IRIS Accounts Production v24.2.0.383 02550211 Board of Directors 1.1.23 31.12.23 31.12.23 manufacturer of commercial refrigeration cabinets. true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh025502112022-12-31025502112023-12-31025502112023-01-012023-12-31025502112021-12-31025502112022-01-012022-12-31025502112022-12-3102550211ns15:EnglandWales2023-01-012023-12-3102550211ns14:PoundSterling2023-01-012023-12-3102550211ns10:Director12023-01-012023-12-3102550211ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102550211ns10:FRS1022023-01-012023-12-3102550211ns10:Audited2023-01-012023-12-3102550211ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3102550211ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3102550211ns10:FullAccounts2023-01-012023-12-310255021112023-01-012023-12-3102550211ns10:OrdinaryShareClass12023-01-012023-12-3102550211ns10:Director22023-01-012023-12-3102550211ns10:Director32023-01-012023-12-3102550211ns10:RegisteredOffice2023-01-012023-12-3102550211ns5:CurrentFinancialInstruments2023-12-3102550211ns5:CurrentFinancialInstruments2022-12-3102550211ns5:ShareCapital2023-12-3102550211ns5:ShareCapital2022-12-3102550211ns5:SharePremium2023-12-3102550211ns5:SharePremium2022-12-3102550211ns5:RetainedEarningsAccumulatedLosses2023-12-3102550211ns5:RetainedEarningsAccumulatedLosses2022-12-3102550211ns5:ShareCapital2021-12-3102550211ns5:RetainedEarningsAccumulatedLosses2021-12-3102550211ns5:SharePremium2021-12-3102550211ns5:ShareCapital2022-01-012022-12-3102550211ns5:SharePremium2022-01-012022-12-3102550211ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3102550211ns5:ShareCapital2023-01-012023-12-3102550211ns5:SharePremium2023-01-012023-12-3102550211ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-310255021112023-01-012023-12-310255021112022-01-012022-12-310255021112023-01-012023-12-3102550211ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3102550211ns5:ComputerSoftware2023-01-012023-12-3102550211ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3102550211ns5:PlantMachinery2023-01-012023-12-3102550211ns5:FurnitureFittings2023-01-012023-12-3102550211ns5:MotorVehicles2023-01-012023-12-3102550211ns5:ReportableOperatingSegment12023-01-012023-12-3102550211ns5:ReportableOperatingSegment12022-01-012022-12-3102550211ns5:ReportableOperatingSegment22023-01-012023-12-3102550211ns5:ReportableOperatingSegment22022-01-012022-12-3102550211ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3102550211ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3102550211ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3102550211ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-01-012022-12-3102550211ns5:OwnedAssets2023-01-012023-12-3102550211ns5:OwnedAssets2022-01-012022-12-3102550211ns5:ComputerSoftware2022-01-012022-12-3102550211ns5:ComputerSoftware2022-12-3102550211ns5:ComputerSoftware2023-12-3102550211ns5:ComputerSoftware2022-12-3102550211ns5:LandBuildings2022-12-3102550211ns5:PlantMachinery2022-12-3102550211ns5:FurnitureFittings2022-12-3102550211ns5:MotorVehicles2022-12-3102550211ns5:LandBuildings2023-01-012023-12-3102550211ns5:LandBuildings2023-12-3102550211ns5:PlantMachinery2023-12-3102550211ns5:FurnitureFittings2023-12-3102550211ns5:MotorVehicles2023-12-3102550211ns5:LandBuildings2022-12-3102550211ns5:PlantMachinery2022-12-3102550211ns5:FurnitureFittings2022-12-3102550211ns5:MotorVehicles2022-12-3102550211ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102550211ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102550211ns5:DeferredTaxation2022-12-3102550211ns5:OtherProvisionsContingentLiabilities2022-12-3102550211ns5:DeferredTaxation2023-01-012023-12-3102550211ns5:OtherProvisionsContingentLiabilities2023-01-012023-12-3102550211ns5:DeferredTaxation2023-12-3102550211ns5:OtherProvisionsContingentLiabilities2023-12-3102550211ns10:OrdinaryShareClass12023-12-3102550211ns5:RetainedEarningsAccumulatedLosses2022-12-3102550211ns5:SharePremium2022-12-31
















MANOR CONCEPTS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2023






MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


MANOR CONCEPTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: S Marzaro
F Marzaro
C R O'Connor





REGISTERED OFFICE: 62 Sunderland Road
Sandy
Bedford
Bedfordshire
SG19 1QY





REGISTERED NUMBER: 02550211 (England and Wales)





AUDITORS: HW Bedford Limited
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The business has performed well during 2023, continuing the improvement of last year and reversing the results experienced during the COVID pandemic and post-Brexit period, which had dramatically impacted purchasing, freight and employee related costs.

Turnover increased substantially and in line with the underlying growth plans of the business and even more significant growth is expected in the years to come.

As always, economic uncertainties and market demands will provide on-going challenge, yet the business is well positioned with a solid base from which the financial performance is expected to continue to improve.

The parent company share the ambitious plans for the business and are committed to providing strong support to enable the rapid growth that the business now expects. A further capital injection of £1m was provided for the initial phase of major overhaul and redevelopment of the Sunderland Road facility, with substantial further investment approved for the on-going phases which will take place over the next two years. This will also ensure the necessary financial backing to enable investment in the company's people, its plant and machinery and to facilitate substantial improvements to manufacturing capabilities over the coming years.

The company is committed to reducing its carbon footprint; with a carbon reduction plan, which includes efforts on multiple fronts to reduce energy consumption alongside, for example; further investment to expand the photovoltaic cell infrastructure alongside the 'green' site development plans, as further detailed in the SECR below:

Streamlined Energy and Carbon Reporting (SECR)

Manor Concepts has reported scope 1and 2 (GHG) emissions in accordance with the requirements of Streamlined Energy and Carbon Reporting (SECR).

This is Manor Concepts' first SECR and includes stated emissions for the most recent reporting year - the 12 months starting 01/01/2023 and ending 31/12/2023

Reporting is on a voluntary basis and demonstrates Manor Concept's commitment to measuring and reducing emissions in line with our net zero strategy.

Methodology

Greenhouse gas emissions were calculated according to the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard.

Scope and Subject Matter

The boundary of the report includes all UK-based operations which were operational during the reporting period.

Energy and GHG sources included in the process:
o Scope 1: Fuel used in company vehicles and natural gas
o Scope 2: Purchased electricity
o 7 protocol GHGs were included: CO2, N2O, CH4, HFCs, PFCs, SF6 & NF3

The figures were calculated using UK government 2023 conversion factors, expressed as tonnes of carbon dioxide equivalent (tCO2e).

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023


Energy Efficiency Actions

Energy efficiency and climate change are at the centre of Manor Concepts' strategy.

The following actions have taken place during 2023:
o Solar panel installation at our manufacturing site and Head Office in Sandy

The following action is planned for 2024
o All UK electricity tariffs to be moved to 100% renewables in Q3 2024

Manor Concepts' statements by year (in tonnes of CO2e), as follows:

Site All UK Operations
Reporting Year 2023

Annual Energy Consumption (kWh)
Electricity 618,700
Gas 560,370
Transport Fuel 351,008
Total 1,530,078

Annual GHG emissions (tCo2e)
Scope 1
Emissions from gas combustion 102.70
Emissions from transport fuel combustion 87.75
Scope 2
Emissions from purchased electricity 128.12
Total tCO2e emissions 318.57

Intensity (tCO2e/FTE)
Number of Full-time equivalent employees (FTEs) 131
Intensity ratio tCO2e/FTE 2.43

Methodology
GHG Protocol Corporate Accounting and Reporting
Standard

PRINCIPAL RISKS AND UNCERTAINTIES
The Board of Directors and the Management continually monitor the key risks facing the company together with the controls used for measuring these risks.

The principal risks and uncertainties facing the company are as follows:

Foreign exchange risk - a large portion of the company's income is Euro denominated. There is a risk of adverse Euro:GBP rate movements. This risk is partially offset by supplies also denominated in Euros. Uncovered exposure is subject to consideration of forward exchange contracts to minimise uncertainty of future incomes.

Economic conditions - market uncertainty as a result of any unforeseen global issues can affect our UK markets, as they did during the COVID lock-down period and in its immediate aftermath, affecting supply of parts and labour challenges.

Credit risk - potential increases to interest rates are not foreseen, however a major shift in economic conditions could adversely impact on the company's ability to continue to invest for growth.


MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

KEY PERFORMANCE INDICATORS
Our Key Performance Indicators for the year to 31 December 2023 and 31 December 2022 are considered to be the following:


2023 2022
Gross profit percentage 17.9% 13.37%
Net profit before tax percentage 2.65% 0.13%
Average sales per employee £153,540 £138,823

ON BEHALF OF THE BOARD:





C R O'Connor - Director


10th September 2024

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

S Marzaro
F Marzaro
C R O'Connor

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C R O'Connor - Director


10th September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MANOR CONCEPTS LIMITED

Opinion
We have audited the financial statements of Manor Concepts Limited (the 'company') for the year ended 31st December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MANOR CONCEPTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MANOR CONCEPTS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Identifying and assessing the controls management has in place to prevent and detect fraud;
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- Challenging assumptions and judgments made by management in its significant accounting estimates and judgments.
- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and
- Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the accounting policy disclosure pages.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MANOR CONCEPTS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alberto Di Lorenzo FCA (Senior Statutory Auditor)
for and on behalf of HW Bedford Limited
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

11th September 2024

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 20,420,767 18,334,281

Cost of sales 16,773,023 15,882,932
GROSS PROFIT 3,647,744 2,451,349

Administrative expenses 3,018,177 2,373,005
OPERATING PROFIT 6 629,567 78,344


Interest payable and similar expenses 7 88,452 54,112
PROFIT BEFORE TAXATION 541,115 24,232

Tax on profit 8 (13,524 ) 24,086
PROFIT FOR THE FINANCIAL YEAR 554,639 146

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

554,639

146

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 9,932 19,892
Tangible assets 10 5,007,380 4,405,051
5,017,312 4,424,943

CURRENT ASSETS
Stocks 11 3,311,471 4,194,766
Debtors 12 5,366,247 3,817,555
Cash at bank 242,723 356,864
8,920,441 8,369,185
CREDITORS
Amounts falling due within one year 13 6,480,610 6,931,648
NET CURRENT ASSETS 2,439,831 1,437,537
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,457,143

5,862,480

PROVISIONS FOR LIABILITIES 16 289,076 249,052
NET ASSETS 7,168,067 5,613,428

CAPITAL AND RESERVES
Called up share capital 17 5,851,960 4,851,960
Share premium 18 74,343 74,343
Retained earnings 18 1,241,764 687,125
SHAREHOLDERS' FUNDS 7,168,067 5,613,428

The financial statements were approved by the Board of Directors and authorised for issue on 10th September 2024 and were signed on its behalf by:





C R O'Connor - Director


MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1st January 2022 2,851,960 686,979 74,343 3,613,282

Changes in equity
Issue of share capital 2,000,000 - - 2,000,000
Total comprehensive income - 146 - 146
Balance at 31st December 2022 4,851,960 687,125 74,343 5,613,428

Changes in equity
Issue of share capital 1,000,000 - - 1,000,000
Total comprehensive income - 554,639 - 554,639
Balance at 31st December 2023 5,851,960 1,241,764 74,343 7,168,067

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,273,374 (1,899,606 )
Interest paid (88,452 ) (54,112 )
Amounts owed to/from group undertakings (1,150,597 ) 491,345
Net cash from operating activities 34,325 (1,462,373 )

Cash flows from investing activities
Purchase of tangible fixed assets (963,488 ) (1,728,255 )
Sale of tangible fixed assets 13,751 -
Net cash from investing activities (949,737 ) (1,728,255 )

Cash flows from financing activities
Share issue 1,000,000 2,000,000
Net cash from financing activities 1,000,000 2,000,000

Increase/(decrease) in cash and cash equivalents 84,588 (1,190,628 )
Cash and cash equivalents at beginning of
year

2

(1,630,186

)

(439,558

)

Cash and cash equivalents at end of year 2 (1,545,598 ) (1,630,186 )

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 541,115 24,232
Depreciation charges 368,186 351,563
Profit on disposal of fixed assets (10,818 ) -
Warranty provision movement 21,732 (8,016 )
Finance costs 88,452 54,112
1,008,667 421,891
Decrease in stocks 883,295 61,855
Increase in trade and other debtors (1,516,876 ) (1,304,021 )
Increase/(decrease) in trade and other creditors 898,288 (1,079,331 )
Cash generated from operations 1,273,374 (1,899,606 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 242,723 356,864
Bank overdrafts (1,788,321 ) (1,987,050 )
(1,545,598 ) (1,630,186 )
Year ended 31st December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 356,864 1,071,300
Bank overdrafts (1,987,050 ) (1,510,858 )
(1,630,186 ) (439,558 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 356,864 (114,141 ) 242,723
Bank overdrafts (1,987,050 ) 198,729 (1,788,321 )
(1,630,186 ) 84,588 (1,545,598 )
Total (1,630,186 ) 84,588 (1,545,598 )

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

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

1. STATUTORY INFORMATION

Manor Concepts 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Preparation of consolidated financial statements
The financial statements contain information about Manor Concepts Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Arneg S.p.A, Via Venezia, 58, 35010 Campo San Martino PD, Italy.

Significant judgements and estimates
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical accounting judgements and key sources of estimation uncertainty
Included in the stocks held at the year end is a provision for obsolete stock. This provision is based on a judgement made by the directors using their opinion of items that are no longer saleable and based on knowledge of components that are no longer used in the manufacturing process.

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

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

2. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised when it is probable that future economic benefit will flow to company and the revenue can be reliably measured. Revenue is measured as the fair value of consideration received or receivable, excluding any discounts, rebates and value added tax. Listed below are revenue categories and their corresponding revenue recognition policies which must be met before revenue can be recognised:

Cabinets Sales

Revenue for Cabinets sales is recognised when the goods have been dispatched.


Refurbishment or Installation Sales

Revenue for sales relating to refurbishment or installation sales is recognised when the work in relation to refurbishment or installation has been completed.

Commission Income

Commission income is recognised as and when it is received from Arneg Portugal.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 3% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 12% and 20% on cost
Motor vehicles - 20% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion, overhead absorption rate and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the average for the last 6 months. A provision of £88,206 (2022: £85,574) has been made for damaged, obsolete and slow-moving stock.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Warranty provision
The Company makes provision for warranty and rectification costs relating to its obligation under the warranty offered on it's products. The provision is based on 1% of directly manufactured & bought in cabinets over a 3 year period.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

Creditors
Creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised costs using the effective interest method.

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

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

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Principal activity 20,070,532 17,860,699
Commission 350,235 473,582
20,420,767 18,334,281

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,280,567 4,017,549
Social security costs 419,357 415,227
Other pension costs 98,256 97,707
4,798,180 4,530,483

The average number of employees during the year was as follows:
2023 2022

Administration 16 18
Production 115 114
Distribution 2 2
133 134

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

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

5. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 124,100 119,041

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 99,420 29,879
Depreciation - owned assets 358,226 341,603
Profit on disposal of fixed assets (10,818 ) -
Computer software amortisation 9,960 9,960
Auditors' remuneration 13,000 13,791
Foreign exchange differences 23,914 16,967

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 88,452 54,112

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2023 2022
£    £   
Deferred tax (13,524 ) 24,086
Tax on profit (13,524 ) 24,086

UK corporation tax has been charged at 23.52% .

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

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

8. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 541,115 24,232
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

127,270

4,604

Effects of:
Expenses not deductible for tax purposes 586 11,309
Depreciation in excess of capital allowances 27,091 48,665
Utilisation of tax losses (160,058 ) (64,578 )
General warranty provision 5,111 -
Deferred tax adjustment in relation to accelerated capital allowances 18,292 86,362
Deferred tax on taxable losses (31,816 ) (62,276 )
Total tax (credit)/charge (13,524 ) 24,086

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

Unreconciled Losses Carried Forward

The company has estimated tax losses of £2,538,341 (2022: £3,218,862) available to carry forward against future trading profits. The deferred tax has not been recognized on these losses.

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st January 2023
and 31st December 2023 49,772
AMORTISATION
At 1st January 2023 29,880
Amortisation for year 9,960
At 31st December 2023 39,840
NET BOOK VALUE
At 31st December 2023 9,932
At 31st December 2022 19,892

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

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

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st January 2023 4,291,555 3,636,602 302,967 181,435 8,412,559
Additions 762,227 71,723 75,043 54,495 963,488
Disposals - - (27,377 ) (181,436 ) (208,813 )
At 31st December 2023 5,053,782 3,708,325 350,633 54,494 9,167,234
DEPRECIATION
At 1st January 2023 1,031,012 2,605,229 191,426 179,841 4,007,508
Charge for year 95,921 207,504 51,022 3,779 358,226
Eliminated on disposal - - (25,319 ) (180,561 ) (205,880 )
At 31st December 2023 1,126,933 2,812,733 217,129 3,059 4,159,854
NET BOOK VALUE
At 31st December 2023 3,926,849 895,592 133,504 51,435 5,007,380
At 31st December 2022 3,260,543 1,031,373 111,541 1,594 4,405,051

11. STOCKS

31/12/202331/12/2022
££
Raw materials2,888,4363,541,420
Work in progress 229,732 330,796
Finished goods 193,303322,550
3,311,4714,194,766

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,124,785 3,394,016
Other debtors 1,500 1,500
Deferred tax asset 170,797 138,981
Prepayments and accrued income 1,069,165 283,058
5,366,247 3,817,555

The deferred tax asset relates to taxable losses carried forward at the year end. The movement in the year amounts to £31,816.

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 1,788,321 1,987,050
Trade creditors 2,228,468 1,734,782
Amounts owed to group undertakings 1,469,684 2,620,281
Social security and other taxes 124,583 96,146
VAT 553,789 238,832
Other creditors 25,354 20,372
Accrued expenses 290,411 234,185
6,480,610 6,931,648

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,788,321 1,987,050

15. LEASING AGREEMENTS

Included within lease agreement commitments is rent commitment of 2023: £191,296 (2022: £464,793), vehicle lease commitment of 2023: £25,028 (2022: £37,730) and other lease commitments of 2023: £128,433 (2022: £4,501).

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 216,364 198,072
Warranty provision 72,712 50,980
289,076 249,052

Deferred Warranty
tax Provision
£    £   
Balance at 1st January 2023 198,072 50,980
Charge to Statement of Comprehensive Income during year 18,292 21,732
Balance at 31st December 2023 216,364 72,712

MANOR CONCEPTS LIMITED (REGISTERED NUMBER: 02550211)

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

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,851,960 Ordinary £1 5,851,960 4,851,960

1,000,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

18. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1st January 2023 687,125 74,343 761,468
Profit for the year 554,639 554,639
At 31st December 2023 1,241,764 74,343 1,316,107

19. ULTIMATE PARENT COMPANY

Arneg S.p.A (incorporated in Italy ) is regarded by the directors as being the company's ultimate parent company.

20. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 73,982 -

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.