Company registration number 11197145 (England and Wales)
Manor Park Classics Ltd.
financial statements
For the year ended 31 December 2023
Manor Park Classics Ltd.
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
Manor Park Classics Ltd.
Statement of financial position
As at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
73,246
75,418
Investments
4
15,000
15,000
88,246
90,418
Current assets
Debtors
5
72,102
82,342
Cash at bank and in hand
335,086
104,357
407,188
186,699
Creditors: amounts falling due within one year
6
(925,153)
(632,755)
Net current liabilities
(517,965)
(446,056)
Total assets less current liabilities
(429,719)
(355,638)
Creditors: amounts falling due after more than one year
7
(30,417)
(35,973)
Provisions for liabilities
8
(16,770)
(20,157)
Net liabilities
(476,906)
(411,768)
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
(477,006)
(411,868)
Total equity
(476,906)
(411,768)
The directors of the company have elected not to include a copy of the income statement 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 19 September 2024 and are signed on its behalf by:
Mr S J Ashworth
Mr A C Park
Director
Director
Company registration number 11197145 (England and Wales)
Manor Park Classics Ltd.
Notes to the financial statements
For the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information
Manor Park Classics Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 40 Peter Street, Manchester, England, M2 5GP.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis on the assumption that thetrue company has adequate resources to continue in operational existence for the foreseeable future. The directors have made this assessment with regard to the company’s current and expected performance along with the continued support of the parent company.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
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:
Leasehold improvements
10% on cost
Plant and equipment
25% on cost
Motor vehicles
25% on cost
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.
The residual values and useful lives of tangible fixed assets are reviewed and adjusted if appropriate, at the end of each reporting period if there are indicators of change. The carrying amount of an asset is written down immediately to its recoverable amount if the assets carrying amount is assessed as greater than its estimated recoverable amount.
1.5
Fixed asset investments
Interests in vintage cars are initially measured at cost and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss.
Manor Park Classics Ltd.
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Manor Park Classics Ltd.
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
Manor Park Classics Ltd.
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
50,000
42,689
92,689
Additions
13,500
13,500
At 31 December 2023
50,000
42,689
13,500
106,189
Depreciation and impairment
At 1 January 2023
5,000
12,271
17,271
Depreciation charged in the year
5,000
10,672
15,672
At 31 December 2023
10,000
22,943
32,943
Carrying amount
At 31 December 2023
40,000
19,746
13,500
73,246
At 31 December 2022
45,000
30,418
75,418
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
15,000
15,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,036
Other debtors
66,902
75,068
Prepayments and accrued income
5,200
6,238
72,102
82,342
Manor Park Classics Ltd.
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,556
5,556
Trade creditors
674,591
390,018
Amounts owed to group undertakings
50,000
50,000
Amounts owed to related undertakings
128,967
128,967
Other creditors
9,400
Accruals and deferred income
56,639
58,214
925,153
632,755
Bank loans of £5,556 (2022: £5,556) disclosed under creditors falling due within one year are secured by the way of a fixed and floating charge over the property or undertaking of the company.
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
30,417
35,973
Bank loans of £30,417 (2022: £35,973) disclosed under creditors falling due after one year are secured by the way of a fixed and floating charge over the property or undertaking of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
8,934
14,490
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
16,770
20,157
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
16,770
20,157
Manor Park Classics Ltd.
Notes to the financial statements (continued)
For the year ended 31 December 2023
9
Deferred taxation
(Continued)
- 7 -
2023
Movements in the year:
£
Liability at 1 January 2023
20,157
Credit to profit or loss
(3,387)
Liability at 31 December 2023
16,770
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
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.
Senior Statutory Auditor:
Susan Redmond FCA
Statutory Auditor:
DJH Audit Limited
12
Ultimate parent company
The company is a 100% owned subsidiary of Arrowmere Holdings Limited, which is the ultimate parent company. The ultimate parent company prepares consolidated financial statements as at 31 December 2023 and these financial statements may be obtained from 40 Peter Street, Manchester, M2 5GP.