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Registration number: 10574939

Manumit Limited

(A company limited by guarantee)

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 June 2024

 

Manumit Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Manumit Limited

Company Information

Directors

Mr NJS Davis

Mr D Hankey

Company secretary

Mr NJS Davis

Registered office

33 Ty Draw Road
Penylan
Cardiff
CF23 5HB

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Manumit Limited

(Registration number: 10574939)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

49,209

70,848

Current assets

 

Stocks

19,443

13,750

Debtors

18,680

1,591

Cash at bank and in hand

 

10,858

6,745

 

48,981

22,086

Prepayments and accrued income

 

4,137

4,163

Creditors: Amounts falling due within one year

5.1

(19,249)

(14,486)

Net current assets

 

33,869

11,763

Total assets less current liabilities

 

83,078

82,611

Creditors: Amounts falling due after more than one year

5.2

(112,857)

(83,677)

Accruals and deferred income

 

(4,300)

(9,989)

Net liabilities

 

(34,079)

(11,055)

Reserves

 

Retained earnings

(34,079)

(11,055)

Deficit

 

(34,079)

(11,055)

 

Manumit Limited

(Registration number: 10574939)
Abridged Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 19 March 2025 and signed on its behalf by:
 

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

Mr NJS Davis
Company secretary and director

 

Manumit Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a company limited by guarantee, incorporated in United Kingdom, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
33 Ty Draw Road
Penylan
Cardiff
CF23 5HB

These financial statements were authorised for issue by the Board on 19 March 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 abridged 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 abridged 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.

Going concern

The directors consider the going concern basis of preparing the accounts to be appropriate because, in their opinion, the company will continue to secure access to sufficient funding to enable it to pay its debts as they fall due; including funding provided by the directors. Accordingly the financial statements have been prepared on the 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 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.

Donations / grants received which are given to fund capital pruchases are held in the balance sheet as deferred income and are released to revenue in line with the depreciation of the related asset.

 

Manumit Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Tax

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

Plant and machinery

15% straight line

Furniture, fittings and equipment

20% straight line

Motor vehicles

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.

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.

 

Manumit Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

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

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.

Director's loans are classified as falling due after more than one year as an assurance has been given that they will not be repaid in the next year.

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 directors, 2 of whom were unpaid) during the year was 11 (2023 - 8).

 

Manumit Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

58,980

20,833

51,695

131,508

At 30 June 2024

58,980

20,833

51,695

131,508

Depreciation

At 1 July 2023

22,816

10,208

27,636

60,660

Charge for the year

9,718

4,167

7,754

21,639

At 30 June 2024

32,534

14,375

35,390

82,299

Carrying amount

At 30 June 2024

26,446

6,458

16,305

49,209

At 30 June 2023

36,164

10,625

24,059

70,848

5

Creditors

Creditors: amounts falling due within one year

Creditors includes an unsecured loan from a charity which is repayable in the coming year amounting to £12,000 (2023 - £12,000)

Creditors: amounts falling due after more than one year

Creditors include an unsecured loan from a charity which is repayable after one year amounting to £27,000 (2023 - £38,000), together with directors loans of £85,857 upon which an assurance has been received that the loan will not be repaid in the coming 12 months.

6

Related party transactions

Key management personnel

Directors

Summary of transactions with key management

During the year, the directors continued to make unsecured, interest free loans repayable on demand loans to the company. At the balance sheet date the amount owed to directors was £85,857 (2023 - £45,677). The classification of this loan has been changed from current to over one year due to the fact that an assurance has been received that loans will not be repaid within the coming year. One of the directors is a trustee of the charity which provided an interest free unsecured loan to the company.