REGISTERED NUMBER: 09949437 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
Manners Holdings Limited |
REGISTERED NUMBER: 09949437 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
Manners Holdings Limited |
Manners Holdings Limited (Registered number: 09949437) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
Manners Holdings Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Manners Holdings Limited (Registered number: 09949437) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The principal activity of the subsidiary is that of a construction contractor acting across a number of independent divisions, these being; |
Construction including house building |
Specialist Joinery |
Mechanical |
Small Works |
Fire Doors |
Construction - 2023 was a year of increasing workload and turnover in the construction division. This was predominantly the result of successful negotiation of a number of house building contracts with Housing Associations across the North East, building upon the reputation and success of projects delivered in previous years. |
The business is seeking to further strengthen its position within this market and has recruited a new director to capitalise on this key area of growth in the coming years. |
Specialist Joinery - Delays to projects had a detrimental impact upon turnover within 2023. The delays were largely out of the control of the company and impacted the early part of 2023. As the delayed projects commenced in the latter part of 2023, some recovery was seen and this improved the year end position created a positive start to 2024 with further encouragement for a stronger year to follow. |
Small Works and Fire Doors - A decision to combine these parts of the business from a management perspective has seen positive results despite the challenges which expansion brought. Both parts continue to develop their client base with growth in terms of turnover and order value realised. Small Works has repositioned itself from the insurance market which relied upon a large number of small value orders towards smaller commercial construction contracts (those not delivered by the construction division) of project values up to circa £200k. Consistent and reliable delivery is now reaping the reward of repeat custom and increased enquiries being received. |
Mechanical - The division increased its turnover and margins within 2023 through the decision to secure a greater proportion of its contracted works from external clients. This has the combined effect of reducing the reliance upon the construction division as a means of ensuring order books were full as well as providing greater flexibility for the construction division to secure value through more open competition. |
The principal activity of the holding company is property rental. |
FUTURE DEVELOPMENTS |
The strategic plan for the group is to; |
Continue the growth and expansion our construction division in both housing and commercial work. Dedicated resource has been added to the company structure to continue with this growth aspiration. |
Return the turnover of the Specialist Joinery division to pre-pandemic levels plus inflation. |
Continue to support the new management structure introduced within the Small Works and Fire Door Divisions to generate the increase in sustainable turnover and profitability identified within the 2024 business plan. |
Strengthen the management structure within the Mechanical Division to support the effective delivery of increased turnover within that division. |
Manners Holdings Limited (Registered number: 09949437) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
We anticipate a steady and sustainable increase in turnover, increasing commensurate with our staffing levels. |
We have to put in place management systems to ensure that our staff perform as we require. |
The change in government expected within 2024 has the potential to have a destabilising effect on the construction sector. |
Whilst affordable housing will be a key policy driver for any new administration, the time taken to see the resultant policies being implemented may create a delay to some projects commencing. |
The changes proposed by the Labour party relating to employment law and workers' rights will add significantly to our HR costs. |
Skilled resource capable of delivering the range and complexity of the projects delivered by T Manners are in short supply. Recruitment and retention of staff across all parts of the company will be a key risk to the effective delivery of contracts. |
The requirement for bonds on projects is significant and will prove challenging. |
KEY PERFORMANCE INDICATORS |
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the entity, and that all relevant financial information has been disclosed within the financial statements. |
ON BEHALF OF THE BOARD: |
Manners Holdings Limited (Registered number: 09949437) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of building contractors, and property rentals. |
DIVIDENDS |
Interim dividends of £2.8571, £1.4286 and £2.8571 were paid on 17 May 2023, 13 July 2023 and 24 October 2023.. |
Total dividends during the year ended 31 December 2023 were £100,000. |
RESEARCH AND DEVELOPMENT |
We are researching increased use of Information technology in relation to all site admin and accountancy processes. |
We actively research improved processes for site-based solutions to site problems, and there is also product development in the joinery division. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Manners Holdings Limited (Registered number: 09949437) |
Report of the Directors |
for the Year Ended 31 December 2023 |
AUDITORS |
The auditors, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Manners Holdings Limited |
Opinion |
We have audited the financial statements of Manners Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
Manners Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Manners Holdings 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. |
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. |
Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions. |
We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. |
Audit procedures performed by the engagement team included: |
- Enquiry of management and those charged with governance around actual and potential litigation and claims. |
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
- Challenging estimates and judgements made by management in their significant accounting estimates. |
- Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
Manners Holdings 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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Manners Holdings Limited (Registered number: 09949437) |
Consolidated |
Income Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 2 | 28,135,102 | 18,265,517 |
Cost of sales | 26,064,043 | 16,668,377 |
GROSS PROFIT | 2,071,059 | 1,597,140 |
Administrative expenses | 1,756,695 | 1,518,176 |
314,364 | 78,964 |
Other operating income | 3 | 101,599 | 88,896 |
OPERATING PROFIT | 5 | 415,963 | 167,860 |
Interest receivable and similar income | 4,353 | 797 |
420,316 | 168,657 |
Gain/loss on revaluation of investment property |
75,000 |
85,000 |
495,316 | 253,657 |
Interest payable and similar expenses | 6 | 43,895 | 31,056 |
PROFIT BEFORE TAXATION | 451,421 | 222,601 |
Tax on profit | 7 | 78,425 | (11,690 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 372,996 | 234,291 |
Manners Holdings Limited (Registered number: 09949437) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 372,996 | 234,291 |
OTHER COMPREHENSIVE INCOME |
Revaluation gain on freehold property | 245,000 | - |
Income tax relating to other comprehensive income |
(61,250 |
) |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
183,750 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
556,746 |
234,291 |
Total comprehensive income attributable to: |
Owners of the parent | 556,746 | 234,291 |
Manners Holdings Limited (Registered number: 09949437) |
Consolidated Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 901,291 | 556,595 |
Investments | 12 | 2 | 2 |
Investment property | 13 | 1,375,000 | 1,300,000 |
2,276,293 | 1,856,597 |
CURRENT ASSETS |
Stocks | 14 | 199,661 | 333,685 |
Debtors | 15 | 4,555,951 | 4,142,503 |
Cash at bank and in hand | 2,652,885 | 20,641 |
7,408,497 | 4,496,829 |
CREDITORS |
Amounts falling due within one year | 16 | 6,628,389 | 3,883,688 |
NET CURRENT ASSETS | 780,108 | 613,141 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,056,401 |
2,469,738 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(479,949 |
) |
(496,282 |
) |
PROVISIONS FOR LIABILITIES | 21 | (207,000 | ) | (60,750 | ) |
NET ASSETS | 2,369,452 | 1,912,706 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 14,000 | 14,000 |
Revaluation reserve | 23 | 607,592 | 327,592 |
Merger reserve | 23 | 1,486,000 | 1,486,000 |
Retained earnings | 23 | 261,860 | 85,114 |
SHAREHOLDERS' FUNDS | 2,369,452 | 1,912,706 |
The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by: |
S O Manners - Director |
Manners Holdings Limited (Registered number: 09949437) |
Company Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 210,043 | 51,402 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Manners Holdings Limited (Registered number: 09949437) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Revaluation | Merger | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 | 14,000 | 5,823 | 242,592 | 1,486,000 | 1,748,415 |
Changes in equity |
Dividends | - | (70,000 | ) | - | - | (70,000 | ) |
Total comprehensive income | - | 149,291 | 85,000 | - | 234,291 |
Balance at 31 December 2022 | 14,000 | 85,114 | 327,592 | 1,486,000 | 1,912,706 |
Changes in equity |
Dividends | - | (100,000 | ) | - | - | (100,000 | ) |
Total comprehensive income | - | 276,746 | 280,000 | - | 556,746 |
Balance at 31 December 2023 | 14,000 | 261,860 | 607,592 | 1,486,000 | 2,369,452 |
Manners Holdings Limited (Registered number: 09949437) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
Manners Holdings Limited (Registered number: 09949437) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,375,220 | (628,161 | ) |
Interest paid | (39,692 | ) | (28,019 | ) |
Interest element of hire purchase payments paid |
(4,203 |
) |
(3,037 |
) |
Tax paid | (10,554 | ) | - |
Taxation refund | 22,495 | 47,575 |
Net cash from operating activities | 3,343,266 | (611,642 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (190,222 | ) | (39,234 | ) |
Sale of tangible fixed assets | 29,668 | - |
Interest received | 4,353 | 797 |
Net cash from investing activities | (156,201 | ) | (38,437 | ) |
Cash flows from financing activities |
Capital repayments of loans | (67,512 | ) | (68,718 | ) |
Hire purchase loans advanced | 85,173 | 16,895 |
Hire purchase capital repayments in year | (36,173 | ) | (29,506 | ) |
Amount introduced by directors | 27,250 | 738 |
Amount withdrawn by directors | (156,274 | ) | (46,922 | ) |
Equity dividends paid | (100,000 | ) | (70,000 | ) |
Net cash from financing activities | (247,536 | ) | (197,513 | ) |
Increase/(decrease) in cash and cash equivalents | 2,939,529 | (847,592 | ) |
Cash and cash equivalents at beginning of year |
2 |
(286,644 |
) |
560,948 |
Cash and cash equivalents at end of year | 2 | 2,652,885 | (286,644 | ) |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 451,421 | 222,601 |
Depreciation charges | 70,862 | 72,883 |
(Profit)/loss on disposal of fixed assets | (10,006 | ) | 11 |
Gain on revaluation of fixed assets | (75,000 | ) | (85,000 | ) |
Finance costs | 43,895 | 31,056 |
Finance income | (4,353 | ) | (797 | ) |
476,819 | 240,754 |
Decrease/(increase) in stocks | 134,024 | (210,175 | ) |
Increase in trade and other debtors | (254,175 | ) | (1,498,283 | ) |
Increase in trade and other creditors | 3,018,552 | 839,543 |
Cash generated from operations | 3,375,220 | (628,161 | ) |
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 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 2,652,885 | 20,641 |
Bank overdrafts | - | (307,285 | ) |
2,652,885 | (286,644 | ) |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 20,641 | 560,948 |
Bank overdrafts | (307,285 | ) | - |
(286,644 | ) | 560,948 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 20,641 | 2,632,244 | 2,652,885 |
Bank overdrafts | (307,285 | ) | 307,285 | - |
(286,644 | ) | 2,939,529 | 2,652,885 |
Debt |
Finance leases | (42,154 | ) | (49,001 | ) | (91,155 | ) |
Debts falling due within 1 year | (70,211 | ) | 2,303 | (67,908 | ) |
Debts falling due after 1 year | (477,507 | ) | 66,171 | (411,336 | ) |
(589,872 | ) | 19,473 | (570,399 | ) |
Total | (876,516 | ) | 2,959,002 | 2,082,486 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES |
General information and basis of preparation |
Manners Holdings Limited is a private company, limited by shares, registered in England and Wales. The company number and address of the registered office is given in the company information on page 1. The nature of the group's operations and principal activity is set out in the Directors Report on page 3. |
The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and its principal activities are set out in the Strategic Report on page 2. |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS 102) and the Companies Act 2006 The financial statements have been prepared on the going concern basis under the historic cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company, 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. |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and its subsidiary. |
As permitted by section 408 of the Companies Act 2006, the profit and loss account of the parent company is not presented as part of these financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
When the outcome of a transaction can be estimated reliably, turnover from joinery, small works, mechanical and fire doors division is recognised by reference to the stage of completion at the balance sheet date. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value or the service provided to date based on the stage of completion of the contract activity at the balance sheet date. |
Construction contracts |
Where the outcome of a construction can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stages of completion. |
Where the outcome cannot be estimated reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. |
When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. |
Goodwill |
Goodwill arising on the acquisition of the subsidiary, representing the excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off over the expected useful life, which is five years. Provision has been made for any impairment. |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold Property is not depreciated. Although this is not in accordance with FRS 102 section 17.18 the buildings are always kept in a state of good repair and the Directors believe that the fair value is an acceptable valuation. We have not qualified our opinion in this respect as we believe the treatment to be acceptable and the depreciation charge would not be material to the accounts. |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Land and buildings are valued at fair value. |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost of effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. |
Work in progress (short term) is valued on the basis of cost to date plus attributable overheads. Contract work in progress is valued on the basis of cost plus attributable profit to date - provision being made for losses. |
Development land is valued at cost price plus development work at cost without any addition for overheads. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods.It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events reorganised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain expectations. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a contributory pension scheme for Directors and staff. Expenditure is charged to the Profit and Loss Account when contributions are paid. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 of the revision, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Amounts recoverable on contracts |
Amounts recoverable on contracts are stated at cost plus attributable profit to the extent that such profit is |
reasonably certain and after making provision for any foreseeable losses in completing contracts, less payments on account received. |
2. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Rendering of services | 28,135,102 | 18,265,517 |
28,135,102 | 18,265,517 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Rents received | 79,196 | 83,129 |
Sundry receipts | 18,903 | - |
Grants received | 3,500 | 5,767 |
101,599 | 88,896 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 3,303,709 | 2,811,951 |
Social security costs | 321,292 | 280,352 |
Other pension costs | 82,110 | 77,616 |
3,707,111 | 3,169,919 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Labour | 42 | 52 |
Office and management | 30 | 24 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 260,030 | 214,632 |
Directors' pension contributions to money purchase schemes | 11,837 | 19,129 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 6 | 7 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 99,338 | 82,351 |
Pension contributions to money purchase schemes | 2,782 | 8,700 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 60,059 | 58,913 |
Depreciation - assets on hire purchase contracts | 10,805 | 13,970 |
(Profit)/loss on disposal of fixed assets | (10,006 | ) | 11 |
Auditors remuneration | 22,000 | 19,125 |
Operating lease rentals | 6,441 | 18,133 |
The auditors remuneration includes £20,000 in respect of the audit of the subsidiary company. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 1,850 | 3,475 |
Bank loan interest | 37,842 | 24,544 |
Hire purchase | 4,203 | 3,037 |
43,895 | 31,056 |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 31,057 | 35,000 |
Under/overprovision | (37,632 | ) | (53,690 | ) |
Total current tax | (6,575 | ) | (18,690 | ) |
Deferred taxation | 85,000 | 7,000 |
Tax on profit | 78,425 | (11,690 | ) |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge/(credit) 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 | 451,421 | 222,601 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.500 % (2022 - 19 %) |
106,084 |
42,294 |
Effects of: |
Capital allowances in excess of depreciation | (27,143 | ) | - |
Adjustments to tax charge in respect of previous periods | (37,632 | ) | (55,135 | ) |
Deferred Tax movement | 85,000 | 7,000 |
Gain on investment property | (17,625 | ) | (16,150 | ) |
Miscellaneous adjustments | 57 | 273 |
Losses carried forward | 4,572 | 4,815 |
Depreciation in excess of capital allowances | - | 5,213 |
Research and Development enhanced deduction | (34,888 | ) | - |
Total tax charge/(credit) | 78,425 | (11,690 | ) |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation gain on freehold property | 245,000 | (61,250 | ) | 183,750 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 100,000 | 70,000 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 261,375 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 | 261,375 |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 652,283 | 137,772 | 30,495 | 446,716 | 1,267,266 |
Additions | - | - | 7,546 | 182,676 | 190,222 |
Disposals | - | (20,000 | ) | - | (33,038 | ) | (53,038 | ) |
Revaluations | 245,000 | - | - | - | 245,000 |
At 31 December 2023 | 897,283 | 117,772 | 38,041 | 596,354 | 1,649,450 |
DEPRECIATION |
At 1 January 2023 | 247,283 | 74,219 | 24,548 | 364,621 | 710,671 |
Charge for year | - | 20,305 | 5,183 | 45,376 | 70,864 |
Eliminated on disposal | - | (340 | ) | - | (33,036 | ) | (33,376 | ) |
At 31 December 2023 | 247,283 | 94,184 | 29,731 | 376,961 | 748,159 |
NET BOOK VALUE |
At 31 December 2023 | 650,000 | 23,588 | 8,310 | 219,393 | 901,291 |
At 31 December 2022 | 405,000 | 63,553 | 5,947 | 82,095 | 556,595 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 31 December 2023 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2017 | 141,342 | - | - | - | 141,342 |
Valuation in 2023 | 245,000 | - | - | - | 245,000 |
Cost | 510,941 | 117,772 | 38,041 | 596,354 | 1,263,108 |
897,283 | 117,772 | 38,041 | 596,354 | 1,649,450 |
The freehold property was revalued by Vickers & Barrass Chartered Surveyors on 14 February 2024. The directors believe the year end value will not be materially different to this. The method used for the valuation of freehold property was the investment basis. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 January 2023 | 36,696 |
Additions | 86,530 |
At 31 December 2023 | 123,226 |
DEPRECIATION |
At 1 January 2023 | 21,141 |
Charge for year | 10,805 |
At 31 December 2023 | 31,946 |
NET BOOK VALUE |
At 31 December 2023 | 91,280 |
At 31 December 2022 | 15,555 |
12. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 2 |
NET BOOK VALUE |
At 31 December 2023 | 2 |
At 31 December 2022 | 2 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Peel House, 2 Dovecot Hill, South Church Enterprise Park, Bishop Auckland, Co. Durham. DL14 6XW. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
The fixed assets investment of the group represents the subsidiary's holding in T Manners & Sons (Developments) Limited. The company is dormant, and it's year end is 31 March. The share capital is £2 and there are no other reserves. |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 January 2023 | 1,300,000 |
Revaluations | 75,000 |
At 31 December 2023 | 1,375,000 |
NET BOOK VALUE |
At 31 December 2023 | 1,375,000 |
At 31 December 2022 | 1,300,000 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | INVESTMENT PROPERTY - continued |
Group |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2010 | 70,074 |
Valuation in 2015 | (9,090 | ) |
Valuation in 2017 | (72,278 | ) |
Valuation in 2018 | (30,000 | ) |
Valuation in 2019 | 25,000 |
Valuation in 2020 | 205,000 |
Valuation in 2021 | 70,000 |
Valuation in 2022 | 85,000 |
Valuation in 2023 | 75,000 |
Cost | 956,294 |
1,375,000 |
This represents: |
- Garages owned by the subsidiary which were previously included in Freehold Property at a cost of £10,095. These were reclassified as investment properties in 2015, the Directors believe this to be a more appropriate treatment. They were independently valued by Vickers and Barrass, Chartered Surveyors, on 14 April 2024. The directors believe the year end value will not be materially different to this. |
-The former trading premises of the subsidiary, which has now been demolished and is now a car park. |
- Properties at Barnard Castle transferred to the company at a fair value of £420,000, in 2017. The valuation was carried out during the year ended 31 December 2016. The properties were independently valued at £475,000 by Vickers and Barrass, Chartered Surveyors, on 14 April 2024. The directors believe the year end value will not be materially different to this. |
- The property in Keswick was transferred to the company in 2018 at a fair value of £455,000. The valuation was carried out during the year ended 31 December 2017 by Santander. The property was independently valued at £695,000 by Vickers and Barrass, Chartered Surveyors, on 14 April 2024. The directors believe the year end value will not be materially different to this. |
Company |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | 120,000 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | INVESTMENT PROPERTY - continued |
Company |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2020 | 55,000 |
Valuation in 2021 | 70,000 |
Valuation in 2022 | 50,000 |
Valuation in 2023 | 120,000 |
Cost | 875,000 |
1,170,000 |
- Properties at Barnard Castle transferred to the company at a fair value of £420,000, in 2017. The valuation was carried out during the year ended 31 December 2016. The properties were independently valued at £475,000 by Vickers and Barrass, Chartered Surveyors, on 14 April 2024. The directors believe the year end value will not be materially different to this. |
- The property in Keswick was transferred to the company in 2018 at a fair value of £455,000. The valuation was carried out during the year ended 31 December 2017 by Santander. The property was revalued at £525,000 by the Directors in 2020.and again by the Directors in 2022 at £575,000 based on current market conditions. The property was revalued again in 2023 by Vickers and Barrass, Chartered Surveyors, at £695,000. |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 10,500 | 10,500 |
Work-in-progress | 189,161 | 323,185 |
199,661 | 333,685 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 3,839,199 | 3,691,102 |
Amounts recoverable on contract | 421,990 | 297,839 |
Other debtors | 105,697 | 101,116 |
Directors' current accounts | 165,249 | 36,225 |
Prepayments | 23,816 | 16,221 |
4,555,951 | 4,142,503 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 67,908 | 377,496 |
Hire purchase contracts (see note 19) | 22,542 | 23,379 |
Trade creditors | 3,579,273 | 2,103,089 |
Amounts owed to group undertakings | - | - |
Taxation | 83,799 | 47,226 |
Social security and other taxes | 197,801 | 164,272 |
Other creditors | 527,242 | 322,351 |
Accrued expenses | 850,870 | 220,025 |
Payments on account | 1,298,954 | 625,850 | - | - |
6,628,389 | 3,883,688 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 18) | 411,336 | 477,507 |
Hire purchase contracts (see note 19) | 68,613 | 18,775 |
479,949 | 496,282 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 307,285 |
Bank loans - less than 1 yr | 67,908 | 70,211 |
67,908 | 377,496 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 67,908 | 70,211 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 203,221 | 210,634 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 140,207 | 196,662 | 50,207 | 56,370 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 22,542 | 23,379 |
Between one and five years | 68,613 | 18,775 |
91,155 | 42,154 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 5,252 | 6,440 |
Between one and five years | 6,440 | 11,693 |
11,692 | 18,133 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank overdraft | - | 307,285 |
Bank loans | 479,244 | 547,718 |
Hire purchase contracts | 91,155 | 42,154 | - | - |
570,399 | 897,157 |
The bank loans and overdraft are secured by a fixed and floating charge over all current and future assets of the company. The hire purchase liabilities are secured on the assets to which they relate. |
The bank loans are repayable over 20 years. Interest is charged at a rate of 1.5% over bank base rate on one loan and 2.5% above bank base rate on the other loan. |
The group also has a CBILS loan which is repayable over 6 years at a rate of 3.8% over bank base rate. |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred taxation | 207,000 | 60,750 | 73,750 | 33,250 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
21. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 60,750 |
Provided during year | 85,000 |
Other comprehensive income | 61,250 |
Balance at 31 December 2023 | 207,000 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Share capital 1 | £1 | 14,000 | 14,000 |
23. | RESERVES |
Group |
Retained | Revaluation | Merger |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 85,114 | 327,592 | 1,486,000 | 1,898,706 |
Profit for the year | 372,996 | - | - | 372,996 |
Dividends | (100,000 | ) | - | - | (100,000 | ) |
Fair value adjustment in the year | - | 245,000 | - | 245,000 |
Transfer to/from non distributable reserve |
(85,000 |
) |
85,000 |
- |
- |
Deferred tax on fair value adjustment |
(11,250 |
) |
(50,000 |
) |
- |
(61,250 |
) |
At 31 December 2023 | 261,860 | 607,592 | 1,486,000 | 2,355,452 |
Manners Holdings Limited (Registered number: 09949437) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
23. | RESERVES - continued |
Company |
Revaluation |
reserve |
£ |
At 1 January 2023 |
Transfer to/from non distributable reserve | 120,000 |
Deferred tax on fair value adjustment | (50,000 | ) |
At 31 December 2023 |
24. | PENSION COMMITMENTS |
The subsidiary operates a defined contribution pension scheme for directors and staff. Contributions are charged to the Profit and Loss account as they are paid. The charge for the year for directors was £11,837 (2022 £19,129).The charge for the year for salaried staff was £13,064 (2022 £12,035). The charge for the year for onsite staff was £57,209 (2022 £46,452). |
25. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | 47,052 | - |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included in debtors are the following loans to directors: |
At 1 January 2023 |
Amount advanced |
Amount repaid |
At 31 December 2023 |
£ | £ | £ | £ |
Director 1 | 36,225 | 156,274 | (27,250 | ) | 165,249 |
The loan has no fixed repayment terms and interest is charged at an average rate of 2.19%. |
27. | RELATED PARTY DISCLOSURES |
During the year the company performed work for the directors at a value of £109,908 (2022: £493,096). The balance due from directors is included within note 25. |
The work was done at normal commercial rates. |