IRIS Accounts Production v24.3.2.46 03961624 Board of Directors Board of Directors Board of Directors Board of Directors 30.9.24 1.10.23 30.9.24 30.9.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. motor vehicle recovery, repair and engineering and retailers of vehicles, petroleum and allied products. 0 0 true true true false true true false false false false false false false true false 0 0 Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh039616242023-09-30039616242024-09-30039616242023-10-012024-09-30039616242022-09-30039616242022-10-012023-09-30039616242023-09-3003961624ns15:EnglandWales2023-10-012024-09-3003961624ns14:PoundSterling2023-10-012024-09-3003961624ns10:Director12023-10-012024-09-3003961624ns10:Director22023-10-012024-09-3003961624ns10:Director32023-10-012024-09-3003961624ns10:Director42023-10-012024-09-3003961624ns10:Consolidated2024-09-3003961624ns10:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3003961624ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3003961624ns10:Consolidatedns10:MediumEntities2023-10-012024-09-3003961624ns10:Consolidatedns10:Audited2023-10-012024-09-3003961624ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3003961624ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3003961624ns10:Consolidated2023-10-012024-09-3003961624ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3003961624ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3003961624ns10:FullAccounts2023-10-012024-09-3003961624ns5:Subsidiary12023-10-012024-09-3003961624ns5:Subsidiary32023-10-012024-09-3003961624ns5:Subsidiary42023-10-012024-09-3003961624ns5:Subsidiary52023-10-012024-09-300396162412023-10-012024-09-3003961624ns10:OrdinaryShareClass12023-10-012024-09-3003961624ns10:Director52023-10-012024-09-3003961624ns10:CompanySecretary12023-10-012024-09-3003961624ns10:RegisteredOffice2023-10-012024-09-3003961624ns10:Consolidated2022-10-012023-09-3003961624ns5:Non-currentFinancialInstruments2024-09-3003961624ns5:Non-currentFinancialInstruments2023-09-3003961624ns5:ShareCapital2024-09-3003961624ns5:ShareCapital2023-09-3003961624ns5:ShareCapital2022-09-3003961624ns5:RetainedEarningsAccumulatedLosses2022-09-3003961624ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3003961624ns5:RetainedEarningsAccumulatedLosses2023-09-3003961624ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3003961624ns5:RetainedEarningsAccumulatedLosses2024-09-3003961624ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3003961624ns5:PatentsTrademarksLicencesConcessionsSimilar2023-10-012024-09-3003961624ns5:LandBuildingsns5:ShortLeaseholdAssets2023-10-012024-09-3003961624ns5:PlantMachinery2023-10-012024-09-3003961624ns5:FurnitureFittings2023-10-012024-09-3003961624ns5:MotorVehicles2023-10-012024-09-3003961624ns5:ComputerEquipment2023-10-012024-09-3003961624ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-09-3003961624ns5:UnlistedNon-exchangeTraded2024-09-3003961624ns5:UnlistedNon-exchangeTraded2023-09-30039616241ns5:Subsidiary12023-10-012024-09-30039616245ns5:Subsidiary32023-10-012024-09-30039616247ns5:Subsidiary42023-10-012024-09-3003961624ns5:Subsidiary592023-10-012024-09-3003961624ns5:CurrentFinancialInstruments2024-09-3003961624ns5:CurrentFinancialInstruments2023-09-3003961624ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3003961624ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3003961624ns10:OrdinaryShareClass12024-09-30
REGISTERED NUMBER: 03961624 (England and Wales)











Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 September 2024

for

Manchetts Holdings Limited

Manchetts Holdings Limited (Registered number: 03961624)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Manchetts Holdings Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: S Manchett
G W Manchett
R Manchett
Mrs A Manchett
C R Ginn





SECRETARY: Mrs A Manchett





REGISTERED OFFICE: Ness Road
Burwell
Cambridgeshire
CB25 0AA





REGISTERED NUMBER: 03961624 (England and Wales)





AUDITORS: Knights Lowe Limited
Chartered Accountants
and Statutory Auditors
Eldo House, Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Manchetts Holdings Limited (Registered number: 03961624)

Group Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
The results for the year and the financial position of the company for the period ending September 2023 are as shown in the annexed accounts.

The group exists to provide a broad range of automotive services to both the retail and trade markets in and around its locality. The range of services provided include, but are not limited to, automotive recovery, servicing and aftercare, body repairs and fuel supply. The aim of the group is to provide a high standard of service and care at all times and across all the sectors it is involved in. Being a family run operation this attention to service is considered to be core to its ongoing success within the marketplace.

The group's gross profit margin has increased to 38% from 32% while turnover increased in the year. Net profits have increased only slightly as a result of this and one off disposals.

The group balance sheet has remained strong, with closing shareholder funds of £7,099,237. This puts the group in a strong position to maximize the future growth and potential of it's businesses.

The board remains confident in the ability of the business to adapt to any changes over the next twelve months and expects the group to grow going forward.

ON BEHALF OF THE BOARD:





S Manchett - Director


31 March 2025

Manchetts Holdings Limited (Registered number: 03961624)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
166.67 - 10 April 2024
166.67 - 10 April 2024
333.33 - 24 September 2024
333.33 - 24 September 2024
333.33 - 30 September 2024
1500.00

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £ 900,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

S Manchett
G W Manchett
R Manchett
Mrs A Manchett
C R Ginn

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Manchetts Holdings Limited (Registered number: 03961624)

Report of the Directors
for the Year Ended 30 September 2024


AUDITORS
The auditors, having expressed their willingness to continue in office, will be deemed reappointed for the financial year in accordance with the section 487(2) of the Companies Act 2006 unless the company receives notice under section 488(1) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





S Manchett - Director


31 March 2025

Report of the Independent Auditors to the Members of
Manchetts Holdings Limited

Opinion
We have audited the financial statements of Manchetts Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Manchetts Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Manchetts Holdings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the companies operating sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC, relevant regulators including the Environment Agency and the company's legal advisors;


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


Report of the Independent Auditors to the Members of
Manchetts Holdings Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Knights BSc ACA (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited
Chartered Accountants
and Statutory Auditors
Eldo House, Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

2 April 2025

Manchetts Holdings Limited (Registered number: 03961624)

Consolidated
Income Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 23,883,548 25,230,401

Cost of sales 14,861,078 17,067,029
GROSS PROFIT 9,022,470 8,163,372

Administrative expenses 5,978,715 5,142,404
3,043,755 3,020,968

Other operating income 116,366 16,505
OPERATING PROFIT 4 3,160,121 3,037,473

Interest receivable and similar income 10,906 3,438
3,171,027 3,040,911

Interest payable and similar expenses 5 275,132 189,046
PROFIT BEFORE TAXATION 2,895,895 2,851,865

Tax on profit 6 755,776 688,969
PROFIT FOR THE FINANCIAL YEAR 2,140,119 2,162,896
Profit attributable to:
Owners of the parent 2,140,119 2,162,896

Manchetts Holdings Limited (Registered number: 03961624)

Consolidated
Other Comprehensive Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,140,119 2,162,896


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

2,140,119

2,162,896

Total comprehensive income attributable to:
Owners of the parent 2,140,119 2,162,896

Manchetts Holdings Limited (Registered number: 03961624)

Consolidated Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - 7,031
Tangible assets 10 7,813,974 6,199,876
Investments 11 165,055 -
7,979,029 6,206,907

CURRENT ASSETS
Stocks 12 1,367,397 1,745,537
Debtors 13 3,994,828 3,594,337
Cash at bank and in hand 1,946,720 1,634,106
7,308,945 6,973,980
CREDITORS
Amounts falling due within one year 14 5,117,704 4,192,414
NET CURRENT ASSETS 2,191,241 2,781,566
TOTAL ASSETS LESS CURRENT LIABILITIES 10,170,270 8,988,473

CREDITORS
Amounts falling due after more than one
year

15

(1,766,161

)

(2,070,024

)

PROVISIONS FOR LIABILITIES 19 (1,304,872 ) (1,059,331 )
NET ASSETS 7,099,237 5,859,118

CAPITAL AND RESERVES
Called up share capital 20 6,000 6,000
Capital redemption reserve 21 7,600 7,600
Retained earnings 21 7,085,637 5,845,518
SHAREHOLDERS' FUNDS 7,099,237 5,859,118

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:




S Manchett - Director R Manchett - Director




C R Ginn - Director G W Manchett - Director


Manchetts Holdings Limited (Registered number: 03961624)

Company Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 3,200 3,200
3,200 3,200

CURRENT ASSETS
Debtors 13 3,000 3,000
NET CURRENT ASSETS 3,000 3,000
TOTAL ASSETS LESS CURRENT LIABILITIES 6,200 6,200

CREDITORS
Amounts falling due after more than one
year

15

200

200
NET ASSETS 6,000 6,000

CAPITAL AND RESERVES
Called up share capital 20 6,000 6,000
SHAREHOLDERS' FUNDS 6,000 6,000

Company's profit for the financial year 900,000 800,000

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:




S Manchett - Director R Manchett - Director




C R Ginn - Director G W Manchett - Director


Manchetts Holdings Limited (Registered number: 03961624)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 6,000 4,482,622 7,600 4,496,222

Changes in equity
Dividends - (800,000 ) - (800,000 )
Total comprehensive income - 2,162,896 - 2,162,896
Balance at 30 September 2023 6,000 5,845,518 7,600 5,859,118

Changes in equity
Dividends - (900,000 ) - (900,000 )
Total comprehensive income - 2,140,119 - 2,140,119
Balance at 30 September 2024 6,000 7,085,637 7,600 7,099,237

Manchetts Holdings Limited (Registered number: 03961624)

Company Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 6,000 - 6,000

Changes in equity
Dividends - (800,000 ) (800,000 )
Total comprehensive income - 800,000 800,000
Balance at 30 September 2023 6,000 - 6,000

Changes in equity
Dividends - (900,000 ) (900,000 )
Total comprehensive income - 900,000 900,000
Balance at 30 September 2024 6,000 - 6,000

Manchetts Holdings Limited (Registered number: 03961624)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,798,354 3,752,493
Interest paid (169,502 ) (131,637 )
Interest element of hire purchase payments
paid

(105,630

)

(57,409

)
Tax paid (497,383 ) (558,780 )
Net cash from operating activities 3,025,839 3,004,667

Cash flows from investing activities
Purchase of tangible fixed assets (3,366,540 ) (1,619,133 )
Sale of tangible fixed assets 948,319 371,816
Interest received 10,906 3,438
Net cash from investing activities (2,407,315 ) (1,243,879 )

Cash flows from financing activities
New bank loans in year 700,000 -
Bank loan repayments in year (608,941 ) (496,406 )
New hire purchase loans 1,308,829 699,063
Capital repayments in year (589,397 ) (467,254 )
Introduce/(withdrawn) by directors (216,401 ) (585,651 )
Equity dividends paid (900,000 ) (800,000 )
Net cash from financing activities (305,910 ) (1,650,248 )

Increase in cash and cash equivalents 312,614 110,540
Cash and cash equivalents at beginning of
year

2

1,634,106

1,523,566

Cash and cash equivalents at end of year 2 1,946,720 1,634,106

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,895,895 2,851,865
Depreciation charges 1,116,944 856,742
Profit on disposal of fixed assets (305,790 ) (82,226 )
Finance costs 275,132 189,046
Finance income (10,906 ) (3,438 )
3,971,275 3,811,989
Decrease in stocks 213,085 247,588
Increase in trade and other debtors (217,952 ) (403,338 )
(Decrease)/increase in trade and other creditors (168,054 ) 96,254
Cash generated from operations 3,798,354 3,752,493

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 1,946,720 1,634,106
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,634,106 1,523,566


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 1,634,106 312,614 1,946,720
1,634,106 312,614 1,946,720
Debt
Finance leases (1,633,159 ) (719,432 ) (2,352,591 )
Debts falling due within 1 year (545,533 ) (608,817 ) (1,154,350 )
Debts falling due after 1 year (1,056,111 ) 517,758 (538,353 )
(3,234,803 ) (810,491 ) (4,045,294 )
Total (1,600,697 ) (497,877 ) (2,098,574 )

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Manchetts Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Sales are recognised following the supply of goods or service. Incomplete and uninvoiced work done is also recognised once the company has obtained the right to consideration.

Rental income is in respect of rent charged for leased properties.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - 25% on reducing balance, 15% on reducing balance, 15% on cost, 5 to 20 years straight line and in accordance with the property lease
Plant and machinery - 25% on reducing balance, 15% on reducing balance, 4 years straight line, 3 years straight line and 3 to 15 years straight line
Fixtures and fittings - 33% on reducing balance and 3 years straight line
Motor vehicles - 25% on reducing balance, 10% - 35% on reducing balance and Straight line 3 to 5 years
Computer equipment - 33% on cost

Freehold property has not been depreciated in the period, which is a departure from the accounting standard however, the directors believe the value of the property will increase and therefore accounting for depreciation would not reflect the true value.

Stock and work in progress
Stock is valued at the lower of cost and net realisable value. Work in progress includes the cost of direct materials and labour. Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.


Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

Investments
Investments are recognised at the transaction price, including transaction costs, except where the investment is measured at fair value through profit or loss. Where an investment is recognised at its deemed cost, this reflects its carrying value at the date of recognition.

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Employee benefit trusts
The Company has created a trust whose beneficiaries will include employees of the Company and their dependents. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion.

Where assets are held in the trust and these are considered by the Company to be in respect of services already provided by employees to the Company, the Company will account for these as assets of the trust when payment is made to the trust. The value transferred will be charged in the Company's profit and loss account for the year to which it relates.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,964,076 6,087,792
Social security costs 13,938 13,402
Other pension costs 296,985 217,247
7,274,999 6,318,441

The average number of employees during the year was NIL (2023 - NIL).

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 170 (2023 - 153 ) .

2024 2023
£    £   
Directors' remuneration 110,271 106,016
Directors' pension contributions to money purchase schemes 201,051 141,296

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 14,997 15,992
Other operating leases 181,706 159,078
Depreciation - owned assets 539,972 478,535
Depreciation - assets on hire purchase contracts 569,941 361,332
Profit on disposal of fixed assets (305,790 ) (82,226 )
Goodwill amortisation 7,031 16,875
Auditors' remuneration 11,350 11,350

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 72,296 52,933
Bank & credit card charges 97,206 78,704
Hire purchase interest 105,630 57,409
275,132 189,046

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 510,235 526,189

Deferred tax 245,541 162,780
Tax on profit 755,776 688,969

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,895,895 2,851,865
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22 %)

723,974

627,410

Effects of:
Expenses not deductible for tax purposes 120,867 14,237
Capital allowances in excess of depreciation (347,503 ) (116,568 )
Taxable capital gains 12,897 1,110
Deferred Tax 245,541 162,780

Total tax charge 755,776 688,969

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 900,000 800,000

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

9. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 45,000 6,000 51,000
AMORTISATION
At 1 October 2023 37,969 6,000 43,969
Amortisation for year 7,031 - 7,031
At 30 September 2024 45,000 6,000 51,000
NET BOOK VALUE
At 30 September 2024 - - -
At 30 September 2023 7,031 - 7,031

10. TANGIBLE FIXED ASSETS

Group
Freehold Leasehold Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 1,606,682 650,926 1,356,008
Additions - 101,107 345,892
Disposals - (22,674 ) (304,509 )
Reclassification/transfer - 134,058 (94,954 )
At 30 September 2024 1,606,682 863,417 1,302,437
DEPRECIATION
At 1 October 2023 - 421,169 720,511
Charge for year - 36,370 143,695
Eliminated on disposal - (21,283 ) (285,545 )
Reclassification/transfer - 134,058 92
At 30 September 2024 - 570,314 578,753
NET BOOK VALUE
At 30 September 2024 1,606,682 293,103 723,684
At 30 September 2023 1,606,682 229,757 635,497

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 176,464 6,158,385 64,472 10,012,937
Additions 8,595 2,900,467 24,109 3,380,170
Disposals (45,545 ) (1,087,420 ) (20,948 ) (1,481,096 )
Reclassification/transfer - - - 39,104
At 30 September 2024 139,514 7,971,432 67,633 11,951,115
DEPRECIATION
At 1 October 2023 143,937 2,485,394 42,050 3,813,061
Charge for year 18,621 891,176 20,051 1,109,913
Eliminated on disposal (44,769 ) (465,982 ) (20,988 ) (838,567 )
Reclassification/transfer - (81,416 ) - 52,734
At 30 September 2024 117,789 2,829,172 41,113 4,137,141
NET BOOK VALUE
At 30 September 2024 21,725 5,142,260 26,520 7,813,974
At 30 September 2023 32,527 3,672,991 22,422 6,199,876

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Leasehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 October 2023 119,536 259,130 3,136,472 3,515,138
Additions - - 1,725,220 1,725,220
Disposals - (37,675 ) (331,586 ) (369,261 )
Transfer to ownership - - (93,000 ) (93,000 )
At 30 September 2024 119,536 221,455 4,437,106 4,778,097
DEPRECIATION
At 1 October 2023 61,618 101,368 891,181 1,054,167
Charge for year 6,698 37,551 525,692 569,941
Eliminated on disposal - (26,333 ) (92,130 ) (118,463 )
Transfer to ownership - - (61,886 ) (61,886 )
At 30 September 2024 68,316 112,586 1,262,857 1,443,759
NET BOOK VALUE
At 30 September 2024 51,220 108,869 3,174,249 3,334,338
At 30 September 2023 57,918 157,762 2,245,291 2,460,971

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

11. FIXED ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Other investments not loans 165,055 - 3,200 3,200

Additional information is as follows:

Group

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Investment Vehicles 165,055 -
Company
Unlisted
investments
£   
COST
At 1 October 2023
and 30 September 2024 3,200
NET BOOK VALUE
At 30 September 2024 3,200
At 30 September 2023 3,200

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Manchetts (Burwell) Ltd
Registered office: Ness Road, Burwell, Cambridgeshire, CB25 0AA
Nature of business: Motor engineers and retail
%
Class of shares: holding
Ordinary £1 100.00

This subsidiary is fully consolidated in these financial statements.

Manchetts Ltd
Registered office: Ness Road, Burwell, Cambridgeshire, CB25 0AA
Nature of business: Recovery and repairs of motor vehicles
%
Class of shares: holding
Ordinary £1 100.00

This subsidiary is fully consolidated in these financial statements.

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

11. FIXED ASSET INVESTMENTS - continued

Manchetts PB Limited (previously known as Manchetts Property Ltd)
Registered office: Ness Road, Burwell, Cambridgeshire, CB25 0AA
Nature of business: Motor engineers
%
Class of shares: holding
Ordinary £1 100.00

This subsidiary is fully consolidated in these financial statements.

Manchetts Property Limited
Registered office: Ness Road, Burwell, Cambridge, Cambridgeshire, CB25 0AA
Nature of business: Property Rental
%
Class of shares: holding
Ordinary £1 100.00

This subsidiary is fully consolidated in these financial statements.


The investments include an investment vehicle that was transferred from stock during the year ended 30 September 2024. This vehicle was previously held as a trading asset and has been reclassified as an investment. The deemed cost of the investment vehicle reflects its carrying value at the date of transfer. No value uplift has been applied, as the vehicle was written down to its recoverable amount over time.

12. STOCKS

Group
2024 2023
£    £   
Stocks 1,367,397 1,745,537

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,141,833 1,893,584 - -
Amounts owed by group undertakings - - 3,000 3,000
Other debtors 1,168,844 1,272,164 - -
Directors' loan accounts 256,314 73,775 - -
Prepayments 427,837 354,814 - -
3,994,828 3,594,337 3,000 3,000

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 1,154,350 545,533
Hire purchase contracts (see note 17) 1,124,783 619,246
Trade creditors 1,391,003 1,461,932
Corporation tax 369,041 356,189
Social security and other taxes 316,868 251,390
VAT 366,120 422,460
Other creditors 95,861 43,826
Directors' loan accounts 54,280 88,142
Deferred income 31,102 119,285
Accruals 214,296 284,411
5,117,704 4,192,414

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 538,353 1,056,111 - -
Hire purchase contracts (see note 17) 1,227,808 1,013,913 - -
Amounts owed to group undertakings - - 200 200
1,766,161 2,070,024 200 200

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,154,350 545,533
Amounts falling due between one and two years:
Bank loans - 1-2 years 112,892 1,056,111
Amounts falling due between two and five years:
Bank loans - 2-5 years 425,461 -

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,124,783 619,246
Between one and five years 1,227,808 1,013,913
2,352,591 1,633,159

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 309,090 313,164
Between one and five years 585,231 717,446
In more than five years 42,817 42,817
937,138 1,073,427

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 1,692,703 1,601,644
Hire purchase contracts 2,352,591 1,633,159
4,045,294 3,234,803

The bank borrowings of the group are secured by charges over the group's assets.

The hire purchase contracts have been secured on the assets purchased. These assets are shown within fixed assets.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 1,304,872 1,059,331

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 October 2023 1,059,331
Provided during year 245,541
Balance at 30 September 2024 1,304,872

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
6,000 Ordinary £1 6,000 6,000

21. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2023 5,845,518 7,600 5,853,118
Profit for the year 2,140,119 2,140,119
Dividends (900,000 ) (900,000 )
At 30 September 2024 7,085,637 7,600 7,093,237

Company
Retained
earnings
£   

Profit for the year 900,000
Dividends (900,000 )
At 30 September 2024 -


22. CONTINGENT LIABILITIES

A cross guarantee and debenture is held by the bank over the assets of the company and those of the other companies in the group.

The liability arising from this cross guarantee is fully recognised in these consolidated group accounts.

Manchetts Holdings Limited (Registered number: 03961624)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

23. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 719,482 606,147

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
R Manchett
Balance outstanding at start of year 73,775 (14,748 )
Amounts advanced 413,564 -
Amounts repaid (231,025 ) 88,523
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 256,314 73,775

These loans are repayable on demand and no interest is charged by the group.

25. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

a) Manchetts Retirement Benefits Scheme owns premises leased to the group at market value rent. The rent paid for the year ended 30 September 2024 was £266,788 (2023 - £184,462).

Manchetts Retirement Benefits Scheme is controlled by the shareholders of Manchetts Holdings Limited.

b) The groups bank has a charge over life insurance policies taken out by four of the directors. The amount assured by the insurance policy for each individual director is £70,000.

c) The groups bank has a charge over the garage & shop premises which are owned by three of the directors.

d) In the year the group has lent money to Crown Priory Limited, a company owed and controlled by the directors of the Manchetts Group. No interest is being charged on this loan. The outstanding amount of this loan at 30 September 2024 is £840,362 (2023 : £899,199) and is shown within other debtors in these financial statements.

26. ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of Mr S Manchett, Mr G Manchett, Mr R Manchett & Mr C Ginn by virtue of their equal shareholdings in the company.