Registration number:
Manthorpe Holdings Limited
for the Year Ended 30 April 2025
Manthorpe Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Manthorpe Holdings Limited
Company Information
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Directors |
Mr P G Pochciol Mrs C S Pochciol Mr T F Pochciol |
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Registered office |
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Bankers |
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Auditors |
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Manthorpe Holdings 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 Group is engineering manufacture and design.
Fair review of the business
Manthorpe Holdings Limited is the parent undertaking of the group of companies of which Manthorpe Limited and Manthorpe Engineering Limited are members.
Manthorpe Limited:
During the year Manthorpe Limited has continued to let business premises to Manthorpe Engineering Limited, in addition to investing surplus working capital in a wide range of financial assets to generate additional income and capital gains. The directors are pleased with the return on the Company's assets and the expectation is that the assets will continue to produce a positive return on investment during FY26.
Manthorpe Engineering Limited:
The directors are pleased with the financial performance of Manthorpe Engineering Limited during the year with notable growth in both turnover (increase of 5%) and profit before tax (increase of 48%) compared to FY24. The Company has committed to additional investment in advanced machine tools and premises expansion to strengthen the group's competitive position.
Looking ahead, the Company is well positioned to capitalize on its enhanced infrastructure, with key priorities to leverage new capacity, continue to invest in workforce development to support new technology utilisation, and exploring opportunities in new markets and sectors where precision engineering is in high demand.
Manthorpe Holdings Limited
Strategic Report for the Year Ended 30 April 2025
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
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Manthorpe Holdings Limited
Directors' Report for the Year Ended 30 April 2025
The directors present their report and the consolidated financial statements for the year ended 30 April 2025.
Directors of the Group
The directors who held office during the year were as follows:
Results and dividends
The profit for the year, after taxation, amounted to £1,264,782 (2024 - £1,294,963). 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 Principle 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 auditor
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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is 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
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Manthorpe Holdings 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 Group and the Company and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Manthorpe Holdings Limited
Independent Auditor's Report to the Members of Manthorpe Holdings Limited
Opinion
We have audited the financial statements of Manthorpe Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 Group's and the parent Company's affairs as at 30 April 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. |
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 Group 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 or the 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.
Manthorpe Holdings Limited
Independent Auditor's Report to the Members of Manthorpe Holdings Limited
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 Group and the parent 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 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. |
Manthorpe Holdings Limited
Independent Auditor's Report to the Members of Manthorpe Holdings Limited
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, set out on page 5, 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 Group's and 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 Group or the parent 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 Group financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the Group 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:
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Enquiries of management about their own identification and assessment of the risks of irregularities. |
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Sample testing on the posting of journals. |
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Reviewing regulatory correspondence and professional fees. |
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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.
Manthorpe Holdings Limited
Independent Auditor's Report to the Members of Manthorpe Holdings Limited
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.
For and on behalf of
Chartered Accountants and Statutory Auditor
7 Gregory Boulevard
Nottingham
NG7 6LB
Manthorpe Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 30 April 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Fair value movements |
( |
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Income from other fixed assets investments |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
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( |
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(65,847) |
508,627 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the Company |
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The Group has no recognised gains or losses for the year other than the results above.
Manthorpe Holdings Limited
(Registration number: 11285715)
Consolidated Balance Sheet as at 30 April 2025
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Note |
2025 |
2024 |
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£ |
£ |
£ |
£ |
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Fixed assets |
|||||
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Intangible assets |
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Tangible assets |
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Other financial assets |
3,541,475 |
3,475,866 |
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Current assets |
|||||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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|||
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||||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||||
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Called up share capital |
10,000,000 |
10,000,000 |
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Fair value reserve |
141,866 |
298,295 |
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Other reserves |
62,486 |
62,486 |
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Merger reserve |
(9,994,599) |
(9,994,599) |
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Retained earnings |
15,648,530 |
15,227,319 |
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Equity attributable to owners of the company |
15,858,283 |
15,593,501 |
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Shareholders' funds |
15,858,283 |
15,593,501 |
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Approved and authorised by the
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Manthorpe Holdings Limited
(Registration number: 11285715)
Balance Sheet as at 30 April 2025
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Note |
2025 |
2024 |
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£ |
£ |
£ |
£ |
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Fixed assets |
|||||
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Investments |
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Capital and reserves |
|||||
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Called up share capital |
10,000,000 |
10,000,000 |
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Shareholders' funds |
10,000,000 |
10,000,000 |
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The company made a profit after tax for the financial year of £1,000,000 (2024 - profit of £1,080,133).
Approved and authorised by the
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Manthorpe Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 April 2025
Equity attributable to the parent company
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Share capital |
Fair value reserve |
Merger reserve |
Other reserves |
Retained earnings |
Total equity |
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At 1 May 2024 |
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( |
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Profit for the year |
- |
- |
- |
- |
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Dividends |
- |
- |
- |
- |
( |
( |
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Transfers |
- |
(156,429) |
- |
- |
156,429 |
- |
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At 30 April 2025 |
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( |
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Share capital |
Fair value reserve |
Merger reserve |
Other reserves |
Retained earnings |
Total equity |
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At 1 May 2023 |
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- |
( |
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Profit for the year |
- |
- |
- |
- |
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Dividends |
- |
- |
- |
- |
( |
( |
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Transfers |
- |
298,295 |
- |
- |
(298,295) |
- |
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At 30 April 2024 |
10,000,000 |
298,295 |
(9,994,599) |
62,486 |
15,227,319 |
15,593,501 |
Manthorpe Holdings Limited
Statement of Changes in Equity for the Year Ended 30 April 2025
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Share capital |
Retained earnings |
Total |
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At 1 May 2024 |
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- |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 30 April 2025 |
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- |
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Share capital |
Retained earnings |
Total |
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At 1 May 2023 |
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- |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 30 April 2024 |
10,000,000 |
- |
10,000,000 |
Manthorpe Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Net fair value (gains) / losses recognised in P&L |
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( |
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Profit on disposal of tangible assets |
( |
( |
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Profit from disposals of investments |
( |
( |
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Dividend income |
(37,183) |
(64,880) |
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Finance income |
( |
( |
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Finance costs |
- |
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Income tax expense |
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Working capital adjustments |
|||
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(Increase)/decrease in stocks |
( |
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(Increase)/decrease in trade debtors |
( |
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Increase in trade creditors |
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Cash generated from operations |
|
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
|
|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
|
|
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Dividend income |
|
|
|
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Purchase of listed investments |
(2,236,356) |
(1,077,499) |
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Sale of listed investments |
2,196,655 |
1,024,308 |
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Purchase of unlisted and other investments |
(2,250,272) |
(1,094,076) |
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Sale of unlisted and other investments |
2,260,703 |
1,093,470 |
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Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
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Interest paid |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 May |
|
|
|
|
Cash and cash equivalents at 30 April |
5,534,199 |
5,532,197 |
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Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
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General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.
The company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The parent company's profit for the year was £1,000,000 (2024 - £1,080,133).
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
The group financial statements consolidate the financial statements of the following group companies:
Manthorpe Limited.
Manthorpe Engineering Limited.
Purpose Engineering Limited.
Wagstaff and Appleton Limited.
Manthorpe Stainless Steel Fabrications Limited.
Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.
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 Holdings 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. In relation to the sale of goods, the entity is deemed to have transferred the significant risks and rewards of ownership to the customer at the point of collection, despatch or the customer taking title and accepting billing.
Revenue and costs on construction contracts are recognised with reference to anticipated contract revenue and the stage of contract completion taking into account costs incurred to date relative to total anticipated costs, production milestones and management assessments. The carrying amount is £1,365,410 (2024 - £1,308,685).
Foreign currency transactions and balances
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
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the Group has transferred the significant risks and rewards of ownership to the buyer; |
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the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
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the amount of revenue can be measured reliably; |
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it is probable that the Group will receive the consideration due under the transaction; and |
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the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Construction contracts
When the outcome of a contract can be measured reliably, the Group will recognise both income and costs by reference to the percentage of completion of the contract. If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable.
When it is probable that a loss will occur on a contract, this is recognised in full immediately as an onerous contract provision. Interest, royalties and dividends interest income is recognised on an effective interest method and is adjusted for fees and finance charges. Amounts invoiced in advance are recognised as deferred income and matched to costs as the contract progresses.
Leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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.
Defined contribution pension obligation
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
Tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Group operates and
generates income.
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
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.
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:
|
Asset class |
Amortisation method and rate |
|
Software |
33% on cost |
Tangible 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
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
Depreciation is provided on the following basis:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
10% to 25% on cost |
|
Motor vehicles |
12.5% to 33 1/3% on cost |
|
Fixtures and fittings |
25% to 33 1/3% on cost |
|
Tooling |
12.5% to 10% on cost |
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Investments
Investments in subsidiaries are measured at cost less accumulated impairment. Where the parent entity exercises control over the subsidiary undertaking, the investment in the subsidiary has been eliminated in the Consolidated Financial Statements.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Long term contracts in progress are valued at cost, comprising direct expenditure and attributable overheads, together with a proportion of the estimated total profit earned on the work completed to date, less progress payments received and receivable. Provision is made for all losses expected to arise on completion of the contracts.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the
impairment loss is recognised immediately in profit or loss. No element of profit is included in the valuation of work in progress.
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 Group will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are
repayable on demand and form an integral part of the Group's cash management.
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 Group 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.
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Provisions
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Financial instruments
Classification
Recognition and measurement
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.
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.
|
Turnover |
The analysis of the Group's turnover for the year by class of business is as follows:
|
2025 |
2024 |
|
|
Construction contracts |
|
|
|
Sale of goods |
|
|
|
|
|
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
The analysis of the Group's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Europe |
|
- |
|
North America |
455,282 |
425,032 |
|
Rest of world |
|
- |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Bank and other interest receivable |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
The average number of persons employed by the Group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
103,991 |
109,987 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Tax increase/(decrease) from other short-term timing differences |
|
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
- |
( |
|
Tax decrease from effect of dividends from UK companies |
( |
( |
|
Tax increase/(decrease) from other tax effects |
|
( |
|
Deferred tax expense / (credit) from origination and reversal of timing differences |
( |
|
|
Total tax charge |
|
|
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Unrealised gains |
- |
|
|
Other timing differences |
|
- |
|
|
|
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Unrealised gains |
- |
|
|
Tax losses carried forward |
|
- |
|
|
|
|
Intangible assets |
Group
|
Software |
Website |
Total |
|
|
Cost or valuation |
|||
|
At 1 May 2024 |
|
|
|
|
Disposals |
( |
- |
( |
|
At 30 April 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 May 2024 |
|
|
|
|
Amortisation charge |
|
- |
|
|
Amortisation eliminated on disposals |
( |
- |
( |
|
At 30 April 2025 |
|
|
|
|
Carrying amount |
|||
|
At 30 April 2025 |
|
- |
|
|
At 30 April 2024 |
|
- |
|
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Tangible assets |
Group
|
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Tooling |
Total |
|
|
Cost or valuation |
||||||
|
At 1 May 2024 |
|
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
|
Disposals |
- |
( |
( |
( |
( |
( |
|
At 30 April 2025 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 May 2024 |
- |
|
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
( |
( |
|
At 30 April 2025 |
- |
|
|
|
|
|
|
Carrying amount |
||||||
|
At 30 April 2025 |
|
|
|
|
|
|
|
At 30 April 2024 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is £3,773,901 (2024 - £3,773,901) in respect of freehold land and buildings.
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Other financial assets |
Group
|
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 |
|
Additions |
2,236,356 |
2,250,273 |
4,486,629 |
|
Disposals |
(1,939,004) |
(2,260,703) |
(4,199,707) |
|
Fair value adjustments |
(221,156) |
(157) |
(221,313) |
|
At 30 April 2025 |
3,521,419 |
20,056 |
3,541,475 |
|
Impairment |
|||
|
Carrying amount |
|||
|
At 30 April 2025 |
|
|
3,541,475 |
|
At 30 April 2024 |
|
|
3,475,866 |
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
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 |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Forty Horse Close, Codnor Gate Business Park, |
|
|
|
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Stocks |
|
Group |
||
|
2025 |
2024 |
|
|
Work in progress |
|
|
|
Raw materials and finished goods |
|
|
|
|
|
|
|
Debtors |
|
Group |
||
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
||
|
2025 |
2024 |
|
|
Cash at bank |
|
|
|
Creditors |
|
Group |
|||
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
- |
|
|
|
Accruals |
|
|
|
|
Corporation tax |
419,586 |
7,218 |
|
|
|
|
||
Manthorpe Limited and Manthorpe Engineering Limited are members of a group VAT registration in which both 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).
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 May 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 30 April 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
10,000,000 |
|
10,000,000 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Commitments |
Group
Capital commitments
The total amount contracted for but not provided in the financial statements was £
|
Related party transactions |
Group
Expenditure with and payables to related parties
|
2025 |
Key management |
Other related parties |
|
Leases |
- |
|
|
Amounts payable to related party |
1,159,933 |
- |
|
Dividends |
|
- |
|
|
||
|
2024 |
Key management |
Other related parties |
|
Purchase of goods |
- |
|
|
Leases |
- |
|
|
Amounts payable to related party |
862,352 |
- |
|
Dividends |
|
- |
|
|
||
Manthorpe Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Company
Expenditure with and payables to related parties
|
2025 |
Key management |
|
Dividends |
|
|
|
|
|
2024 |
Key management |
|
Dividends |
|
|
|
|
|
Financial instruments |
Group
Categorisation of financial instruments
|
2025 |
2024 |
|
|
Financial assets measured at fair value through profit or loss |
|
|
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 |
101,833 |
- |
|
155,450 |
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 |
74,329 |
- |
|
148,971 |
371,985 |
|
Controlling party |
Manthorpe Holdings Limited is controlled by Mr P G Pochciol.