Company No: 03935647 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	10,772		13,848
Investments	4	0		26,473
		10,772		40,321
Current assets
Debtors	5	162,121		240,966
Cash at bank and in hand		22,653		193
		184,774		241,159
Creditors: amounts falling due within one year	6	( 70,197)		( 264,341)
Net current assets/(liabilities)		114,577		(23,182)
Total assets less current liabilities		125,349		17,139
Creditors: amounts falling due after more than one year	7	( 425,033)		( 246,754)
Provision for liabilities		53,859		59,284
Net liabilities		( 245,825)		( 170,331)
Capital and reserves
Called-up share capital	8	49,600		49,600
Revaluation reserve		0		21,723
Capital redemption reserve		26,160		26,160
Profit and loss account		( 321,585 )		( 267,814 )
Total shareholder's deficit		( 245,825)		( 170,331)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Mansbridge Balment Limited (registered number: 03935647) were approved and authorised for issue by the Board of Directors on 24 September 2025. They were signed on its behalf by:

Mr T Carlton Director

Mr N D R Henderson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mansbridge Balment Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Market Road, Tavistock, PL19 0BW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The company entered into a Creditors Voluntary Agreement (CVA) on 19 November 2024. Following this CVA the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Post year end the company has undertaken a range of cost cutting exercises and received additional financial funding. The director’s therefore expect future cashflows and profits to improve. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on over its expected useful life, as follows:

Leasehold improvements	20 years straight line
Vehicles	25 % reducing balance
Office equipment	20 % reducing balance
Computer equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	13		19

3. Tangible assets

	Leasehold improve- ments		Vehicles		Office equipment		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	21,408		2,800		82,955		56,415		163,578
At 31 December 2024	21,408		2,800		82,955		56,415		163,578
Accumulated depreciation
At 01 January 2024	16,960		2,793		76,121		53,856		149,730
Charge for the financial year	1,060		7		1,365		644		3,076
At 31 December 2024	18,020		2,800		77,486		54,500		152,806
Net book value
At 31 December 2024	3,388		0		5,469		1,915		10,772
At 31 December 2023	4,448		7		6,834		2,559		13,848

4. Fixed asset investments

	2024		2023
	£		£
Other investments and loans	0		26,473

5. Debtors

	2024		2023
	£		£
Trade debtors	21,717		11,908
Amounts owed by Group undertakings	138,674		223,316
Other debtors	1,730		5,742
	162,121		240,966

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans and overdrafts	12,000		75,804
Trade creditors	17,530		26,552
Other taxation and social security	12,604		43,812
Other creditors	28,063		118,173
	70,197		264,341

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	5,000		17,000
Other loans	109,322		129,686
Other creditors	310,711		100,068
	425,033		246,754

There are no amounts included above in respect of which any security has been given by the small entity.

On 19 November 2024, the company entered into a Company Voluntary Arrangement (CVA) with its creditors. The CVA was approved by the required majority of creditors and provides for the settlement of outstanding debts over an agreed period.

As a result, certain creditor balances have been restructured in accordance with the terms of the CVA. The amounts shown in other creditors £310,711 (2023: £100,068) relates to the obligations of the CVA.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
48,000 Ordinary shares of £ 1.00 each	48,000		48,000
32,000 Ordinary A shares of £ 0.05 each	1,600		1,600
	49,600		49,600

9. Financial commitments

Commitments

Capital commitments are as follows:

	2024		2023
	£		£
Contracted for but not provided for:
Finance leases entered into	56,875		57,375

At the balance sheet date, the company had the above future minimum lease payments due. The lease commitment relates to the premises in Yelverton.

10. Related party transactions

Other related party transactions

During the year, the company wrote off the following intercompany balances.

Mansbridge Balment (Lettings) Limited - £48,416
Mansbridge Balment (Okehampton) Limited - £25,710

These are related parties by virtue of being part of the same group. The total amount written off and recognised in the profit and loss under administrative expenses was £74,126.

11. Ultimate controlling party

Parent Company:

Mansbridge Balment (Group) Limited

4 Market Road Tavistock, Devon, United Kingdom, PL19 0BW

The ultimate controlling party is the director, Mr N D R Henderson.