263 78,365
Cash in hand 26,130 31,916
1,092,537 1,022,477
CREDITORS
Amounts falling due within one year 6 1,126,268 1,008,999
NET CURRENT (LIABILITIES)/ASSETS (33,731 ) 13,478
TOTAL ASSETS LESS CURRENT
LIABILITIES

968,759

1,031,312

CREDITORS
Amounts falling due after more than
one year

7

(15,833

)

(25,833

)

PROVISIONS FOR LIABILITIES 9 (108,814 ) (111,397 )
NET ASSETS 844,112 894,082

CAPITAL AND RESERVES
Called up share capital 10,002 10,002
Revaluation reserve 10 545,952 551,099
Retained earnings 288,158 332,981
844,112 894,082

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ASHBY & MANN LIMITED (REGISTERED NUMBER: 02131000)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and were signed on its behalf by:





B Mangiante - Director


ASHBY & MANN LIMITED (REGISTERED NUMBER: 02131000)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Ashby & Mann Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured 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.

ASHBY & MANN LIMITED (REGISTERED NUMBER: 02131000)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 20% on cost

Freehold land is not depreciated.

The company previously adopted a policy of revaluing freehold land and buildings and they were stated at their revalued amounts, net of depreciation and any impairment losses. The company has adopted the transition exemption under FRS 102 paragraph 35.10 (d) and has elected to use the previous revaluation as the deemed cost.

The difference between the depreciation based on the deemed cost, charged in the profit and loss account, and that on the original historical cost is transferred from the revaluation reserve to retained earnings.

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes purchase, transport and handling costs in bringing stocks to their present location and condition.

ASHBY & MANN LIMITED (REGISTERED NUMBER: 02131000)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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

Financial instruments are recognised 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 trade and other 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 financial asset is measured at the present value of the future receipts discounted at the market rate of interest.

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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, 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 the market rate of interest.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ASHBY & MANN LIMITED (REGISTERED NUMBER: 02131000)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employees' 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 to provide termination benefits.

Going concern
The accounts have been prepared on a going concern basis. Having carried out a detailed review of the company's resources and the challenges presented by the current economic climate, the directors are satisfied that the company has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the accounts.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 24 ) .

ASHBY & MANN LIMITED (REGISTERED NUMBER: 02131000)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 1,144,466 120,032 1,264,498
Additions - 1,192 1,192
At 31 December 2023 1,144,466 121,224 1,265,690
DEPRECIATION
At 1 January 2023 148,572 98,092 246,664
Charge for year 10,020 6,516 16,536
At 31 December 2023 158,592 104,608 263,200
NET BOOK VALUE
At 31 December 2023 985,874 16,616 1,002,490
At 31 December 2022 995,894 21,940 1,017,834

Included in cost or valuation of land and buildings is freehold land of £ 600,569 (2022 - £ 600,569 ) which is not depreciated.

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2006 720,444 - 720,444
Cost 424,022 121,224 545,246
1,144,466 121,224 1,265,690

If land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 330,082 330,082
Aggregate depreciation 71,659 68,381

Value of land in freehold land and buildings 160,354 160,354

Freehold land and buildings were valued on an open market basis on 31 December 2006 by Castle Commercial Chartered Surveyors .

ASHBY & MANN LIMITED (REGISTERED NUMBER: 02131000)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

The company applied the transitional arrangements of Section 35 of FRS 102 and used a previous valuation as the deemed cost for its freehold properties. The properties are being depreciated from the valuation date. As the assets are depreciated or sold an appropriate transfer is made from the revaluation reserve to retained earnings.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 61,263 78,365

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 434,550 263,498
Hire purchase contracts 167,629 114,401
Trade creditors 466,501 567,578
Taxation and social security 29,670 25,442
Other creditors 27,918 38,080
1,126,268 1,008,999

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 15,833 25,833

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 167,629 114,401
Trade creditors 276,110 292,912
Other loans 285,639 105,556
729,378 512,869

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 108,814 111,397

ASHBY & MANN LIMITED (REGISTERED NUMBER: 02131000)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 111,397
Credit to Income Statement during year (2,583 )
Balance at 31 December 2023 108,814

10. RESERVES
Revaluation
reserve
£   
At 1 January 2023 551,099
Transfer from revaluation
reserve to retained earnings (5,147 )

At 31 December 2023 545,952

The revaluation reserve represents the difference between the carrying value of the freehold properties and their historic cost, less any transfers made to the profit and loss reserve representing the difference between historic cost depreciation and the amounts charged in the financial statements and movements on the deferred tax provision in respect of the properties.

11. RELATED PARTY DISCLOSURES

The controlling party is Mr B Mangiante and Mrs V Mangiante.