Manplas Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01109553 (England and Wales)

MANPLAS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J Green

SECRETARY:

J M Hannay

REGISTERED OFFICE:

Coldfield Drive

Off Ledson Road

Roundthorn Industrial Estate

Wythenshawe

Manchester

M23 9GG

REGISTERED NUMBER:

01109553 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

BANKERS:

Lloyds TSB Commercial

Suite 6

8 to 10 Booth Street

Manchester

M2 4AW

FIXED ASSETS

Property, plant and equipment

4

170,593

142,097

CURRENT ASSETS

Inventories

703,539

527,028

Debtors

5

3,093,695

3,078,193

Cash at bank

41,529

109,969

3,838,763

3,715,190

CREDITORS

Amounts falling due within one year

6

(1,070,542

)

(968,287

)

NET CURRENT ASSETS

2,768,221

2,746,903

TOTAL ASSETS LESS CURRENT LIABILITIES

2,938,814

2,889,000

CREDITORS

Amounts falling due after more than one year

7

(378

)

(4,911

)

PROVISIONS FOR LIABILITIES

(9,924

)

(13,178

)

NET ASSETS

2,928,512

2,870,911

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Share premium

19,000

19,000

Retained earnings

2,899,512

2,841,911

SHAREHOLDERS' FUNDS

2,928,512

2,870,911

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the director on 27 March 2020 and were signed by:

J Green - Director

1.	STATUTORY INFORMATION

Manplas Limited is a private company, limited by shares, registered in England and Wales. The company's

registered number is 01109553. The registered office is Coldfield Road, Off Ledson Road, Roundthorn

Industrial Estate, Wythenshawe, Manchester M23 9WP.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make estimates and

judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ

from these estimates.

The estimates are continuously evaluated. Revisions to accounting estimates are recognised in the period in

which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying

amount of assets and liabilities are outlined below:

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgement

in calculating an appropriate depreciation charge.

In categorising leases as finance or operating leases, the director makes judgements as to whether significant

risks and rewards of ownership have transferred to the company as a lessee.

Making judgement based on historical experience on the level of provision required for impairment of

inventories and bad debts.

Revenue

Revenue comprises the aggregate of the fair value of the sale of goods provided, net of value-added tax, rebates

and discounts.

Sale of goods are recognised when the company has delivered products to the customer, the customer has

accepted the products and collectability of the related receivables is fairly stated.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 20% on cost, 5% on cost and Straight line over 15 years

The residual values, estimated useful lives and depreciation method of property, plant and equipment are

reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision

are recognised in the income statement when the change arises.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items. Cost represents the actual invoice value of the goods purchased. Net realisable value

represents estimate selling price less costs to complete and sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties and loans to third parties.

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 income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost,

being the transaction price less any amounts settled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position. 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 the income statement over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the income statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2018 - 39 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 July 2018

1,319,856

Additions

58,420

At 30 June 2019

1,378,276

DEPRECIATION

At 1 July 2018

1,177,759

Charge for year

29,924

At 30 June 2019

1,207,683

NET BOOK VALUE

At 30 June 2019

170,593

At 30 June 2018

142,097

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 July 2018

39,047

Transfer to ownership

(11,502

)

At 30 June 2019

27,545

DEPRECIATION

At 1 July 2018

10,685

Charge for year

5,509

Transfer to ownership

(5,176

)

At 30 June 2019

11,018

NET BOOK VALUE

At 30 June 2019

16,527

At 30 June 2018

28,362

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

723,824

720,063

Amounts owed by parent company

2,292,425

2,292,425

Other debtors

77,446

65,705

3,093,695

3,078,193

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

4,533

7,345

Trade creditors

410,782

488,330

Taxation and social security

102,997

122,826

Other creditors

552,230

349,786

1,070,542

968,287

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

378

4,911

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

4,533

7,345

Between one and five years

378

4,911

4,911

12,256

Non-cancellable

operating leases

2019

2018

£

£

Within one year

163,281

161,866

Between one and five years

632,583

641,976

In more than five years

314,000

471,000

1,109,864

1,274,842

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

4,911

12,256

The hire purchase contracts are secured over the respective assets.

There is a fixed and floating charge by way of a debenture over all of the assets of the company

10.	POST BALANCE SHEET EVENTS

Post year end saw the outbreak of the Coronavirus (COVID -19) in China, and the full impact from this on

business remains uncertain at this time. However the director is working with staff, customers, and suppliers,

where possible to work through the current Pandemic. The director intends, if needed, to take the benefit of the

Government's announced loan support for business and will utilise other grants as and when put in place by the

Government to mitigate the impact on the Company.

11.	FURTHER INFORMATION

These accounts have been subjected to an Assurance Review Engagement complying with ICAEW TR 09/13

AAF with ISRE 2400. The full financial statements are available from the company at the registered office

address.