Company registration number 13078703 (England and Wales)
A.J. MANNERS PROPERTY COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
A.J. MANNERS PROPERTY COMPANY LIMITED
COMPANY INFORMATION
Directors
Mrs JM Manners
Mr AJ Manners
Company number
13078703
Registered office
Meadowfield Industrial Estate
Ponteland
Newcastle upon Tyne
Tyne and Wear
NE20 9SF
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
NE2 1TJ
A.J. MANNERS PROPERTY COMPANY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 23
A.J. MANNERS PROPERTY COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The directors present the strategic report for the year ended 31 March 2025.
Review of the business
The directors are happy to report another successful year for the group although as with the previous year it was not without its challenges.
The policy of widening the customer base continues with the directors constantly looking for new business partners to ensure the levels of company business are secured. The directors continue to follow their strategy of investing in the business and working on improving their workforce and looking to apply the highest industry standards to the food products they deal with, this is evidenced by continually meeting the audit standards set by a demanding customer base and regulatory framework.
Pressure on the margins are evident in the financial results and in part outside of the directors control given the need to source top quality product for which the market supply and demand dictates price fluctuations, which are not always able to be passed on. The increases in wages, fuel and other such costs have also had an impact on the overall margin. This is expected to continue into the 2026 financial year.
Principal risks and uncertainties
Principal risks are that the business at regular intervals needs to retender for its work with its major customers, historically this has been successfully negotiated but remains a risk the company has to regularly deal with.
The business continues to maintain its standards in regard to environmental issues and dealing with its workforce in an open and rewarding way.
The business has again maintained its prudent view of ensuring profits earned are retained within the business allowing the necessary investment to be made in the operating assets ensuring state of the art processes are applied to the manufacturing process.
The directors intend to follow the above strategy going forward and with the working partnerships it has developed with its major customers it is looking forward to a profitable year although expectations are maintaining profits at historic levels will become more challenging going forward.
Mr AJ Manners
Director
15 July 2025
A.J. MANNERS PROPERTY COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2025.
Principal activities
The principal activity of the company and group continued to be that of meat processing and supply.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs JM Manners
Mr AJ Manners
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report 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 group and company, 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
A.J. MANNERS PROPERTY COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
On behalf of the board
Mr AJ Manners
Director
15 July 2025
A.J. MANNERS PROPERTY COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.J. MANNERS PROPERTY COMPANY LIMITED
- 4 -
Opinion
We have audited the financial statements of A.J.Manners Property Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 2025 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
A.J. MANNERS PROPERTY COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A.J. MANNERS PROPERTY COMPANY LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit by performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.
The laws and regulations which are considered to be significant to the entity relate to health and safety. Discussions are held with management to determine whether any breaches have occurred as well as legal expenditure being scrutinised for any evidence on non-compliance.
The audit was considered capable of identifying irregularities only to the extent of the substantive testing performed and from discussions with management.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
A.J. MANNERS PROPERTY COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A.J. MANNERS PROPERTY COMPANY LIMITED
- 6 -
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 an auditor's report 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.
Michael T Moran BA FCA (Senior Statutory Auditor)
For and on behalf of Robson Laidler Accountants Limited, Statutory Auditor
Accountants
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
NE2 1TJ
16 July 2025
A.J. MANNERS PROPERTY COMPANY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
2
14,603,553
15,215,393
Cost of sales
(12,140,827)
(12,652,433)
Gross profit
2,462,726
2,562,960
Administrative expenses
(2,074,976)
(2,099,791)
Other operating income
165,260
160,907
Operating profit
3
553,010
624,076
Interest receivable and similar income
6
144,835
57,509
Amounts written off investments
7
477,546
72,663
Profit before taxation
1,175,391
754,248
Tax on profit
8
(125,175)
(214,013)
Profit for the financial year
1,050,216
540,235
Profit for the financial year is attributable to:
- Owners of the parent company
880,481
276,325
- Non-controlling interests
169,735
263,910
1,050,216
540,235
Total comprehensive income for the year is attributable to:
- Owners of the parent company
880,481
276,325
- Non-controlling interests
169,735
263,910
1,050,216
540,235
A.J. MANNERS PROPERTY COMPANY LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
Tangible assets
9
345,656
305,103
Investment property
10
2,793,483
2,314,622
Investments
11
591,497
592,811
3,730,636
3,212,536
Current assets
Stocks
13
1,472,137
2,084,392
Debtors
14
4,087,974
2,854,677
Cash at bank and in hand
2,976,798
2,142,115
8,536,909
7,081,184
Creditors: amounts falling due within one year
15
(3,754,521)
(2,751,151)
Net current assets
4,782,388
4,330,033
Total assets less current liabilities
8,513,024
7,542,569
Provisions for liabilities
Deferred tax liability
16
77,107
67,298
(77,107)
(67,298)
Net assets
8,435,917
7,475,271
Capital and reserves
Called up share capital
18
1,798
1,798
Capital redemption reserve
6,821
6,821
Profit and loss reserves
6,530,542
5,650,061
Equity attributable to owners of the parent company
6,539,161
5,658,680
Non-controlling interests
1,896,756
1,816,591
Total equity
8,435,917
7,475,271
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
15 July 2025
Mr AJ Manners
Director
Company registration number 13078703 (England and Wales)
A.J. MANNERS PROPERTY COMPANY LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
10
2,793,483
2,314,622
Investments
11
626,271
627,585
3,419,754
2,942,207
Current assets
Debtors
14
41,625
5,506
Cash at bank and in hand
308,042
214,345
349,667
219,851
Creditors: amounts falling due within one year
15
(2,880,207)
(2,912,502)
Net current liabilities
(2,530,540)
(2,692,651)
Total assets less current liabilities
889,214
249,556
Provisions for liabilities
Deferred tax liability
16
3,749
4,078
(3,749)
(4,078)
Net assets
885,465
245,478
Capital and reserves
Called up share capital
18
1,798
1,798
Profit and loss reserves
883,667
243,680
Total equity
885,465
245,478
As permitted by S408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £639,987 (2024: £118,314).
These 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 15 July 2025 and are signed on its behalf by:
15 July 2025
Mr AJ Manners
Director
Company registration number 13078703 (England and Wales)
A.J. MANNERS PROPERTY COMPANY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2023
1,798
6,821
5,373,736
5,382,355
1,641,981
7,024,336
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
276,325
276,325
263,910
540,235
Dividends
-
-
-
-
(89,300)
(89,300)
Balance at 31 March 2024
1,798
6,821
5,650,061
5,658,680
1,816,591
7,475,271
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
880,481
880,481
169,735
1,050,216
Dividends
-
-
-
-
(89,570)
(89,570)
Balance at 31 March 2025
1,798
6,821
6,530,542
6,539,161
1,896,756
8,435,917
A.J. MANNERS PROPERTY COMPANY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
1,798
125,366
127,164
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
118,314
118,314
Balance at 31 March 2024
1,798
243,680
245,478
Year ended 31 March 2025:
Profit and total comprehensive income
-
639,987
639,987
Balance at 31 March 2025
1,798
883,667
885,465
A.J. MANNERS PROPERTY COMPANY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
1,120,286
1,533,164
Income taxes paid
(187,599)
(171,220)
Net cash inflow from operating activities
932,687
1,361,944
Investing activities
Purchase of tangible fixed assets
(165,769)
(190,360)
Proceeds from disposal of tangible fixed assets
12,500
42,000
Interest received
94,835
27,509
Dividends received
50,000
30,000
Net cash used in investing activities
(8,434)
(90,851)
Financing activities
Dividends paid to non-controlling interests
(89,570)
(89,300)
Net cash used in financing activities
(89,570)
(89,300)
Net increase in cash and cash equivalents
834,683
1,181,793
Cash and cash equivalents at beginning of year
2,142,115
960,322
Cash and cash equivalents at end of year
2,976,798
2,142,115
A.J. MANNERS PROPERTY COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information
A.J.Manners Property Company Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Meadowfield Industrial Estate, Ponteland, Newcastle upon Tyne, Tyne and Wear, NE20 9SF.
The group consists of A.J.Manners Property Company Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
A.J. MANNERS PROPERTY COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company A.J.Manners Property Company Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Motor vehicles
33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
A.J. MANNERS PROPERTY COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
A.J. MANNERS PROPERTY COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales of meat products
14,603,553
15,215,393
2025
2024
£
£
Other revenue
Interest income
94,835
27,509
Dividends received
50,000
30,000
3
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
6,100
5,500
Depreciation of owned tangible fixed assets
117,780
122,451
Profit on disposal of tangible fixed assets
(5,064)
(20,464)
Operating lease charges
11,136
9,427
4
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
3
3
2
2
Operational staff
43
44
-
-
Total
46
47
2
2
A.J. MANNERS PROPERTY COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Employees
(Continued)
- 17 -
Their aggregate remuneration comprised:
Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,953,933
1,949,030
Social security costs
205,516
204,015
-
-
Pension costs
90,915
88,679
2,250,364
2,241,724
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
712,417
812,074
Company pension contributions to defined contribution schemes
70,000
70,000
782,417
882,074
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
609,323
708,759
Company pension contributions to defined contribution schemes
10,000
10,000
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
94,835
27,509
Other income from investments
Dividends received
50,000
30,000
Total income
144,835
57,509
7
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
477,546
72,663
A.J. MANNERS PROPERTY COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
151,698
187,635
Adjustments in respect of prior periods
(36,332)
Total current tax
115,366
187,635
Deferred tax
Origination and reversal of timing differences
9,809
26,378
Total tax charge
125,175
214,013
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2025
2024
£
£
Profit before taxation
1,175,391
754,248
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
293,848
188,562
Tax effect of expenses that are not deductible in determining taxable profit
(96,994)
18,166
Tax effect of income not taxable in determining taxable profit
(34,893)
(7,500)
Adjustments in respect of prior years
(36,332)
Permanent capital allowances in excess of depreciation
(8,997)
(6,477)
Deferred tax
9,809
26,378
Profit / loss on disposal
(1,266)
(5,116)
Taxation charge
125,175
214,013
A.J. MANNERS PROPERTY COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
9
Tangible fixed assets
Group
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2024
210,870
357,559
568,429
Additions
126,929
38,840
165,769
Disposals
(29,140)
(29,140)
At 31 March 2025
337,799
367,259
705,058
Depreciation and impairment
At 1 April 2024
103,869
159,457
263,326
Depreciation charged in the year
56,045
61,735
117,780
Eliminated in respect of disposals
(21,704)
(21,704)
At 31 March 2025
159,914
199,488
359,402
Carrying amount
At 31 March 2025
177,885
167,771
345,656
At 31 March 2024
107,001
198,102
305,103
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
10
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 April 2024
2,314,622
2,314,622
Net gains or losses through fair value adjustments
478,861
478,861
At 31 March 2025
2,793,483
2,793,483
Investment property comprises £2,793,483. The fair value of the investment properties has been arrived at using the movement in UK house price index for the North, since the last valuation carried out by Chartered Surveyors in 2020, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
A.J. MANNERS PROPERTY COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
34,774
34,774
Listed investments
509,997
511,311
509,997
511,311
Unlisted investments
81,500
81,500
81,500
81,500
591,497
592,811
626,271
627,585
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2024
592,811
Valuation changes
(1,314)
At 31 March 2025
591,497
Carrying amount
At 31 March 2025
591,497
At 31 March 2024
592,811
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2024
34,774
592,811
627,585
Valuation changes
-
(1,314)
(1,314)
At 31 March 2025
34,774
591,497
626,271
Carrying amount
At 31 March 2025
34,774
591,497
626,271
At 31 March 2024
34,774
592,811
627,585
12
Subsidiaries
Details of the company's subsidiaries at 31 March 2025 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
R Manners & Sons Limited
NE209SF
Meat processing
Ordinary
0
75.00
R Manners & Sons Holding Company Limited
NE209SF
Holding company
Ordinary
75.00
-
A.J. MANNERS PROPERTY COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Subsidiaries
(Continued)
- 21 -
Registered office addresses (all UK unless otherwise indicated):
1,2
Meadowfield Industrial Estate, Ponteland, Newcastle upon Tyne, NE209SF
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
1,452,869
2,067,467
-
-
Finished goods and goods for resale
19,268
16,925
1,472,137
2,084,392
-
-
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,984,260
2,776,800
Corporation tax recoverable
36,332
36,332
Other debtors
26,682
25,673
704
1,164
Prepayments and accrued income
40,700
52,204
4,589
4,342
4,087,974
2,854,677
41,625
5,506
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
1,086,325
1,118,601
1,714
Amounts owed to group undertakings
2,839,433
2,840,414
Corporation tax payable
151,760
187,660
25,260
58,588
Other taxation and social security
23,590
20,072
-
-
Other creditors
44,208
33,857
Accruals and deferred income
2,448,638
1,390,961
13,800
13,500
3,754,521
2,751,151
2,880,207
2,912,502
A.J. MANNERS PROPERTY COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
73,358
63,220
Investments
3,749
4,078
77,107
67,298
Liabilities
Liabilities
2025
2024
Company
£
£
Investments
3,749
4,078
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
67,298
4,078
Charge/(credit) to profit or loss
9,809
(329)
Liability at 31 March 2025
77,107
3,749
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
90,915
88,679
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
18
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,798
1,798
1,798
1,798
A.J. MANNERS PROPERTY COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
19
Minority interests
The minority interests represent 25% of the closing balance sheet value of R Manners & Sons Limited and R Manners & Sons Holding Company Limited
20
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,050,216
540,235
Adjustments for:
Taxation charged
125,175
214,013
Investment income
(144,835)
(57,509)
Gain on disposal of tangible fixed assets
(5,064)
(20,464)
Depreciation and impairment of tangible fixed assets
117,780
122,451
Other gains and losses
(477,546)
(72,663)
Movements in working capital:
Decrease in stocks
612,255
1,464,929
(Increase)/decrease in debtors
(1,196,965)
478,904
Increase/(decrease) in creditors
1,039,270
(1,136,732)
Cash generated from operations
1,120,286
1,533,164
21
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
2,142,115
834,683
2,976,798
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