IRIS Accounts Production v24.3.2.46 03960925 Board of Directors Board of Directors Board of Directors Board of Directors 1.10.23 30.9.24 30.9.24 Medium entities the recovery and repair of vehicles. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 03960925 (England and Wales)











Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2024

for

Manchetts Limited

Manchetts Limited (Registered number: 03960925)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Manchetts 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: 03960925 (England and Wales)





AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Manchetts Limited (Registered number: 03960925)

Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report 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 2024 are as shown.

Manchetts Limited exists to provide a broad range of automotive services to both the retail and trade markets in and around its locality. The range of include, but are not limited to, automotive recovery, servicing and aftercare. The aim of the company 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 company’s gross profit margin has slightly decreased, falling from 50% to 47%, despite an increase in turnover during the year. Net profit has improved, although it includes a profit on the disposal of tangible assets totalling £301,229.

The company's balance sheet has remained strong, with closing shareholder funds of £2,917,451. This puts the group in a strong position to maximize the future growth and potential of its businesses.

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

ON BEHALF OF THE BOARD:





S Manchett - Director


31 March 2025

Manchetts Limited (Registered number: 03960925)

Report of the Directors
for the Year Ended 30 September 2024

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

DIVIDENDS
Interim dividends per share were paid as follows:
£166.67 - 9 January 2024
£166.67 - 8 July 2024
£333.33 - 24 September 2024
£666.67

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £ 400,000 .

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 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). 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Manchetts Limited (Registered number: 03960925)

Report of the Directors
for the Year Ended 30 September 2024


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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S Manchett - Director


31 March 2025

Report of the Independent Auditors to the Members of
Manchetts Limited

Opinion
We have audited the financial statements of Manchetts Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 September 2024 and of its 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 company 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 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 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 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 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 Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Manchetts 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 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
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

2 April 2025

Manchetts Limited (Registered number: 03960925)

Income Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 8,421,354 7,242,333

Cost of sales 4,473,264 3,615,131
GROSS PROFIT 3,948,090 3,627,202

Administrative expenses 2,543,095 2,377,396
1,404,995 1,249,806

Other operating income 20,954 16,505
OPERATING PROFIT 4 1,425,949 1,266,311

Interest receivable and similar income 3,611 -
1,429,560 1,266,311

Interest payable and similar expenses 5 107,564 81,280
PROFIT BEFORE TAXATION 1,321,996 1,185,031

Tax on profit 6 343,511 271,298
PROFIT FOR THE FINANCIAL YEAR 978,485 913,733

Manchetts Limited (Registered number: 03960925)

Other Comprehensive Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 978,485 913,733


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

978,485

913,733

Manchetts Limited (Registered number: 03960925)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - 7,031
Tangible assets 9 4,188,298 3,363,639
4,188,298 3,370,670

CURRENT ASSETS
Stocks 10 58,606 387,053
Debtors 11 1,161,396 1,210,528
Cash at bank and in hand 1,082,557 654,024
2,302,559 2,251,605
CREDITORS
Amounts falling due within one year 12 1,804,092 1,680,319
NET CURRENT ASSETS 498,467 571,286
TOTAL ASSETS LESS CURRENT LIABILITIES 4,686,765 3,941,956

CREDITORS
Amounts falling due after more than one
year

13

(813,675

)

(830,319

)

PROVISIONS FOR LIABILITIES 16 (955,639 ) (772,671 )
NET ASSETS 2,917,451 2,338,966

CAPITAL AND RESERVES
Called up share capital 17 600 600
Retained earnings 18 2,916,851 2,338,366
SHAREHOLDERS' FUNDS 2,917,451 2,338,966

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




G W Manchett - Director C R Ginn - Director


Manchetts Limited (Registered number: 03960925)

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 600 1,824,633 1,825,233

Changes in equity
Dividends - (400,000 ) (400,000 )
Total comprehensive income - 913,733 913,733
Balance at 30 September 2023 600 2,338,366 2,338,966

Changes in equity
Dividends - (400,000 ) (400,000 )
Total comprehensive income - 978,485 978,485
Balance at 30 September 2024 600 2,916,851 2,917,451

Manchetts Limited (Registered number: 03960925)

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

1. STATUTORY INFORMATION

Manchetts 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 Company 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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 improvements - in accordance with the property lease
Plant & equipment - 25% on reducing balance, 4 years straight line, 15% on reducing balance and 3 years straight line
Office equipment - 33% on reducing balance and 3 years straight line
Motor vehicles - 10% - 35% on reducing balance

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued using the cost of materials and labour based on normal activity.

Manchetts Limited (Registered number: 03960925)

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

2. ACCOUNTING POLICIES - continued

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.

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 company operates a defined contribution pension scheme for its directors. The assets of the scheme are held in an independently administered fund. Contributions for the year are charged in the profit and loss account.


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


Manchetts Limited (Registered number: 03960925)

Notes to the 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.

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 profit and loss.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,062,572 2,860,946
Social security costs 2,619 3,054
Other pension costs 200,526 140,770
3,265,717 3,004,770

The average number of employees during the year was as follows:
2024 2023

Directors 5 5
Employees 73 71
78 76

2024 2023
£    £   
Directors' remuneration 30,000 30,000

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

Money purchase schemes 4 4

Manchetts Limited (Registered number: 03960925)

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

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 39,043 43,901
Depreciation - owned assets 261,508 234,944
Depreciation - assets on hire purchase contracts 425,807 294,232
Profit on disposal of fixed assets (301,229 ) (56,822 )
Goodwill amortisation 7,031 16,875
Auditors' remuneration 3,000 3,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank & credit card charges 35,666 32,492
Hire purchase interest 71,898 48,788
107,564 81,280

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 160,543 202,619

Deferred tax 182,968 68,679
Tax on profit 343,511 271,298

UK corporation tax has been charged at 25% (2023 - 22%).

Manchetts Limited (Registered number: 03960925)

Notes to the 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 1,321,996 1,185,031
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.008%)

330,499

260,802

Effects of:
Expenses not deductible for tax purposes 184,400 35,847
Income not taxable for tax purposes (75,306 ) (12,506 )
Capital allowances in excess of depreciation (290,545 ) (81,524 )
Deferred tax 182,968 68,679
Chargeable gains 11,495 -
Total tax charge 343,511 271,298

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 400,000 400,000

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 45,000
AMORTISATION
At 1 October 2023 37,969
Amortisation for year 7,031
At 30 September 2024 45,000
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 7,031

Goodwill is being amortised evenly over their estimated useful life of three years.

Manchetts Limited (Registered number: 03960925)

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

9. TANGIBLE FIXED ASSETS
Leasehold Plant & Office Motor
improvements equipment equipment vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 162,659 736,140 42,417 5,086,826 6,028,042
Additions 34,670 217,995 4,214 1,722,061 1,978,940
Disposals (8,144 ) (143,851 ) (35,058 ) (842,416 ) (1,029,469 )
Reclassification/transfer - (94,954 ) - - (94,954 )
At 30 September 2024 189,185 715,330 11,573 5,966,471 6,882,559
DEPRECIATION
At 1 October 2023 84,520 347,322 37,790 2,194,771 2,664,403
Charge for year 14,251 88,092 790 584,182 687,315
Eliminated on disposal (7,784 ) (129,345 ) (34,866 ) (390,508 ) (562,503 )
Reclassification/transfer - (13,538 ) - (81,416 ) (94,954 )
At 30 September 2024 90,987 292,531 3,714 2,307,029 2,694,261
NET BOOK VALUE
At 30 September 2024 98,198 422,799 7,859 3,659,442 4,188,298
At 30 September 2023 78,139 388,818 4,627 2,892,055 3,363,639

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Leasehold Plant & Motor
improvements equipment vehicles Totals
£    £    £    £   
COST
At 1 October 2023 119,536 259,130 2,647,596 3,026,262
Additions - - 1,306,487 1,306,487
Disposals - (37,675 ) (282,908 ) (320,583 )
Transfer to ownership - - (58,000 ) (58,000 )
At 30 September 2024 119,536 221,455 3,613,175 3,954,166
DEPRECIATION
At 1 October 2023 61,618 101,367 803,257 966,242
Charge for year 6,698 37,551 381,558 425,807
Eliminated on disposal - (26,333 ) (71,594 ) (97,927 )
Transfer to ownership - - (44,523 ) (44,523 )
At 30 September 2024 68,316 112,585 1,068,698 1,249,599
NET BOOK VALUE
At 30 September 2024 51,220 108,870 2,544,477 2,704,567
At 30 September 2023 57,918 157,763 1,844,339 2,060,020

Manchetts Limited (Registered number: 03960925)

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

10. STOCKS
2024 2023
£    £   
Stocks 58,606 387,053

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 563,112 508,769
Other debtors 520,794 636,071
Prepayments 77,490 65,688
1,161,396 1,210,528

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 866,760 460,674
Trade creditors 462,622 724,656
Corporation tax 160,543 202,619
Other taxes & social security 226,208 181,173
Other creditors 1,877 17,301
Accruals 86,082 93,896
1,804,092 1,680,319

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 813,675 830,319

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 866,760 460,674
Between one and five years 813,675 830,319
1,680,435 1,290,993

Manchetts Limited (Registered number: 03960925)

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

14. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 14,274 21,518
Between one and five years 8,820 11,250
23,094 32,768

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 1,680,435 1,290,993

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

The bank overdraft facility is secured by a fixed and floating charge over the assets of the company.

The security given by group companies is shown in a later note.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 955,639 772,671

Deferred
tax
£   
Balance at 1 October 2023 772,671
Provided during year 182,968
Balance at 30 September 2024 955,639

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
600 Ordinary £1 600 600

Manchetts Limited (Registered number: 03960925)

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

18. RESERVES
Retained
earnings
£   

At 1 October 2023 2,338,366
Profit for the year 978,485
Dividends (400,000 )
At 30 September 2024 2,916,851

19. ULTIMATE PARENT COMPANY

Manchetts Holdings Limited, registered in England and Wales, is the ultimate parent company.

20. CONTINGENT LIABILITIES

a) A cross guarantee is held by the bank over the assets of the company and the other companies in the group. The potential liability arising from this amounts to £1,692,703 (2023: £1,601,644).

b) A cross guarantee has also been given by Manchetts Limited to British Car Auctions on behalf of Manchetts (Burwell) Limited. There was no potential liability at the period end.

21. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 418,200 606,147

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

No interest is charged on these balances.

23. 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.

In 2001, Manchetts Retirement Benefits Scheme acquired premises for lease to Manchetts Limited. A formal lease was entered into with Manchetts Limited for a term of 21 years from 24 June 2001. The rent paid for the year ended 30 September 2024 was £83,000 (2023: £44,874).

Manchetts Retirement Benefits Scheme is controlled by the shareholders of Manchetts Holdings Limited, the ultimate controlling party.

In the year the company 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 £262,062 (2023 : £300,399) and is shown within other debtors in these financial statements.

Manchetts Limited (Registered number: 03960925)

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

24. ULTIMATE PARENT COMPANY

The ultimate parent company is Manchetts Holdings Limited. The registered office of Manchetts Holdings Limited is Ness Road Garage, Ness Road, Burwell, Cambridge, Cambridgeshire, CB25 0AA.