REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
for |
Manic Tom Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
for |
Manic Tom Limited |
Manic Tom Limited (Registered number: 09847775) |
Contents of the Financial Statements |
for the Year Ended 31 October 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Manic Tom Limited (Registered number: 09847775) |
Balance Sheet |
31 October 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
Manic Tom Limited (Registered number: 09847775) |
Balance Sheet - continued |
31 October 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Manic Tom Limited (Registered number: 09847775) |
Notes to the Financial Statements |
for the Year Ended 31 October 2024 |
1. | STATUTORY INFORMATION |
Manic Tom Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis notwithstanding the deficit in net assets. The main creditors of the company are the shareholders and their related parties who are owed £722,235 (2023 - £722,235). The directors are satisfied that the shareholders are prepared to continue to support the development of the company for the next year. |
Turnover |
Turnover represents rents received by tenants in the period to which they relate. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Any investment property should be revalued at the balance sheet date. However, the directors consider that the values of the properties at 31st October 2024 are not materially different to their cost and that revaluations are not necessary. |
Work in progress |
Work in progress is valued at the lower of cost and net realisable value. |
Costs in relation to the property development business are recognised within Work in progress as they are incurred. Once a project has been completed, it is realised either as part of the Company's investment portfolio or as a product for re-sale, depending on the Company's intentions for that specific property. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date. |
Manic Tom Limited (Registered number: 09847775) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Manic Tom Limited (Registered number: 09847775) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to associates | 287,938 | 236,000 |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Bridgewater Wharf Ltd hold a legal charge against unit A703 at Bridgewater Wharf, M5 3NG. |
Bridgewater Point Ltd hold a fixed charge on units 339, 432, and 436 Bridgewater Point, M5 4TD. |
Landbay Partners Limited hold a fixed charge over the land at apartments 603 and 502, Block B, 56 Bury Street, M3 7DA, a fixed charge over the land at apartments 504 and 512, Block A, 54 Bury Street, M3 7FW, and a fixed charge on units 432 and 436 Bridgewater Point, M5 4TD. |
Aldermore Bank PLC holds a fixed charge over the properties at 521 Burlington Square, 151 Boundary Lane, M15 6JQ and 339 Bridgewater Point, Worrall Street, M5 4YA. |