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Registration number: 10569435

Manor Developments (Kent) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Manor Developments (Kent) Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

82,993

50,882

Current assets

 

Debtors

5

157,908

174,491

Cash at bank and in hand

 

13,769

10,664

 

171,677

185,155

Creditors: Amounts falling due within one year

6

(175,935)

(128,125)

Net current (liabilities)/assets

 

(4,258)

57,030

Total assets less current liabilities

 

78,735

107,912

Creditors: Amounts falling due after more than one year

6

(57,301)

(44,319)

Provisions for liabilities

(17,184)

(6,729)

Net assets

 

4,250

56,864

Capital and reserves

 

Called up share capital

3

3

Retained earnings

4,247

56,861

Shareholders' funds

 

4,250

56,864

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Manor Developments (Kent) Limited

Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

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

Mr L P Smith

Director

Company registration number: 10569435

 

Manor Developments (Kent) 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.

The address of its registered office is:
1 Suffolk Way
C/o Brebners
Sevenoaks
Kent
TN13 1YL
 

The principal activity of the company is that of general building contractors..

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 March 2023 and had net assets of £4,250 at this date. The company has continued to trade profitably since 31 March 2023 and the directors do not believe that the global conflicts or current UK economic environment will have a material effect on the company.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

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 on development projects based upon the contractual stage of completion.

Government grants

Grants are accounted for under the accruals model. Grants of a revenue nature are recognised in other income in the same period as the related expenditure.

 

Manor Developments (Kent) Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

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 statement of financial position 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

Improvements to property

5% Straight Line

Plant and machinery

20% Straight Line

Office and computer equipment

10% and 33% Straight Line

Motor vehicles

20% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Manor Developments (Kent) Limited

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

Finance leases and hire purchase

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 4 (2022 - 4).

 

Manor Developments (Kent) Limited

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

4

Tangible assets

Improvements to property
£

Office and computer equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

24,086

6,426

40,576

9,603

80,691

Additions

-

-

63,896

-

63,896

Disposals

-

-

(23,333)

-

(23,333)

At 31 March 2023

24,086

6,426

81,139

9,603

121,254

Depreciation

At 1 April 2022

8,622

3,747

11,386

6,054

29,809

Charge for the year

1,205

1,463

14,704

1,921

19,293

Eliminated on disposal

-

-

(10,841)

-

(10,841)

At 31 March 2023

9,827

5,210

15,249

7,975

38,261

Carrying amount

At 31 March 2023

14,259

1,216

65,890

1,628

82,993

At 31 March 2022

15,464

2,679

29,190

3,549

50,882

5

Debtors

2023
£

2022
£

Trade debtors

51,588

55,029

Other debtors

106,320

119,462

157,908

174,491

 

Manor Developments (Kent) Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

25,472

20,304

Trade creditors

 

21,965

28,493

Taxation and social security

 

71,764

62,431

Other creditors

 

56,734

16,897

 

175,935

128,125

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

57,301

44,319

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loan

10,000

10,000

Obligations under hire purchase contracts

15,472

10,304

25,472

20,304

2023
£

2022
£

Non-current loans and borrowings

Bank loan

22,500

32,500

Obligations under hire purchase contracts

34,801

11,819

57,301

44,319

Obligations under hire purchase contracts are secured on the assets involved.

8

Transactions with directors

At 31 March 2023 an amount of £NIL (2022: £NIL) was due from the directors. During the year there were advances of £88,072 and repayments of £88,087. Interest of £15 (2022 - £nil) has been charged at 2% per annum and there are no set terms in place.