Manners Properties Limited Filleted Accounts Cover
Manners Properties Limited
Company No. 07481885
Information for Filing with The Registrar
31 October 2023
Manners Properties Limited Directors Report Registrar
The Directors present their report and the accounts for the year ended 31 October 2023.
Principal activities
The principal activity of the company during the year under review was management and letting of commercial and residential property.
Directors
The Directors who served at any time during the year were as follows:
Martyn Kelk
Martyn John Oliver
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
Martyn Kelk
Director
25 October 2024
Manners Properties Limited Balance Sheet Registrar
at
31 October 2023
Restated
Company No.
07481885
Notes
2023
2022
£
£
Fixed assets
Investment property
5
933,829865,000
933,829865,000
Current assets
Debtors
6
95,57969,392
Cash at bank and in hand
19,67571,115
115,254140,507
Creditors: Amount falling due within one year
7
(55,462)
(98,392)
Net current assets
59,79242,115
Total assets less current liabilities
993,621907,115
Provisions for liabilities
Deferred taxation
(171,600)
(157,000)
Net assets
822,021750,115
Capital and reserves
Called up share capital
100100
Freehold investment property fair value reserve
9
535,188489,788
Profit and loss account
9
286,733260,227
Total equity
822,021750,115
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 25 October 2024 and signed on its behalf by:
Martyn Kelk
Director
25 October 2024
Manners Properties Limited Notes to the Accounts Registrar
for the year ended 31 October 2023
1
General information
Manners Properties Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 07481885
Its registered office is:
Unit C17
Kestrel Business Centre
Private Road 2
Nottingham
NG4 2JR
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
The financial statements have been prepared on the going concern basis. The directors are not aware of any material threats to the ability of the company to continue as a going concern for the foreseeable future.
2
Accounting policies
Turnover
Turnover comprises the value of rent receivable by the company and of services provided by the company.
Turnover is the fair value of rent receivable for the period.
Turnover represents the fair value of the consideration receivable in respect of services provided during the year. Where the outcome of a transaction can be estimated reliably, revenue associated with the transaction is recognised in the income statement by reference to the stage of completion at the year end.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Financial instruments
Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when:
(a) The contractual rights to the cash flows from the asset expire or are settled;
(b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or
(c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
22
4
Turnover
Restated
2023
2022
£
£
Management Charge
12,000
12,000
Rent Receivable
57,814
50,652
69,814
62,652
5
Investment property
Freehold Investment Property
£
Valuation
At 1 November 2022
865,000
Additions
8,829
Revaluation
60,000
At 31 October 2023
933,829
6
Debtors
Restated
2023
2022
£
£
Trade debtors
21,6007,200
VAT recoverable
-8,626
Other debtors
72,18351,619
Prepayments and accrued income
1,7961,947
95,57969,392
7
Creditors:
amounts falling due within one year
Restated
2023
2022
£
£
Taxes and social security
6,498
7,755
Loans from directors
39,86683,642
Accruals and deferred income
9,0986,995
55,46298,392
8
Share Capital
Share capital consists of 100 Ordinary Shares which are fully paid up.
9
Reserves
Investment property fair value reserve
Total other reserves
£
£
At 1 November 2021
541,788
541,788
Movement on Investment property fair value reserve
(25,000)
(25,000)
Deferred taxation
(27,000)
(27,000)
At 31 October 2022 and 1 November 2022
489,788
489,788
Movement on revaluation reserve
60,000
60,000
Deferred taxation
(14,600)
(14,600)
At 31 October 2023
535,188535,188
Investment property fair value reserve - reflects the revaluation of property other than investment properties.
Profit and loss account - includes all current and prior period retained profits and losses.
10
Prior year adjustment
Share capital
Other reserves
Retained earnings
Total equity
At 1 November 2021
100
541,788
231,152
773,040
Unrealised surplus on revaluation
(25,000)
(25,000)
Deferred tax arising from revaluation
(27,000)
(27,000)
Loss for the period as previously stated
(11,230)
(11,230)
Transfers
52,000
52,000
Dividends
(4,000)
(4,000)
At 31 October 2022 and 1 November 2022 as previously stated
100
489,788
267,922
757,810
Prior year adjustment
(7,695)
(7,695)
At 31 October 2022 and 1 November 2022 as restated
100
489,788
260,227
750,115
Unrealised surplus on revaluation
60,000
60,000
Deferred tax arising from revaluation
(14,600)
(14,600)
Profit for the period
73,906
73,906
Transfers
(45,400)
(45,400)
Dividends
(2,000)
(2,000)
At 31 October 2023
100
535,188
286,733
822,021
During the year ended 31 October 2023 it became apparent that rents received, trade debtors and corporation tax had been overstated in the year ended 31 October 2022.
The financial statements for the year ended 31 October 2022 have been amended in order to correct this error.
11
Related party transactions
The directors are also trustees of the PES Pension Scheme.
During the year the company made a management charge of £12,000 (2022 £12,000) for services provided to PES Fund.
At 31 October 2023 the company was owed £93,683 (2022 £58,719) by PES fund.
The balance is unsecured, free of interest and is repayable upon demand.
Interest of £2,000 (2022 £Nil) was paid by the company in respect of each of the directors' loans to the company.
The dividends paid to the directors and their associates amounted to £2,000.
Loans with Directors
2023
2022
£
£
Name of Director
Martyn Kelk
Amount from and (to) director
23,521
45,409
Name of Director
Martyn John Oliver
Amount from and (to) director
16,345
38,233
12
Dividends
2023
2022
£
£
Dividends for the period:
Dividends paid in the period
2,000
4,000
2,000
4,000
Dividends by type:
Equity dividends
2,0004,000
2,000
4,000
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