MANNINGS USA (UK) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Company Registration No. 06457061 (England and Wales)
MANNINGS USA (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MANNINGS USA (UK) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,043
3,562
Current assets
Debtors
4
229,156
245,058
Cash at bank and in hand
9,152
35,592
238,308
280,650
Creditors: amounts falling due within one year
5
(367,020)
(258,264)
Net current (liabilities)/assets
(128,712)
22,386
Net (liabilities)/assets
(124,669)
25,948
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
(174,669)
(24,052)
Total equity
(124,669)
25,948
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 March 2024 and are signed on its behalf by:
Mr P D Smith
Director
Company registration number 06457061 (England and Wales)
MANNINGS USA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Mannings USA (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5a, Slaidburn Industrial Estate, Slaidburn Crescent, Southport, Merseyside, PR9 9YF.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant of the support of its parent company Thermo International Services LLC, a company incorporated in the United States. true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised when the company obtains the rights to consideration in exchange for its performance.
Revenue from the provision of professional services is recognised once complete, costs incurred can be estimated 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.
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:
Short leasehold improvements
Over the course of the lease
Plant and machinery
33% Straight Line
Fixtures, fittings & equipment
25% Straight Line
Computer equipment
25% Straight Line
Motor vehicles
25% - 50% Straight Line
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.
MANNINGS USA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
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).
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
1.8
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 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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MANNINGS USA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Leases
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.
1.11
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
10,240
142,735
152,975
Additions
916
916
At 30 June 2023
10,240
143,651
153,891
Depreciation and impairment
At 1 July 2022
7,739
141,674
149,413
Depreciation charged in the year
250
185
435
At 30 June 2023
7,989
141,859
149,848
Carrying amount
At 30 June 2023
2,251
1,792
4,043
At 30 June 2022
2,501
1,061
3,562
MANNINGS USA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
47,719
5,477
Other debtors
181,437
239,581
229,156
245,058
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,932
8,859
Amounts owed to group undertakings
256,059
192,697
Taxation and social security
10,822
6,570
Other creditors
92,207
50,138
367,020
258,264
The amounts owed to group undertakings are secured by a first legal mortgage over the company's assets.
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
A director received rent from the company of £12,000 (2022: £12,000). At the year end £24,000 (2022: £18,000) remained unpaid.
Mannings (USA) UK Limited operates an interest free intercompany account with the parent company Thermo International Services LLC, a company registered in the United States. At the year end the balance owed to Thermo International Services LLC was £256,059 (2022 : £192,697).
7
Parent company
The parent company of Mannings USA (UK) Limited is Thermo International Services LLC.
There is no ultimate controlling party.