IRIS Accounts Production v24.3.2.46 00696950 Board of Directors Board of Directors Board of Directors Board of Directors 1.10.23 30.9.24 30.9.24 The principle activities of the company in the year under review was that of motor engineers and retailers of groceries, petroleum and allied products. false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh006969502023-09-30006969502024-09-30006969502023-10-012024-09-30006969502022-09-30006969502022-10-012023-09-30006969502023-09-3000696950ns15:EnglandWales2023-10-012024-09-3000696950ns14:PoundSterling2023-10-012024-09-3000696950ns10:Director12023-10-012024-09-3000696950ns10:Director22023-10-012024-09-3000696950ns10:Director32023-10-012024-09-3000696950ns10:Director42023-10-012024-09-3000696950ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3000696950ns10:SmallEntities2023-10-012024-09-3000696950ns10:Audited2023-10-012024-09-3000696950ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3000696950ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3000696950ns10:FullAccounts2023-10-012024-09-300069695012023-10-012024-09-3000696950ns10:OrdinaryShareClass12023-10-012024-09-3000696950ns10:Director52023-10-012024-09-3000696950ns10:CompanySecretary12023-10-012024-09-3000696950ns10:RegisteredOffice2023-10-012024-09-3000696950ns5:CurrentFinancialInstruments2024-09-3000696950ns5:CurrentFinancialInstruments2023-09-3000696950ns5:Non-currentFinancialInstruments2024-09-3000696950ns5:Non-currentFinancialInstruments2023-09-3000696950ns5:ShareCapital2024-09-3000696950ns5:ShareCapital2023-09-3000696950ns5:CapitalRedemptionReserve2024-09-3000696950ns5:CapitalRedemptionReserve2023-09-3000696950ns5:RetainedEarningsAccumulatedLosses2024-09-3000696950ns5:RetainedEarningsAccumulatedLosses2023-09-3000696950ns5:ShareCapital2022-09-3000696950ns5:RetainedEarningsAccumulatedLosses2022-09-3000696950ns5:CapitalRedemptionReserve2022-09-3000696950ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3000696950ns5:CapitalRedemptionReserve2022-10-012023-09-3000696950ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3000696950ns5:CapitalRedemptionReserve2023-10-012024-09-3000696950ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3000696950ns5:PatentsTrademarksLicencesConcessionsSimilar2023-10-012024-09-3000696950ns5:OwnedAssets2023-10-012024-09-3000696950ns5:OwnedAssets2022-10-012023-09-3000696950ns5:LeasedAssets2023-10-012024-09-3000696950ns5:LeasedAssets2022-10-012023-09-3000696950ns10:OrdinaryShareClass12022-10-012023-09-3000696950ns5:IntangibleAssetsOtherThanGoodwill2023-09-3000696950ns5:IntangibleAssetsOtherThanGoodwill2024-09-3000696950ns5:IntangibleAssetsOtherThanGoodwill2023-09-3000696950ns5:LandBuildings2023-09-3000696950ns5:LandBuildingsns5:ShortLeaseholdAssets2023-09-3000696950ns5:PlantMachinery2023-09-3000696950ns5:LandBuildings2023-10-012024-09-3000696950ns5:LandBuildingsns5:ShortLeaseholdAssets2023-10-012024-09-3000696950ns5:PlantMachinery2023-10-012024-09-3000696950ns5:LandBuildings2024-09-3000696950ns5:LandBuildingsns5:ShortLeaseholdAssets2024-09-3000696950ns5:PlantMachinery2024-09-3000696950ns5:LandBuildings2023-09-3000696950ns5:LandBuildingsns5:ShortLeaseholdAssets2023-09-3000696950ns5:PlantMachinery2023-09-3000696950ns5:FurnitureFittings2023-09-3000696950ns5:MotorVehicles2023-09-3000696950ns5:FurnitureFittings2023-10-012024-09-3000696950ns5:MotorVehicles2023-10-012024-09-3000696950ns5:FurnitureFittings2024-09-3000696950ns5:MotorVehicles2024-09-3000696950ns5:FurnitureFittings2023-09-3000696950ns5:MotorVehicles2023-09-3000696950ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-3000696950ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3000696950ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-09-3000696950ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-3000696950ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3000696950ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3000696950ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-09-3000696950ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-09-3000696950ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-09-3000696950ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-09-3000696950ns5:HirePurchaseContracts2024-09-3000696950ns5:HirePurchaseContracts2023-09-3000696950ns5:WithinOneYear2024-09-3000696950ns5:WithinOneYear2023-09-3000696950ns5:BetweenOneFiveYears2024-09-3000696950ns5:BetweenOneFiveYears2023-09-3000696950ns5:MoreThanFiveYears2024-09-3000696950ns5:MoreThanFiveYears2023-09-3000696950ns5:AllPeriods2024-09-3000696950ns5:AllPeriods2023-09-3000696950ns5:DeferredTaxation2023-09-3000696950ns5:DeferredTaxation2023-10-012024-09-3000696950ns5:DeferredTaxation2024-09-3000696950ns10:OrdinaryShareClass12024-09-3000696950ns10:Director222023-09-3000696950ns10:Director222022-09-3000696950ns10:Director222023-10-012024-09-3000696950ns10:Director222022-10-012023-09-3000696950ns10:Director222024-09-3000696950ns10:Director222023-09-30
REGISTERED NUMBER: 00696950 (England and Wales)











Report of the Directors and

Financial Statements for the Year Ended 30 September 2024

for

Manchetts (Burwell) Limited

Manchetts (Burwell) Limited (Registered number: 00696950)






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




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


Manchetts (Burwell) Limited

Company Information
for the Year Ended 30 September 2024







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





SECRETARY: Mrs A Manchett





REGISTERED OFFICE: Ness Road
Burwell
Cambridgeshire
CB25 0AA





REGISTERED NUMBER: 00696950 (England and Wales)





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

Manchetts (Burwell) Limited (Registered number: 00696950)

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.

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

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

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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.

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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





S Manchett - Director


31 March 2025

Report of the Independent Auditors to the Members of
Manchetts (Burwell) Limited

Opinion
We have audited the financial statements of Manchetts (Burwell) Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Manchetts (Burwell) 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 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 (Burwell) 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.

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.

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.

Report of the Independent Auditors to the Members of
Manchetts (Burwell) Limited


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 (Burwell) Limited (Registered number: 00696950)

Income Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 8,356,940 12,091,317

Cost of sales 5,432,953 9,386,636
GROSS PROFIT 2,923,987 2,704,681

Administrative expenses 2,145,772 1,870,500
778,215 834,181

Other operating income 95,412 -
OPERATING PROFIT 4 873,627 834,181

Interest receivable and similar income 7,295 -
880,922 834,181

Interest payable and similar expenses 112,491 71,686
PROFIT BEFORE TAXATION 768,431 762,495

Tax on profit 5 201,570 217,517
PROFIT FOR THE FINANCIAL YEAR 566,861 544,978

Manchetts (Burwell) Limited (Registered number: 00696950)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 1,941,653 1,253,296
Investments 9 165,055 -
2,106,708 1,253,296

CURRENT ASSETS
Stocks 296,198 940,833
Debtors 10 1,858,746 1,685,498
Cash at bank and in hand 572,004 339,208
2,726,948 2,965,539
CREDITORS
Amounts falling due within one year 11 1,621,739 1,739,652
NET CURRENT ASSETS 1,105,209 1,225,887
TOTAL ASSETS LESS CURRENT LIABILITIES 3,211,917 2,479,183

CREDITORS
Amounts falling due after more than one
year

12

(414,133

)

(183,594

)

PROVISIONS FOR LIABILITIES 15 (291,479 ) (256,145 )
NET ASSETS 2,506,305 2,039,444

CAPITAL AND RESERVES
Called up share capital 16 2,400 2,400
Capital redemption reserve 7,600 7,600
Retained earnings 2,496,305 2,029,444
SHAREHOLDERS' FUNDS 2,506,305 2,039,444

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 (Burwell) Limited (Registered number: 00696950)

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 2,400 1,684,466 7,600 1,694,466

Changes in equity
Dividends - (200,000 ) - (200,000 )
Total comprehensive income - 544,978 - 544,978
Balance at 30 September 2023 2,400 2,029,444 7,600 2,039,444

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 566,861 - 566,861
Balance at 30 September 2024 2,400 2,496,305 7,600 2,506,305

Manchetts (Burwell) Limited (Registered number: 00696950)

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

1. STATUTORY INFORMATION

Manchetts (Burwell) 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the Company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if revision affects only that and future periods.

The following are critical judgements including those involving estimations, that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Profitability of Ongoing Repairs & Maintenance Contracts
The expected profit margin of ongoing repairs & maintenance contracts is used to determine the value of deferred income in the year end financial statements. The directors evaluate each contract individually against the cost ratio models of past expenditure on repairs & maintenance contracts.

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.

Licences are being amortised evenly over their estimated useful life of five years.

Manchetts (Burwell) Limited (Registered number: 00696950)

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

2. ACCOUNTING POLICIES - continued

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 and 3 to 20 years straight line
Plant and Machinery - 25% on reducing balance, 15% on reducing balance 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 and Straight line 3 to 5 years

Freehold property has not been depreciated in the period, this 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.

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.

Manchetts (Burwell) Limited (Registered number: 00696950)

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

2. ACCOUNTING POLICIES - continued

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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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


Income recognition
Income is 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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2023 - 44 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 220,808 196,483
Depreciation - assets on hire purchase contracts 144,133 67,100

Manchetts (Burwell) Limited (Registered number: 00696950)

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

5. 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 166,236 129,663

Deferred tax 35,334 87,854
Tax on profit 201,570 217,517

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

6. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 100,000 200,000

7. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 October 2023
and 30 September 2024 6,000
AMORTISATION
At 1 October 2023
and 30 September 2024 6,000
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

Manchetts (Burwell) Limited (Registered number: 00696950)

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

8. TANGIBLE FIXED ASSETS
Freehold Leasehold Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 153,447 443,278 465,849
Additions - 62,550 66,333
Disposals - (14,530 ) (150,537 )
Reclassification/transfer - 134,058 -
At 30 September 2024 153,447 625,356 381,645
DEPRECIATION
At 1 October 2023 - 319,896 300,741
Charge for year - 17,071 34,048
Eliminated on disposal - (13,499 ) (147,855 )
Reclassification/transfer - 134,058 13,630
At 30 September 2024 - 457,526 200,564
NET BOOK VALUE
At 30 September 2024 153,447 167,830 181,081
At 30 September 2023 153,447 123,382 165,108

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2023 132,471 1,034,179 2,229,224
Additions 4,381 1,078,349 1,211,613
Disposals (10,487 ) (215,175 ) (390,729 )
Reclassification/transfer - - 134,058
At 30 September 2024 126,365 1,897,353 3,184,166
DEPRECIATION
At 1 October 2023 104,567 250,724 975,928
Charge for year 17,831 295,991 364,941
Eliminated on disposal (9,903 ) (74,787 ) (246,044 )
Reclassification/transfer - - 147,688
At 30 September 2024 112,495 471,928 1,242,513
NET BOOK VALUE
At 30 September 2024 13,870 1,425,425 1,941,653
At 30 September 2023 27,904 783,455 1,253,296

Manchetts (Burwell) Limited (Registered number: 00696950)

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

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2023 488,877
Additions 418,733
Disposals (48,678 )
Transfer to ownership (35,000 )
At 30 September 2024 823,932
DEPRECIATION
At 1 October 2023 87,922
Charge for year 144,133
Eliminated on disposal (20,536 )
Transfer to ownership (17,363 )
At 30 September 2024 194,156
NET BOOK VALUE
At 30 September 2024 629,776
At 30 September 2023 400,955

9. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Investment Vehicles 165,055 -

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.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 717,643 729,019
Other debtors 1,141,103 956,479
1,858,746 1,685,498

Other debtors includes amounts due from directors of £256,314 (2023: £73,775).

Manchetts (Burwell) Limited (Registered number: 00696950)

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

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 258,023 158,572
Trade creditors 629,829 576,102
Amounts owed to group undertakings 286,243 464,619
Taxation and social security 251,529 281,895
Other creditors 196,115 258,464
1,621,739 1,739,652

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 414,133 183,594

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 258,023 158,572
Between one and five years 414,133 183,594
672,156 342,166

Non-cancellable operating leases
2024 2023
£    £   
Within one year 166,316 163,146
Between one and five years 576,411 586,196
In more than five years 42,817 42,817
785,544 792,159

Manchetts (Burwell) Limited (Registered number: 00696950)

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

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 672,156 342,166

The bank borrowings of the company are secured by a charge over the company's assets.

The hire purchase agreements are secured on the assets acquired.

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

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 291,479 256,145

Deferred
tax
£   
Balance at 1 October 2023 256,145
Provided during year 35,334
Balance at 30 September 2024 291,479

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,400 Ordinary £1 2,400 2,400

17. CONTINGENT LIABILITIES

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

Manchetts (Burwell) Limited (Registered number: 00696950)

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

18. 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

No interest has been charged by the company on the overdrawn directors loan accounts.

19. 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.

a) The company's 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.

b) The company's bank has a charge over the garage & shop premises which are owned by three of the directors.

c) The company's bank has a charge over the lease on the garage premises which is owned by a fellow group company.

d) 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 £578,300 (2023 : £598,800) and is shown within other debtors in these financial statements.

20. 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.