Company registration number 08767652 (England and Wales)
MNH MANAGEMENT SERVICES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MNH MANAGEMENT SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MNH MANAGEMENT SERVICES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
Unaudited
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
837,124
859,037
Tangible assets
4
257
837,124
859,294
Current assets
Debtors
5
33,362
55,715
Cash at bank and in hand
13,348
52,375
46,710
108,090
Creditors: amounts falling due within one year
6
(106,556)
(224,014)
Net current liabilities
(59,846)
(115,924)
Net assets
777,278
743,370
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
777,277
743,369
Total equity
777,278
743,370
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 15 August 2024 and are signed on its behalf by:
Mr K Peat
Director
Company registration number 08767652 (England and Wales)
MNH MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
MNH Management Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Rowfant Business Park, Wallage Lane, Rowfant, West Sussex, RH10 4NQ.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
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. The directors have considered the likely future cashflows of the business and have considered the balance sheet and the group facilities available at this point in time.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Development costs
10% per annum on a straight line basis
In addition to the annual amortisation charges, the directors also review the carrying value of intangible fixed assets and recognise additional impairment charges as necessary.
1.5
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:
Computer equipment
33% per annum on a straight line basis
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.
MNH MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
MNH MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 5 (2022 - 5).
3
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023
1,140,321
Additions
92,119
At 31 December 2023
1,232,440
Amortisation and impairment
At 1 January 2023
281,284
Amortisation charged for the year
114,032
At 31 December 2023
395,316
Carrying amount
At 31 December 2023
837,124
At 31 December 2022
859,037
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023
2,126
Disposals
(2,126)
At 31 December 2023
Depreciation and impairment
At 1 January 2023
1,869
Depreciation charged in the year
257
Eliminated in respect of disposals
(2,126)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
257
MNH MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
Unaudited
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
23,886
41,958
Other debtors
9,476
13,757
33,362
55,715
6
Creditors: amounts falling due within one year
Unaudited
2023
2022
£
£
Trade creditors
101
4,643
Amounts owed to group undertakings
63,953
192,708
Taxation and social security
22,325
11,779
Other creditors
20,177
14,884
106,556
224,014
7
Called up share capital
Unaudited
Unaudited
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Other matter
The financial statements for the year ended 31 December 2022 were unaudited.
Senior Statutory Auditor:
Michael Wesley FCA
Statutory Auditor:
Azets Audit Services
MNH MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Parent company
The immediate parent company is MNH GRP Limited, a company incorporated in England and Wales. The registered office is Rowfant Business Park, Wallage Lane, Rowfant, West Sussex, RH10 4NQ.
The parent of the largest group for which consolidated financial statements are prepared is Linstol UK Limited, incorporated in England and Wales. The registered office is Beech House North East Wing, Ancells Road, Fleet, Hampshire, GU51 2UN.
The ultimate parent entity is The Jerrylin M. Hoffmann Trust, registered in the United States of America. The registered office is 825 Green Bay Road, Wilmette, IL 60091, United States of America.