Registered number
03917107
MANIC LTD
Unaudited Accounts
29 February 2024
MANIC LTD
Registered number: 03917107
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 20,877 24,517
Current assets
Stocks 4,000 5,100
Debtors 4 11,168 12,061
Cash at bank and in hand 9,656 11,048
24,824 28,209
Creditors: amounts falling due within one year 5 (13,104) (11,979)
Net current assets 11,720 16,230
Total assets less current liabilities 32,597 40,747
Creditors: amounts falling due after more than one year 6 (9,747) (15,747)
Provisions for liabilities (3,915) (4,769)
Net assets 18,935 20,231
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 17,935 19,231
Shareholders' funds 18,935 20,231
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N M THOMPSETT
Director
Approved by the board on 2 July 2024
MANIC LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% reducing balance basis
Plant and machinery 20% reducing balance basis
Fixtures, fittings, tools and equipment 20% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 106,004 6,750 112,754
Additions 1,579 - 1,579
At 29 February 2024 107,583 6,750 114,333
Depreciation
At 1 March 2023 83,092 5,145 88,237
Charge for the year 4,898 321 5,219
At 29 February 2024 87,990 5,466 93,456
Net book value
At 29 February 2024 19,593 1,284 20,877
At 28 February 2023 22,912 1,605 24,517
4 Debtors 2024 2023
£ £
Trade debtors 5,177 7,523
Other debtors 5,991 4,538
11,168 12,061
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,000 6,000
Trade creditors 2,875 3,939
Taxation and social security costs 2,451 915
Other creditors 1,778 1,125
13,104 11,979
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,747 15,747
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 3,200
8 Other information
MANIC LTD is a private company limited by shares and incorporated in England. Its registered office is:
Suite 7 Claremont House
22-24 Claremont Road
Surbiton
Surrey
KT6 4QU
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