Company registration number 00701613 (England and Wales)
FRANK H MANN (TORQUAY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
FRANK H MANN (TORQUAY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FRANK H MANN (TORQUAY) LIMITED
BALANCE SHEET
AS AT
26 OCTOBER 2024
26 October 2024
- 1 -
26 October 2024
29 October 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
6,519
6,818
Tangible assets
6
214,890
154,178
Investments
7
19,000
19,000
240,409
179,996
Current assets
Stocks
22,963
26,241
Debtors
8
343,195
360,473
Cash at bank and in hand
498,480
439,108
864,638
825,822
Creditors: amounts falling due within one year
9
(621,305)
(550,017)
Net current assets
243,333
275,805
Total assets less current liabilities
483,742
455,801
Provisions for liabilities
(52,329)
(36,499)
Net assets
431,413
419,302
Capital and reserves
Called up share capital
70,001
70,001
Profit and loss reserves
361,412
349,301
Total equity
431,413
419,302
FRANK H MANN (TORQUAY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
26 OCTOBER 2024
26 October 2024
- 2 -

For the financial year ended 26 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
Mrs A Clarke
Director
Company registration number 00701613 (England and Wales)
FRANK H MANN (TORQUAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Frank H Mann (Torquay) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Longpark, Newton Road, Torquay, Devon, TQ2 7AL.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for the supply of fruit and vegetables net of VAT and trade discounts.

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.

1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
25% Straight line basis
1.5
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 machinery
12.5% - 20% straight line basis
Motor vehicles
20% straight line with a residual value of 10% or 25% with no residual value
FRANK H MANN (TORQUAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -

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 credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

1.9
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 company’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 taxation is provided in full in respect of all timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

FRANK H MANN (TORQUAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 OCTOBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
35
36
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,746
33,969
Deferred tax
Origination and reversal of timing differences
15,830
6,730
Total tax charge
18,576
40,699

 

FRANK H MANN (TORQUAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 OCTOBER 2024
- 6 -
5
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 30 October 2023
18,000
16,264
34,264
Additions
-
0
1,833
1,833
At 26 October 2024
18,000
18,097
36,097
Amortisation and impairment
At 30 October 2023
18,000
9,446
27,446
Amortisation charged for the year
-
0
2,132
2,132
At 26 October 2024
18,000
11,578
29,578
Carrying amount
At 26 October 2024
-
0
6,519
6,519
At 29 October 2023
-
0
6,818
6,818
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 October 2023
786,424
Additions
169,539
Disposals
(118,952)
At 26 October 2024
837,011
Depreciation and impairment
At 30 October 2023
632,246
Depreciation charged in the year
86,531
Eliminated in respect of disposals
(96,656)
At 26 October 2024
622,121
Carrying amount
At 26 October 2024
214,890
At 29 October 2023
154,178
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
19,000
19,000
FRANK H MANN (TORQUAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 OCTOBER 2024
- 7 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
292,085
283,123
Corporation tax recoverable
-
0
92
Other debtors
51,110
77,258
343,195
360,473
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
339,348
317,234
Corporation tax
2,746
33,969
Other taxation and social security
16,743
14,083
Other creditors
262,468
184,731
621,305
550,017
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
250,000
50,000
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