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Registration number: SC447080

Mannerstons Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Mannerstons Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

Mannerstons Ltd.

Company Information

Directors

Mr Alan Faulds

Mrs Sharman Sarah Selina Faulds

Registered office

1 Mannerston Holdings
Linlithgow
West Lothian
EH49 7LY

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Mannerstons Ltd.

(Registration number: SC447080)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

36,341

20,199

Current assets

 

Stocks

5

84,300

87,000

Debtors

6

38,938

17,534

Cash at bank and in hand

 

2,201

53,226

 

125,439

157,760

Creditors: Amounts falling due within one year

7

(150,135)

(129,915)

Net current (liabilities)/assets

 

(24,696)

27,845

Total assets less current liabilities

 

11,645

48,044

Creditors: Amounts falling due after more than one year

7

(10,687)

(20,687)

Net assets

 

958

27,357

Capital and reserves

 

Called up share capital

3

3

Retained earnings

955

27,354

Shareholders' funds

 

958

27,357

For the financial year ending 31 March 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 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 30 January 2025 and signed on its behalf by:
 

.........................................
Mr Alan Faulds
Director

 

Mannerstons Ltd.

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

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.

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

Computer equipment

33% Straight line

 

Mannerstons Ltd.

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

Fixtures and Fittings

25% Reducing balance

Plant and Machinery

25% Reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 32).

 

Mannerstons Ltd.

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

15,934

29,520

3,167

48,621

Additions

29,086

-

-

29,086

At 31 March 2024

45,020

29,520

3,167

77,707

Depreciation

At 1 April 2023

11,880

14,603

1,939

28,422

Charge for the year

10,640

1,374

930

12,944

At 31 March 2024

22,520

15,977

2,869

41,366

Carrying amount

At 31 March 2024

22,500

13,543

298

36,341

At 31 March 2023

4,054

14,917

1,228

20,199

5

Stocks

2024
£

2023
£

Other inventories

84,300

87,000

6

Debtors

Current

2024
£

2023
£

Other debtors

38,938

17,534

 

38,938

17,534

7

Creditors

Creditors: amounts falling due within one year

 

Mannerstons Ltd.

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,980

10,980

Trade creditors

 

12,000

26,000

Taxation and social security

 

111,076

74,793

Other creditors

 

16,079

18,142

 

150,135

129,915

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

10,687

20,687

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,687

20,687

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,980

10,980

9

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

2024
 £

2023
 £

-

-

 

Mannerstons Ltd.

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

10

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr Alan Faulds

Loan

8,582

980

9,562

Mrs Sharman Sarah Selina Faulds

Loan

8,582

980

9,562

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr Alan Faulds

Loan

-

8,582

8,582

Mrs Sharman Sarah Selina Faulds

Loan

-

8,582

8,582

The directors current accounts are repayable on demand.

Other debtors includes an amount owed from a shareholder of £9,988 (2023: £371), this loan is repayable on demand.



 

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mannerstons Ltd.
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mannerstons Ltd. for the year ended 31 March 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Mannerstons Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mannerstons Ltd. and state those matters that we have agreed to state to the Board of Directors of Mannerstons Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mannerstons Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mannerstons Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mannerstons Ltd.. You consider that Mannerstons Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mannerstons Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

30 January 2025