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Registration number: 5555841

Manke Markets UK Limited

trading as Manke Markets UK

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Manke Markets UK Limited

trading as Manke Markets UK

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Manke Markets UK Limited

trading as Manke Markets UK

Company Information

Directors

Mrs Anja Manke

Mr Andreas Manke

Company secretary

Mrs Anja Manke

Registered office

8 Barnfield
Feering
Colchester
Essex
CO5 9HP

Accountants

SJB & Co
8 Barnfield
Feering
Colchester
Essex
CO5 9HP

 

Manke Markets UK Limited

trading as Manke Markets UK

(Registration number: 5555841)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,420

29,786

Current assets

 

Stocks

5

25,393

14,177

Debtors

6

11,151

13,485

Cash at bank and in hand

 

44,652

51,540

 

81,196

79,202

Creditors: Amounts falling due within one year

7

(51,119)

(54,532)

Net current assets

 

30,077

24,670

Total assets less current liabilities

 

49,497

54,456

Creditors: Amounts falling due after more than one year

7

(23,333)

(33,333)

Provisions for liabilities

(4,530)

(6,404)

Net assets

 

21,634

14,719

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

21,534

14,619

Shareholders' funds

 

21,634

14,719

For the financial year ending 31 July 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 and the option not to file the Profit and Loss Account has been taken.

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

 

Manke Markets UK Limited

trading as Manke Markets UK

(Registration number: 5555841)
Balance Sheet as at 31 July 2023

.........................................
Mrs Anja Manke
Company secretary and director

 

Manke Markets UK Limited

trading as Manke Markets UK

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

100

14,619

14,719

Profit for the year

-

51,110

51,110

Dividends

-

(44,195)

(44,195)

At 31 July 2023

100

21,534

21,634

Share capital
£

Retained earnings
£

Total
£

At 1 August 2021

100

(31,260)

(31,160)

Profit for the year

-

45,879

45,879

At 31 July 2022

100

14,619

14,719

 

Manke Markets UK Limited

trading as Manke Markets UK

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

1

General information

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

The address of its registered office is:
8 Barnfield
Feering
Colchester
Essex
CO5 9HP
United Kingdom

The principal place of business is:
BrandtStrasse 83
Bremen
Germany
28215
Germany

These financial statements were authorised for issue by the Board on 12 April 2024.

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.

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.

 

Manke Markets UK Limited

trading as Manke Markets UK

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Plant & machinery

8 to 25% straight line

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.

 

Manke Markets UK Limited

trading as Manke Markets UK

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

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.

 

Manke Markets UK Limited

trading as Manke Markets UK

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

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.

3

Staff numbers

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

 

Manke Markets UK Limited

trading as Manke Markets UK

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

246,776

246,776

Additions

2,622

2,622

At 31 July 2023

249,398

249,398

Depreciation

At 1 August 2022

216,990

216,990

Charge for the year

12,988

12,988

At 31 July 2023

229,978

229,978

Carrying amount

At 31 July 2023

19,420

19,420

At 31 July 2022

29,786

29,786

5

Stocks

2023
£

2022
£

Other inventories

25,393

14,177

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

10

(20)

(20)

Prepayments

 

5,375

5,025

Other debtors

 

5,796

8,480

7

Creditors

Creditors: amounts falling due within one year

 

Manke Markets UK Limited

trading as Manke Markets UK

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

22,202

Taxation and social security

 

16,022

5,973

Accruals and deferred income

 

4,016

5,413

Other creditors

 

21,081

20,944

 

51,119

54,532

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

23,333

33,333

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,333

33,333

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

22,202

Bank borrowings

 

Manke Markets UK Limited

trading as Manke Markets UK

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

Nord LB - Bank loan is denominated in Euros with a nominal interest rate of 4.5%, and the final instalment is due on 31 March 2023. The carrying amount at year end is £Nil (2022 - £12,202).

Barclays Bank - Bounceback loan is denominated in Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 18 November 2026. The carrying amount at year end is £33,333 (2022 - £43,333).

10

Related party transactions

Manke Holdings GmbH owns the shares in Manke Markets UK Ltd . Manke Holdings GmbH is a company wholly owned by Mr and Mrs Manke.

Transactions with directors

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,192

17,840

Other transactions with directors

Mrs Manke purchases certain products and services for the company in Germany and supplies them at cost plus a 10% handling charge, the amounts invoiced were £21,464 (2022:£21,630)