Registered number
07168937
Manaktala & Co Limited
Unaudited Filleted Accounts
30 March 2024
Manaktala & Co Limited
Registered number: 07168937
Balance Sheet
as at 30 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 58,337 91,670
Tangible assets 4 59,909 23,378
118,246 115,048
Current assets
Stocks 380 610
Related party balances 5 124,000 250,000
Cash at bank and in hand 74,469 409,007
198,849 659,617
Creditors: amounts falling due within one year 6 415,265 (87,656)
Net current assets 614,114 571,961
Net assets 732,360 687,009
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 731,360 686,009
Shareholder's funds 732,360 687,009
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr P K Manaktala
Director
Approved by the board on 26 November 2024
Manaktala & Co Limited
Notes to the Accounts
for the year ended 30 March 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. Turnover includes revenue earned from the rendering of services, net of value added tac. 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:
Equipment, fixtures and fittings 20% reducing balance basis
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 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 31 March 2023 500,000
At 30 March 2024 500,000
Amortisation
At 31 March 2023 408,330
Provided during the year 33,333
At 30 March 2024 441,663
Net book value
At 30 March 2024 58,337
At 30 March 2023 91,670
Goodwill has arisen on incorporation. Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Premises costs Equipment, fixtures and fittings Motor Vehicle Total
£ £ £ £
Cost
At 31 March 2023 7,873 57,043 - 64,916
Additions - 19,244 30,297 49,541
At 30 March 2024 7,873 76,287 30,297 114,457
Depreciation
At 31 March 2023 - 41,538 - 41,538
Charge for the year - 6,950 6,060 13,010
At 30 March 2024 - 48,488 6,060 54,548
Net book value
At 30 March 2024 7,873 27,799 24,237 59,909
At 30 March 2023 7,873 15,505 - 23,378
5 Debtors 2024 2023
£ £
Related party balances 124,000 250,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Director's current account (521,044) 11,202
Corporation tax 80,552 53,345
Other taxes and social security costs 25,227 23,109
(415,265) 87,656
7 Related party transactions 2024 2023
£ £
Blue Mountain Homes Ltd.
Mr P K Manaktala , a director and shareholder of this company is also a director and shareholder of Blue Mountain Homes Ltd.
An interest free and unsecured loan to Blue Mountain Homes Ltd.
Amount due from the related party 124,000 250,000
2024 2023
£ £
During the year the company paid interim dividends to the
shareholders who are also the directors.
Mr P K Manaktala 122,500 122,500
8 Controlling party
Mr P K Manaktala, a director, together with members of his close family, control the company by virtue of a controlling interest (directly or indirectly) of 100% of the issued share capital.
9 Other information
Manaktala & Co Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Leeland Mansions
Leeland Road
West Ealing
London
W13 9HE
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