REGISTERED NUMBER: 05283532 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MANETTE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I J Pugh

T W Scharnberg

REGISTERED OFFICE:

Lyndale House Ervington Court

Meridian Business Park

Leicester

LE19 1WL

REGISTERED NUMBER:

05283532 (England and Wales)

AUDITORS:

Magma Audit LLP (part of the Dains Group)

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

FIXED ASSETS

Tangible assets

4

45,784

54,568

CURRENT ASSETS

Debtors

5

1,431,236

1,066,320

Cash at bank and in hand

913,635

1,512,235

2,344,871

2,578,555

CREDITORS

Amounts falling due within one year

6

(1,053,815

)

(1,398,149

)

NET CURRENT ASSETS

1,291,056

1,180,406

TOTAL ASSETS LESS CURRENT LIABILITIES

1,336,840

1,234,974

PROVISIONS FOR LIABILITIES

(10,430

)

(10,430

)

NET ASSETS

1,326,410

1,224,544

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

1,326,210

1,224,344

1,326,410

1,224,544

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

I J Pugh - Director

1.	STATUTORY INFORMATION

Manette Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is Lyndale House Ervington Court, Meridian Business Park, Leicester, LE19 1WL and the registered number is 05283532.

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.

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 £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors believe that the company will remain profitable going forward and has sufficient resources to meet its liabilities for at lease twelve months from signing these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of te following conditions are satisfied:

- The amount of turnover can be measured reliably;

- It is probable that the company will receive the consideration due under the contract;

- The stage of completion of the contract at the end of the reporting period can be measured reliably; and

- The costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, both the straight line and reducing balance method as detailed below.

Depreciation is provided on the following basis:

Improvements to property

-10% straight line

Plant and machinery

- 20% straight line

Fixtures and fittings

- 10-20% straight line

Motor vehicles

- 20% straight line

Computer equipment

- 33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 profit or loss.

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.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2023 - 47 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

28,900

21,350

17,210

Additions

-

2,307

-

Disposals

-

(339

)

-

At 31 December 2024

28,900

23,318

17,210

DEPRECIATION

At 1 January 2024

23,552

7,820

17,210

Charge for year

2,890

3,797

-

Eliminated on disposal

-

(339

)

-

At 31 December 2024

26,442

11,278

17,210

NET BOOK VALUE

At 31 December 2024

2,458

12,040

-

At 31 December 2023

5,348

13,530

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

2,500

105,057

175,017

Additions

-

17,327

19,634

Disposals

-

(4,903

)

(5,242

)

At 31 December 2024

2,500

117,481

189,409

DEPRECIATION

At 1 January 2024

2,500

69,367

120,449

Charge for year

-

20,868

27,555

Eliminated on disposal

-

(4,040

)

(4,379

)

At 31 December 2024

2,500

86,195

143,625

NET BOOK VALUE

At 31 December 2024

-

31,286

45,784

At 31 December 2023

-

35,690

54,568

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

11,306

Amounts owed by group undertakings

699,958

560,254

Prepayments and accrued income

731,278

494,760

1,431,236

1,066,320

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other loans

239,046

239,046

Trade creditors

202,422

209,919

Amounts owed to group undertakings

43,423

64,447

Corporation tax

126,988

320,595

Social security and other taxes

244,269

230,703

Other creditors

-

112,673

Accruals and deferred income

197,667

220,766

1,053,815

1,398,149

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Luke Turner FCA FCCA (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP (part of the Dains Group)

8.	RELATED PARTY DISCLOSURES

Advantage Parts Solutions Limited, Advantage Parts Solutions Ltd (Canada), Eurofixauto UK Limited, Advantage DataSystems Corporation and Commuto UK Limited are companies that share the same owners as Manette Limited.

During the year the company made sales of £8,089,399 (2023: 8,911,278) to Eurofixauto Limited . At 31 December 2024 £82,693 (2023: £537,488) was due from Manette Limited.

During the year Manette Limited recharged costs of £90,096 (2023: £75,945) and made purchases of £1,983,817 (2023: £310,683) from Advantage Parts Solutions Limited. At 31 December 2024 £343 was owed to Manette from Advantage Parts Solutions Limited.

During the year the company made purchases of £217,701 (2023: £212,594) and £332,790 (2023:

£430,388) from Advantage Parts Solutions Ltd (Canada) and Advantage DataSystems Corporation

respectively. At 31 December 2024 £16,561 (2023: £37,907) and £26,862 (2023: £15,102) was owed to Manette from Advantage Parts Solutions Ltd (Canada) and Advantage DataSystems Corporation respectively.

During the year a loan of £600,000 was made to Commuto UK Ltd. Interest of £12,125 was accrued and received on this loan. At 31 December 2024 £616,921 (2023: £22,766) was due from Commuto UK Limited.

During the year Manette Limited made purchases of £271,150 (2023: £289,335) from Ian Pugh Limited, a company which I J Pugh is a director. At 31 December 2024 £Nil (2023: £32,129) is owed to Ian Pugh Ltd.

During the year purchases of £52,800 (2023: £52,800) were made to Safety 4 Limited, a subsidiary of Commuto UK Ltd.

Income from related parties

During the year the company received recharged expenses of £452,464 (2023: £5,170,298) and paid recharged expenses of £30,435 (2023: £8,391) from entities under common ownership.

9.	POST BALANCE SHEET EVENTS

Subsequent to the balance sheet date, a new holding company was inserted above Eurofixauto UK Limited and Manette Limited. Once part of a corporate group the shares in Manette Limited were acquired by Eurofixauto UK Limited so that Manette Limited became a subsidiary of Eurofixauto UK Limited. The trade and assets of Manette Limited were then transferred to Eurofixauto UK Limited by way of a distribution in specie.