Registered number
07674525
MANNINGS SUPERMARKETS LIMITED
Filleted Accounts
31 August 2024
MANNINGS SUPERMARKETS LIMITED
Registered number: 07674525
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 451,959 432,745
Current assets
Stocks 105,339 119,209
Debtors 5 12,928 12,637
Cash at bank and in hand 243,435 232,168
361,702 364,014
Creditors: amounts falling due within one year 6 (191,299) (168,524)
Net current assets 170,403 195,490
Total assets less current liabilities 622,362 628,235
Provisions for liabilities (18,407) (33,009)
Net assets 603,955 595,226
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 602,955 594,226
Shareholders' funds 603,955 595,226
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.
PAUL REGINALD MANNING
Director
Approved by the board on 19 September 2024
MANNINGS SUPERMARKETS LIMITED
Notes to the Accounts
for the year ended 31 August 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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings (exc. land at a cost of £125000) 2% straight line
Plant and machinery 15% net book value
Motor vehicles 25% net book value
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2024 2023
£ £
Included within other operating income in the profit and loss account are
the following:-
Business rates refund received on reduction in rateable value of
business premises 0 15807
- 15,807
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 21 22
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 336,882 190,045 75,688 602,615
Additions - 6,971 100,532 107,503
Disposals - - (57,190) (57,190)
At 31 August 2024 336,882 197,016 119,030 652,928
Depreciation
At 1 September 2023 42,999 99,928 26,943 169,870
Charge for the year 4,238 14,563 26,596 45,397
On disposals - - (14,298) (14,298)
At 31 August 2024 47,237 114,491 39,241 200,969
Net book value
At 31 August 2024 289,645 82,525 79,789 451,959
At 31 August 2023 293,883 90,117 48,745 432,745
5 Debtors 2024 2023
£ £
Other debtors 12,928 12,637
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 121,188 98,728
Taxation and social security costs 53,296 42,617
Other creditors (inc. directors' loan accounts £1559 (2023 £1645)) 16,815 27,179
191,299 168,524
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 10,234
8 Related party transactions
Peter Reginald Manning - Director
Has received dividends from the Company during the year amounting to £19997.
Paul Reginald & Elsie Manning - Directors
Paul Reginald Manning has received dividends from the Company during the year amounting to £20813.
9 Controlling party
In the opinion of the directors the ultimate controlling party of the company is Mr Paul Reginald Manning by virtue of his majority shareholding.
10 Other information
MANNINGS SUPERMARKETS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
BRYN FARMHOUSE
WARRINGTON ROAD
CUDDINGTON NORTHWICH
CHESHIRE
CW8 2LW
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