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Registration number: 09474964

Man & Man Associates Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Man & Man Associates Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Man & Man Associates Ltd

Company Information

Directors

Mrs Janina Vai-Quan Man

Mr Jun Lim Man

Mr Jun-Yee Man

Registered office

12 Buckingham Road
Edgware
HA8 6LZ

Accountants

Richlands Business Advisers Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Man & Man Associates Ltd

(Registration number: 09474964)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

76,973

110,769

Current assets

 

Debtors

5

20,328

20,328

Cash at bank and in hand

 

156,296

251,495

 

176,624

271,823

Creditors: Amounts falling due within one year

6

(240,632)

(358,691)

Net current liabilities

 

(64,008)

(86,868)

Net assets

 

12,965

23,901

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

12,865

23,801

Shareholders' funds

 

12,965

23,901

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

.........................................
Mr Jun Lim Man
Director

 

Man & Man Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12 Buckingham Road
Edgware
HA8 6LZ
United Kingdom

These financial statements were authorised for issue by the Board on 28 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is UK Sterling.

 

Man & Man Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Over the life of the lease

Furniture, fittings and equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Man & Man Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Man & Man Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 18).

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

261,003

33,050

294,053

At 31 August 2024

261,003

33,050

294,053

Depreciation

At 1 September 2023

171,874

11,410

183,284

Charge for the year

27,186

6,610

33,796

At 31 August 2024

199,060

18,020

217,080

Carrying amount

At 31 August 2024

61,943

15,030

76,973

At 31 August 2023

89,129

21,640

110,769

5

Debtors

Current

2024
£

2023
£

Prepayments

5,328

5,328

Other debtors

15,000

15,000

 

20,328

20,328

 

Man & Man Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Taxation and social security

 

14,638

7,963

Other creditors

 

58,881

54,645

Accrued expenses

 

13,412

20,227

Corporation tax payable

 

53,584

45,503

Directors current account

 

100,117

230,353

 

240,632

358,691

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Dividends

2024

2023

£

£

Interim dividend of £1,400.00 (2023 - £1,400.00) per ordinary share

140,000

140,000

 

 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £115,000).