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Registration number: 02144402

Manthorpe Limited
Annual Report and Financial Statements
for the Year Ended 30 April 2025

Manthorpe Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 7
Profit and Loss Account | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 to 22

Manthorpe Limited

Company Information

Directors | Mr P G Pochciol Mrs C S Pochciol Mr T F Pochciol

Company secretary | Mrs C S Pochciol

Registered office | Forty Horse Close Codnor Gate Business Park Ripley DE5 3ND

Bankers | Royal Bank of Scotland Nottingham City Office 8 South Parade Nottingham NG1 2JS

Auditors | Page Kirk LLP Chartered Accountants and Statutory AuditorsSherwood House 7 Gregory Boulevard Nottingham NG7 6LB

Manthorpe Limited

Strategic Report for the Year Ended 30 April 2025

The directors present their strategic report for the year ended 30 April 2025.

Principal activity

The principal activity of the Company is a holding company for an engineering group. As part of this activity the company lets business premises to other companies in the group

Fair review of the business

During the year Manthorpe Limited has continued to let business premises to Manthorpe Engineering Ltd along with monitoring the entity's other investments.
The directors were pleased with the returns on the company’s assets, following decisions to fix interest rates on cash holdings and the market performance on other investments.
The directors are confident that the investment strategies will continue to lead to positive returns for the business in FY26.

Principal risks and uncertainties

The principal risk faced by the group is the failure of its main customers. This risk is mitigated by the development of the customer base.
Price risk is managed by the group's business model through which goods are manufactured to order with prices agreed at the tender stage. The short and longer-term effects of inflation are also considered.
Exposure to credit risk is minimised by the performance of credit checks on all new customers and ongoing monitoring of existing customers.
Cashflow risk continues to be managed through a system of internal controls and monitoring procedures to keep the working capital cycle as short as possible with a strong emphasis on clearly identifying the group's cash requirements in the short, medium and long-term taking into account future expected rates of inflation.
Risks in relation to recruitment and staff retention are mitigated by offering high levels of training, internal career development and industry competitive salary levels.
Market risk of investments is managed by holding a diverse portfolio of assets.

Approved and authorised by the Board on 25 November 2025 and signed on its behalf by:

Mrs C S Pochciol Company secretary and director

Manthorpe Limited

Directors' Report for the Year Ended 30 April 2025

The directors present their report and the financial statements for the year ended 30 April 2025.

Directors of the Company

The directors who held office during the year were as follows:

Mr P G Pochciol

Mrs C S Pochciol - Company secretary and director

Mr T F Pochciol

Results and dividends

The profit for the year, after taxation, amounted to £256,200 (2024 - £488,829). Dividends for the year amounted to £1,000,000 (2024 - £1,080,133).

Financial instruments

Objectives and policies

The directors have implemented procedures to minimise risks wherever possible.

Price risk, credit risk, liquidity risk and cash flow risk

Please see Principal risks and uncertainties in the Strategic Report.

Going concern

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Page Kirk LLP have expressed their willingness to continue as auditors for the next financial year.

Approved and authorised by the Board on 25 November 2025 and signed on its behalf by:

Mrs C S Pochciol Company secretary and director

Manthorpe Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Manthorpe Limited

Independent Auditor's Report to the Members of Manthorpe Limited

Opinion

We have audited the financial statements of Manthorpe Limited (the 'Company') for the year ended 30 April 2025, which comprise the Profit and Loss Account, 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 April 2025 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Manthorpe Limited

Independent Auditor's Report to the Members of Manthorpe Limited

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 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.

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 Strategic Report and the Directors' Report.

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities, set out on page 4, 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 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.

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 an Auditors' 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:

Manthorpe Limited

Independent Auditor's Report to the Members of Manthorpe Limited

We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation and money laundering regulations.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included:

• | Enquiries of management about their own identification and assessment of the risks of irregularities.

• | Sample testing on the posting of journals.

• | Reviewing regulatory correspondence and professional fees.

• | Detailed substantive testing on the completeness of income.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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 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.

John Wallis FCA (Senior Statutory Auditor)
For and on behalf of
Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

25 November 2025

Manthorpe Limited

Profit and Loss Account for the Year Ended 30 April 2025

| Note | 2025 £ | 2024 £
Turnover |  | - | -
Administrative expenses |  | 182,599 | (59,677)
Other operating income | 3 | 216,000 | 216,000
(Loss)/gain on financial assets at fair value through profit and loss |  | (221,312) | 360,776
Income from other fixed assets investments |  | 37,183 | 64,880
Other interest receivable and similar income | 4 | 118,217 | 84,043
Interest payable and similar expenses |  | 15 | -
Profit before tax |  | 332,702 | 666,022
Tax on profit | 8 | (76,502) | (177,193)
Profit for the financial year |  | 256,200 | 488,829

The above results were derived from continuing operations.

The Company has no recognised gains or losses for the year other than the results above.

Manthorpe Limited

(Registration number: 02144402)
Balance Sheet as at 30 April 2025

| Note | 2025 | 2024
|  | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | 3,787,741 |  | 3,795,435
Investments | 11 |  | 348,683 |  | 348,683
Other financial assets | 12 |  | 3,541,475 |  | 3,475,866
|  |  | 7,677,899 |  | 7,619,984
Current assets |  |  |  |  |
Debtors | 13 | 3,373 |  | 70,483 |
Cash at bank and in hand |  | 3,227,964 |  | 3,580,327 |
|  | 3,231,337 |  | 3,650,810 |
Creditors: Amounts falling due within one year | 15 | (1,313,513) |  | (887,565) |
Net current assets |  |  | 1,917,824 |  | 2,763,245
Total assets less current liabilities |  |  | 9,595,723 |  | 10,383,229
Provisions for liabilities | 16 |  | (131,019) |  | (174,725)
Net assets |  |  | 9,464,704 |  | 10,208,504
Capital and reserves |  |  |  |  |
Called up share capital |  | 5,401 |  | 5,401 |
Fair value reserve |  | 141,866 |  | 298,295 |
Profit and loss account |  | 9,317,437 |  | 9,904,808 |
Shareholders' funds |  |  | 9,464,704 |  | 10,208,504

Approved and authorised by the Board on 25 November 2025 and signed on its behalf by:

Mr P G Pochciol Director

Manthorpe Limited

Statement of Changes in Equity for the Year Ended 30 April 2025

| Share capital £ | Fair value reserve £ | Profit and loss account £ | Total £
At 1 May 2024 | 5,401 | 298,295 | 9,904,808 | 10,208,504
Profit for the year | - | - | 256,200 | 256,200
Dividends | - | - | (1,000,000) | (1,000,000)
Transfers | - | (156,429) | 156,429 | -
At 30 April 2025 | 5,401 | 141,866 | 9,317,437 | 9,464,704

| Share capital £ | Fair value reserve £ | Profit and loss account £ | Total £
At 1 May 2023 | 5,401 | - | 10,794,407 | 10,799,808
Profit for the year | - | - | 488,829 | 488,829
Dividends | - | - | (1,080,133) | (1,080,133)
Transfers | - | 298,295 | (298,295) | -
At 30 April 2024 | 5,401 | 298,295 | 9,904,808 | 10,208,504

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

1 | General information

The Company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Forty Horse Close
Codnor Gate Business Park
Ripley
DE5 3ND

These financial statements were authorised for issue by the Board on 25 November 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The directors have elected to take advantage of the following disclosure exemptions as permitted under FRS 102:
Preparation of a Statement of Cash Flows and the associated disclosures under Section 7 of FRS 102 (as permitted by S.1.12) on the basis that these have been included within the Consolidated Statement of Cash Flows of the ultimate parent entity's Consolidated Group Financial Statements.
Disclosure of key management personnel under the exemption provided by S.33.7A FRS 102.

Name of parent of group

These financial statements are consolidated in the financial statements of Manthorpe Holdings Limited.

The financial statements of Manthorpe Holdings Limited may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Going concern

The national and international economic outlook has been and will continue to be negatively affected by inflationary pressures and challenging labour market conditions. After assessing the potential impacts and other operational risks, the directors expect the company to have adequate resources and projected revenue streams to continue in operational existence for the foreseeable future and, therefore, continue to adopt the going concern basis in preparing the company's financial statements.

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. During the preparation of these financial statements there have been no significant or material judgements and estimates that require disclosure.

Finance income and costs policy

Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

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.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 10% to 25% on cost

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Motor vehicles | 12.5% to 33 1/3% on cost
Furniture, fittings and equipment | 25% to 33 1/3% on cost

The freehold building is depreciated over fifty years to its residual value with no depreciation charged when the residual value is greater than the carrying amount.
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.
Listed investments are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit and loss for the period.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Financial instruments

Recognition and measurement
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 ordinary shares.
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.
Impairment
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.

3 | Other operating income

The analysis of the Company's other operating income for the year is as follows:

| 2025 £ | 2024 £
Rents receivable | 216,000 | 216,000

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

4 | Other interest receivable and similar income

| 2025 £ | 2024 £
Bank and other interest receivable | 118,217 | 84,043

5 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Social security costs | 14,300 | 957
Other short-term employee benefits | 8,738 | 8,669
| 23,038 | 9,626

The average number of persons employed by the Company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 3 | 3
| 3 | 3

6 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 14,207 | 17,370

7 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 10,600 | 8,400

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

8 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 120,208 | 2,468
Deferred taxation |  |
Arising from origination and reversal of timing differences | (43,706) | 174,725
Tax expense in the income statement | 76,502 | 177,193

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 24.01%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 332,702 | 666,022
Corporation tax at standard rate | 83,176 | 159,912
Tax decrease from effect of capital allowances and depreciation | (3,592) | (3,621)
Effect of expense not deductible in determining taxable profit (tax loss) | - | 68
Effect of tax losses | - | (53,393)
Deferred tax (credit)/expense from origination and reversal of timing differences | (43,706) | 174,725
Tax decrease from effect of dividends from UK companies | (9,296) | (15,578)
Tax increase/(decrease) from other tax effects | 49,920 | (84,920)
Total tax charge | 76,502 | 177,193

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Accelerated capital allowances | - | 83,731
Unrealised gains | - | 47,288
| - | 131,019

2024 | Asset £ | Liability £
Accelerated capital allowances | - | 80,139
Unrealised gains | - | 97,812
Tax losses carried forward | 3,226 | -
| 3,226 | 177,951

9 | Intangible assets

| Software £ | Website £ | Total £
Cost or valuation
At 1 May 2024 | 930,491 | 21,523 | 952,014
Disposals | (930,491) | - | (930,491)
At 30 April 2025 | - | 21,523 | 21,523
Amortisation
At 1 May 2024 | 930,491 | 21,523 | 952,014
Amortisation eliminated on disposals | (930,491) | - | (930,491)
At 30 April 2025 | - | 21,523 | 21,523
Carrying amount
At 30 April 2025 | - | - | -

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

10 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 May 2024 | 3,773,901 | 939,646 | 114,512 | 6,400 | 4,834,459
Disposals | - | (933,802) | (5,210) | - | (939,012)
At 30 April 2025 | 3,773,901 | 5,844 | 109,302 | 6,400 | 3,895,447
Depreciation
At 1 May 2024 | - | 939,252 | 93,372 | 6,400 | 1,039,024
Charge for the year | - | 394 | 7,300 | - | 7,694
Eliminated on disposal | - | (933,802) | (5,210) | - | (939,012)
At 30 April 2025 | - | 5,844 | 95,462 | 6,400 | 107,706
Carrying amount
At 30 April 2025 | 3,773,901 | - | 13,840 | - | 3,787,741
At 30 April 2024 | 3,773,901 | 394 | 21,140 | - | 3,795,435

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

11 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 348,683 | 348,683

Subsidiaries | £
Cost or valuation
At 1 May 2024 | 1,424,653
Provision
At 1 May 2024 | 1,075,970
Carrying amount
At 30 April 2025 | 348,683
At 30 April 2024 | 348,683

Details of undertakings

Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking |  | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Manthorpe Engineering Limited |  | Ordinary shares | 100% | 100%
Purpose Engineering Limited |  | Ordinary shares | 100% | 100%
Manthorpe Stainless Steel Fabrications Limited |  | Ordinary shares | 100% | 100%
Wagstaff and Appleton Limited |  | Ordinary shares | 100% | 100%

Subsidiary undertakings

The registered office address of all subsidiary undertakings listed above is Forty Horse Close, Codnor Gate Business Park, Ripley, Derbyshire, DE5 3ND.

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

12 | Other financial assets (current and non-current)

| Listed investments £ | Other fixed asset investments £ | Total £
Non-current financial assets
Cost or valuation
At 1 May 2024 | 3,445,223 | 30,643 | 3,475,866
Fair value adjustments | (221,156) | (157) | (221,313)
Additions | 2,236,356 | 2,250,273 | 4,486,629
Disposals | (1,939,004) | (2,260,703) | (4,199,707)
At 30 April 2025 | 3,521,419 | 20,056 | 3,541,475
Impairment
Carrying amount
At 30 April 2025 | 3,521,419 | 20,056 | 3,541,475
At 30 April 2024 | 3,445,223 | 30,643 | 3,475,866

13 | Debtors

Current | Note | 2025 £ | 2024 £
Amounts owed by related parties | 18 | - | 64,815
Other debtors |  | 1,600 | 4,511
Prepayments |  | 1,773 | 1,157
|  | 3,373 | 70,483

14 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 3,227,964 | 3,580,327

15 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 3,816 | -
Amounts due to related parties | 18 | 1,168,918 | 862,452
Accruals |  | 20,571 | 22,645
Corporation tax liability | 8 | 120,208 | 2,468
|  | 1,313,513 | 887,565

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

The company is a member of a group VAT registration, of which all members are jointly and severally liable for the group's VAT liability. The potential liability at 30 April 2025 was £334,134 (2024 - £254,350).

16 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 May 2024 | 174,725 | 174,725
Increase (decrease) in existing provisions | (43,706) | (43,706)
At 30 April 2025 | 131,019 | 131,019

17 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 5,401 | 5,401 | 5,401 | 5,401

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: Each share permits its owner to a voting right with no other preferences or restrictions.

18 | Related party transactions

Expenditure with and payables to related parties

2025 | Key management £
Amounts payable to related party | 1,159,933

2024 | Key management £
Amounts payable to related party | 862,352

Manthorpe Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

19 | Financial instruments

Categorisation of financial instruments

| 2025 £ | 2024 £
Financial assets measured at fair value through profit or loss | 3,521,419 | 3,445,223

Items of income, expense, gains or losses

2025 | Income £ | Net gains £
Financial assets measured at fair value through profit or loss | 53,617 | 36,339
Financial assets measured at amortised cost | 101,783 | -
| 155,400 | 36,339

2024 | Income £ | Net gains £
Financial assets measured at fair value through profit or loss | 74,642 | 371,985
Financial assets measured at amortised cost | 74,281 | -
| 148,923 | 371,985

20 | Controlling party

Manthorpe Limited is a wholly owned subsidiary of Manthorpe Holdings Limited.
Manthorpe Holdings Limited is the ultimate parent undertaking and parent undertaking of the only group of undertakings for which group accounts are drawn up and of which Manthorpe Limited is a member. Manthorpe Holdings Limited's registered office address if Forty Horse Close, Codnor Gate Business Park, Ripley, Derbyshire, DE5 3ND and its consolidated financial statements can be obtained from the Registrar of companies, Companies House, 3 Crown Way, Cardiff, CF14 3UZ. Manthorpe Holdings Limited is controlled by Mr P G Pochciol.