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Company registration number: 09667084
Manhatten Property Solutions Limited
Filleted financial statements
31 December 2024
Manhatten Property Solutions Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Manhatten Property Solutions Limited
Directors and other information

| Directors | Mr D Smith
|  | Ms E Duncan
|  | Mr S Smith
| Company number | 09667084
| Registered office | 27 Milton Street
|  | Saltburn-By-The-Sea
|  | TS12 1DJ
| Auditor | Clive Owen LLP
|  | Chartered accountants & Statutory auditors
|  | 140 Coniscliffe Road
|  | Darlington
|  | County Durham
|  | DL3 7RT

Manhatten Property Solutions Limited
Directors responsibilities statement
Year ended 31 December 2024
The directors are responsible for preparing the directors 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 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 then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; 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.
Manhatten Property Solutions Limited
Statement of financial position
31 December 2024

|  |  | 2024 |  |  |  | 2023 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Tangible assets |  | 5 | 431,426 |  |  |  | 465,470 |  |
Investment property |  | 6 | 2,047,167 |  |  |  | 1,738,750 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 2,478,593 |  |  |  | 2,204,220
Current assets |  |  |  |  |  |  |  |  |
Debtors |  | 7 | 86,416 |  |  |  | 1,631,529 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  | 86,416 |  |  |  | 1,631,529 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 8 | ( 1,333,706) |  |  |  | ( 2,411,535) |  |
|  |  | _______ |  |  |  | _______ |  |
Net current liabilities |  |  |  |  | ( 1,247,290) |  |  |  | ( 780,006)
|  |  |  |  | _______ |  |  |  | _______
Total assets less current liabilities |  |  |  |  | 1,231,303 |  |  |  | 1,424,214
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
after more than one year |  | 9 |  |  | ( 1,462,262) |  |  |  | ( 1,355,824)
Provisions for liabilities |  |  |  |  | ( 418) |  |  |  | ( 90,762)
|  |  |  |  | _______ |  |  |  | _______
Net liabilities |  |  |  |  | ( 231,377) |  |  |  | ( 22,372)
|  |  |  |  | _______ |  |  |  | _______
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  | 12 |  |  | 20 |  |  |  | 20
Revaluation reserve |  |  |  |  | 648,391 |  |  |  | 648,391
Profit and loss account |  |  |  |  | ( 879,788) |  |  |  | ( 670,783)
|  |  |  |  | _______ |  |  |  | _______
Shareholders deficit |  |  |  |  | ( 231,377) |  |  |  | ( 22,372)
|  |  |  |  | _______ |  |  |  | _______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 March 2026 , and are signed on behalf of the board by:
Mr D Smith
Director
Company registration number: 09667084
Manhatten Property Solutions Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Milton Street, Saltburn-By-The-Sea, TS12 1DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Going concern
The directors assess whether the use of going concern is appropriate i.e. if there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of a least one year from the date the financial statements are approved.Although the company made a loss and was in a net current liability position as at the year end, the Directors have carried out a detailed assessment of the company's financial position and expected future performance for a period of at least 12 months from the date of approval of these financial statements. As part of this assessment, the Directors have considered forecast cash flows and the level of free cash reserves available, and have concluded that these reserves will be sufficient to meet the company's commitments and liabilities as they fall due during the assessment period.On this basis, the Directors are satisfied that the company has adequate resources to continue operating for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis and do not include any adjustments that would be required if the company were unable to continue trading.
Turnover
Turnover represents rents received, excluding value added tax, recognised on the date of holiday departure. Monies received by the balance sheet date relating to holidays departing after the period end are included within current liabilities and deferred income.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Fittings fixtures and equipment | - | 20 % | straight line
| Motor vehicles | - | 20 % | straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Hire purchase and finance leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.Rentals under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets

|  | Fixtures, fittings and equipment | Motor vehicles | Assets under construction | Total |  |  |
|  | £ | £ | £ | £ |  |  |
| Cost |  |  |  |  |  |  |
| At 1 January 2024 | 60,738 | 78,561 | 372,766 | 512,065 |  |  |
| Additions | 3,950 | - | - | 3,950 |  |  |
| Disposals | - | ( 27,493) | - | ( 27,493) |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 December 2024 | 64,688 | 51,068 | 372,766 | 488,522 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Depreciation |  |  |  |  |  |  |
| At 1 January 2024 | 26,488 | 20,107 | - | 46,595 |  |  |
| Charge for the year | 12,575 | 10,214 | - | 22,789 |  |  |
| Disposals | - | ( 12,288) | - | ( 12,288) |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 December 2024 | 39,063 | 18,033 | - | 57,096 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Carrying amount |  |  |  |  |  |  |
| At 31 December 2024 | 25,625 | 33,035 | 372,766 | 431,426 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 December 2023 | 34,250 | 58,454 | 372,766 | 465,470 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |

6. Investment property

|  | Investment property | Total |  |  |  |
|  | £ | £ |  |  |  |
| Cost |  |  |  |  |  |
| At 1 January 2024 | 1,738,750 | 1,738,750 |  |  |  |
| Additions | 308,417 | 308,417 |  |  |  |
|  | _______ | _______ |  |  |  |
| At 31 December 2024 | 2,047,167 | 2,047,167 |  |  |  |
|  | _______ | _______ |  |  |  |
| Carrying amount |  |  |  |  |  |
| At 31 December 2024 | 2,047,167 | 2,047,167 |  |  |  |
|  | _______ | _______ |  |  |  |
| At 31 December 2023 | 1,738,750 | 1,738,750 |  |  |  |
|  | _______ | _______ |  |  |  |

Investment property was revalued on an open market basis at the year end.
7. Debtors

|  |  | 2024 | 2023
|  |  | £ | £
| Trade debtors |  | - | 8,994
| Other debtors |  | 86,416 | 1,622,535
|  |  | _______ | _______
|  |  | 86,416 | 1,631,529
|  |  | _______ | _______

8. Creditors: amounts falling due within one year

|  |  | 2024 | 2023
|  |  | £ | £
| Bank loans and overdrafts |  | 64,830 | 167,367
| Trade creditors |  | 16,039 | 27,985
| Social security and other taxes |  | 71,626 | 38,500
| Obligations under finance leases |  | 12,892 | 13,487
| Other creditors |  | 1,168,319 | 2,164,196
|  |  | _______ | _______
|  |  | 1,333,706 | 2,411,535
|  |  | _______ | _______

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

|  |  | 2024 | 2023
|  |  | £ | £
| Bank loans and overdrafts |  | 1,175,239 | 979,409
| Obligations under finance leases |  | 33,087 | 50,043
| Other creditors |  | 253,936 | 326,372
|  |  | _______ | _______
|  |  | 1,462,262 | 1,355,824
|  |  | _______ | _______

The loans are secured on the investment properties to which they relate.
Bank loans totalling £1,026,084 (2023: £790,938) fall due in more than five years.
10. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:

|  |  | 2024 | 2023
|  |  | £ | £
| Not later than 1 year |  | 12,892 | 13,487
| Later than 1 year and not later than 5 years |  | 33,087 | 50,043
|  |  | _______ | _______
|  |  | 45,979 | 63,530
|  |  | _______ | _______
| Present value of minimum lease payments |  | 45,979 | 63,530
|  |  | _______ | _______

11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:

| £ | £
Not later than 1 year | 14,153 | 18,117
Later than 1 year and not later than 5 years | 7,825 | 21,977
| _______ | _______
| 21,978 | 40,094
| _______ | _______

12. Called up share capital
Issued, called up and fully paid

|  |  | 2024 |  |  |  | 2023 |  |
|  |  | No |  | £ |  | No |  | £
| Ordinary shares of £ 1.00 each |  | 20 |  | 20 |  | 20 |  | 20
|  |  | _______ |  | _______ |  | _______ |  | _______

13. Reserves

|  |  | Retained | Revaluation |
|  |  | earnings | reserve | Totals
|  |  | £ | £ | £
| At 1 January 2024 |  | (670,783) | 648,391 | (22,392)
| Deficit for the year |  | (209,005) | - | (209,005)
|  |  | _______ | _______ | _______
| At 31 December 2024 |  | (879,788) | 648,391 | (231,397)
|  |  | _______ | _______ | _______

14. Summary audit opinion
The auditor's report dated 18 March 2026 was unqualified.
The senior statutory auditor was Kevin Shotton BA BFP FCA for and on behalf of Clive Owen LLP
15. Directors advances, credits and guarantees

| During the year the directors entered into the following advances and credits with the company: |  |  |  |  |  |
2024 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing |  |
|  | £ | £ | £ | £ |  |
| Mr D Smith | 428,191 | - | ( 1,160,608) | ( 732,417) |  |
|  | _______ | _______ | _______ | _______ |  |
2023 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing |  |
|  | £ | £ | £ | £ |  |
| Mr D Smith | - | 428,191 | - | 428,191 |  |
|  | _______ | _______ | _______ | _______ |  |

16. Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
17. Controlling party
At the balance sheet date, the immediate and ultimate parent company is SDDE Smith Family Holdings Limited. The parent's registered office address is 27 Milton Street, Saltburn-By-The-Sea, England, TS12 1DJ.
18. Secured debts
Bank loans totalling £1,206,783 (2023: £1,014,417) are secured by legal charges over the properties to which they relate. £191,301 (2023: £177,153) of this is also secured by a debenture and by personal guarantees from the directors of the company. Finance leases totalling £45,979 (2023: £63,530) are secured over the assets to which they relate.