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REGISTERED NUMBER: 05720915 (England and Wales)















MANOR CREST HOMES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

31 OCTOBER 2022 TO 31 OCTOBER 2023






MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


MANOR CREST HOMES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023







DIRECTORS: L M Hall
D A Wann



SECRETARY: L M Hall



REGISTERED OFFICE: The Circus
Belton Park Road
Lumley Fields
Skegness
Lincolnshire
PE25 1GU



REGISTERED NUMBER: 05720915 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



BANKERS: Barclays Bank
Leicester
Leicestershire
LE87 2BB

MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 132,484 172,740
Investments 5 500,003 500,003
632,487 672,743

CURRENT ASSETS
Stocks 3,680,883 3,360,188
Debtors 6 8,954,858 7,755,903
Cash at bank and in hand 487,871 1,205,348
13,123,612 12,321,439
CREDITORS
Amounts falling due within one year 7 3,073,608 2,222,638
NET CURRENT ASSETS 10,050,004 10,098,801
TOTAL ASSETS LESS CURRENT LIABILITIES 10,682,491 10,771,544

CREDITORS
Amounts falling due after more than one year 8 (51,070 ) (67,563 )

PROVISIONS FOR LIABILITIES (279,611 ) (293,193 )
NET ASSETS 10,351,810 10,410,788

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 10,351,808 10,410,786
SHAREHOLDERS' FUNDS 10,351,810 10,410,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915)

STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





L M Hall - Director


MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

1. STATUTORY INFORMATION

Manor Crest Homes 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Manor Crest Homes Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.

Sales of properties are recognised at the time of legal completion of the relevant sales contract, not the time of exchange.

Work in progress relating to pre sold properties is accounted for under FRS 102 as an amount recoverable on contracts. Advance payments / deposits are accounted for as required under FRS 102 as payments on account deducted from work in progress or included in creditors.

Rental income is recognised in the period to which it relates. Rent paid in advance is thus deferred over the relevant period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are held at cost less depreciation.

Land and work in progress
Land and work in progress are valued at the lower of cost and estimated selling price less cost to sell. Land includes undeveloped land and land under development. Work in progress comprises direct materials, labour costs, site overheads, associated professional charges and other attributable overheads.

MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. 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 the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement 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 the income statement in the period to which they relate.

Investments
Investments in subsidiary undertakings are recognised at value and not at cost.

MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 21 (2022 - 28 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 31 October 2022 274,187 35,609 152,348 462,144
Additions - 3,091 - 3,091
At 31 October 2023 274,187 38,700 152,348 465,235
DEPRECIATION
At 31 October 2022 206,027 22,099 61,278 289,404
Charge for period 17,041 3,539 22,767 43,347
At 31 October 2023 223,068 25,638 84,045 332,751
NET BOOK VALUE
At 31 October 2023 51,119 13,062 68,303 132,484
At 30 October 2022 68,160 13,510 91,070 172,740

The net book value of tangible fixed assets includes £ 75,799 (2022 - £ 113,089 ) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 31 October 2022
and 31 October 2023 500,003
NET BOOK VALUE
At 31 October 2023 500,003
At 30 October 2022 500,003

Cost or valuation at 31 October 2023 is represented by:

Shares in
group
undertakings
£   
Valuation in 2012 (138,000 )
Valuation in 2017 (425,000 )
Cost 1,063,003
500,003

MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 231,619 109,731
Amounts owed by related undertakings 2,198,120 1,849,993
Other debtors 6,525,119 5,796,179
8,954,858 7,755,903

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,003,607 -
Hire purchase contracts 29,992 42,169
Trade creditors 423,613 612,904
Taxation and social security 280,098 410,144
Other creditors 1,336,298 1,157,421
3,073,608 2,222,638

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 51,070 67,563

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,003,607 -
Hire purchase contracts 81,062 109,732
1,084,669 109,732

The bank loan is secured against land owed by the company.
Hire purchase contracts are secured against the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have provided the company with an interest free loan totalling £238,842 (2022: £231,035)

12. RELATED PARTY DISCLOSURES

Included in other debtors is £6,371,151 (30 October 2022 - £5,681,339) owed by other businesses under common control of the directors.

Included in other creditors is £984,894 (30 October 2022 - £781,028) owed to other businesses under common control of the directors.