Manners Properties Limited Filleted Accounts Cover |
Company No. 07481885 | |||||||||
Manners Properties Limited Directors Report Registrar |
The Directors present their report and the accounts for the year ended 31 October 2023. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
Martyn Kelk | |||||||||
Martyn John Oliver | |||||||||
Signed on behalf of the board | |||||||||
Martyn Kelk | |||||||||
Director | |||||||||
25 October 2024 |
Manners Properties Limited Balance Sheet Registrar |
at | Restated | |||||||||
Company No. | Notes | 2023 | 2022 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Investment property | 5 | |||||||||
Current assets | ||||||||||
Debtors | 6 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 7 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Provisions for liabilities | ||||||||||
Deferred taxation | ( | ( | ||||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Freehold investment property fair value reserve | 9 | |||||||||
Profit and loss account | 9 | |||||||||
Total equity | ||||||||||
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: | ||||||||||||||
Going concern | ||||||||||||||
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. | ||||||||||||||
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 | ||||||||||||||
No depreciation is provided in respect of investment properties. | ||||||||||||||
Trade and other debtors | ||||||||||||||
Trade and other creditors | ||||||||||||||
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 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: | ||||||||||||||
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 | ||||||||||||||
Additions | ||||||||||||||
Revaluation | ||||||||||||||
At 31 October 2023 | ||||||||||||||
6 | Debtors | Restated | ||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Trade debtors | ||||||||||||||
VAT recoverable | ||||||||||||||
Other debtors | ||||||||||||||
Prepayments and accrued income | ||||||||||||||
7 | Creditors: | |||||||||||||
amounts falling due within one year | Restated | |||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Taxes and social security | ||||||||||||||
Loans from directors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
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 | ||||||||||||||
Movement on Investment property fair value reserve | ( | ( | ||||||||||||
Deferred taxation | ( | ( | ||||||||||||
At 31 October 2022 and 1 November 2022 | ||||||||||||||
Movement on revaluation reserve | ||||||||||||||
Deferred taxation | ( | ( | ||||||||||||
At 31 October 2023 | ||||||||||||||
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 | ||||||||||||
4,000 | ||||||||||||||
Dividends by type: | ||||||||||||||
Equity dividends | ||||||||||||||
2,000 | 4,000 | |||||||||||||