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Registration number: 02766617

Manilva (Contracts) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Manilva (Contracts) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Manilva (Contracts) Limited

Company Information

Director

S Falzon

Company secretary

Mrs L V Falzon

Registered office

Manilva House
2-6 London Road
Caterham
Surrey
CR3 5PQ

 

Manilva (Contracts) Limited

(Registration number: 02766617)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,632

5,632

Tangible assets

5

104,767

73,028

 

110,399

78,660

Current assets

 

Stocks

6

87,442

257,768

Debtors

7

789,835

1,117,217

Cash at bank and in hand

 

689,416

292,921

 

1,566,693

1,667,906

Creditors: Amounts falling due within one year

8

(495,744)

(607,322)

Net current assets

 

1,070,949

1,060,584

Total assets less current liabilities

 

1,181,348

1,139,244

Creditors: Amounts falling due after more than one year

8

(41,142)

(81,516)

Provisions for liabilities

(26,192)

(18,257)

Net assets

 

1,114,014

1,039,471

Capital and reserves

 

Called up share capital

9

1,300

1,300

Share premium reserve

18,200

18,200

Capital redemption reserve

10,000

10,000

Retained earnings

1,084,514

1,009,971

Shareholders' funds

 

1,114,014

1,039,471

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

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Manilva (Contracts) Limited

(Registration number: 02766617)
Balance Sheet as at 31 May 2024

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

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

Approved and authorised by the director on 29 January 2025
 

.........................................
S Falzon
Director

   
     
 

Manilva (Contracts) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Manilva House
2-6 London Road
Caterham
Surrey
CR3 5PQ

These financial statements were authorised for issue by the director on 29 January 2025.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

 

Manilva (Contracts) Limited

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

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

Motor vehicles

25% reducing balance per annum

Plant and machinery

25% reducing balance per annum

Office equipment

25% straight line per annum

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangibles

No amortisation

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.

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.

Borrowings

 

Manilva (Contracts) Limited

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 7).

 

Manilva (Contracts) Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

5,632

5,632

At 31 May 2024

5,632

5,632

Amortisation

Carrying amount

At 31 May 2024

5,632

5,632

At 31 May 2023

5,632

5,632

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

24,889

204,435

16,509

245,833

Additions

1,801

70,205

-

72,006

Disposals

(6,179)

(28,770)

-

(34,949)

At 31 May 2024

20,511

245,870

16,509

282,890

Depreciation

At 1 June 2023

21,748

135,557

15,500

172,805

Charge for the year

1,837

38,180

252

40,269

Eliminated on disposal

(6,180)

(28,771)

-

(34,951)

At 31 May 2024

17,405

144,966

15,752

178,123

Carrying amount

At 31 May 2024

3,106

100,904

757

104,767

At 31 May 2023

3,141

68,878

1,009

73,028

 

Manilva (Contracts) Limited

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

6

Stocks

2024
£

2023
£

Work in progress

77,442

252,768

Other inventories

10,000

5,000

87,442

257,768

7

Debtors

Current

2024
£

2023
£

Trade debtors

265,807

363,275

Prepayments

18,094

13,785

Other debtors

505,934

740,157

 

789,835

1,117,217

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

101,666

92,038

Trade creditors

 

103,770

215,758

Taxation and social security

 

269,454

258,965

Accruals and deferred income

 

3,960

3,450

Other creditors

 

16,894

37,111

 

495,744

607,322

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £29,078 (2023 - £26,175).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

41,142

81,516

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £41,142 (2023 - £8,927).

 

Manilva (Contracts) Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

650

650

650

650

Ordinary B shares of £1 each

650

650

650

650

1,300

1,300

1,300

1,300

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

72,589

Hire purchase contracts

41,142

8,927

41,142

81,516

Current loans and borrowings

2024
£

2023
£

Bank borrowings

72,588

65,863

Hire purchase contracts

29,078

26,175

101,666

92,038