Manchetts PB Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08809583 (England and Wales)

Financial Statements

for the Year Ended 30 September 2019

for

Manchetts PB Limited

Previously known as

Manchetts Property Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C R Ginn

S Manchett

R Manchett

G W Manchett

REGISTERED OFFICE:

Ness Road

Burwell

Cambridgeshire

CB25 0AA

REGISTERED NUMBER:

08809583 (England and Wales)

AUDITORS:

Knights Lowe

Chartered Accountants

and Registered Auditors

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

CURRENT ASSETS

Debtors

5

708,411

750,970

CREDITORS

Amounts falling due within one year

6

57,634

69,872

NET CURRENT ASSETS

650,777

681,098

TOTAL ASSETS LESS CURRENT LIABILITIES

650,777

681,098

CREDITORS

Amounts falling due after more than one year

7

604,349

634,670

NET ASSETS

46,428

46,428

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

46,328

46,328

SHAREHOLDERS' FUNDS

46,428

46,428

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 Board of Directors and authorised for issue on 9 June 2020 and were signed on its behalf by:

S Manchett - Director

C R Ginn - Director

R Manchett - Director

G W Manchett - Director

1.	STATUTORY INFORMATION

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

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Freehold property has not been depreciated in the period, this is a departure from the accounting standard

however,the directors believe the value of the property will increase and therefore accounting for depreciation

would not reflect the true value. However 'built in' systems within the property have been depreciated using a 15%

reducing balance policy.

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 balance sheet date.

Deferred tax

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

sheet 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.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but

excluding investment properties, are assessed to determine whether there is an indication that the carrying

amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an

indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and

its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower,

the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is

recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

708,411

750,970

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts (see note 8)

57,634

54,884

Taxation and social security

-

14,988

57,634

69,872

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans (see note 8)

604,349

634,670

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

-

396,420

8.

LOANS

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due within one year or on demand:

Bank loans

57,634

54,884

2019

2018

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

59,814

56,695

Amounts falling due between two and five years:

Bank loans - 2-5 years

544,535

181,555

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

-

396,420

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

661,983

689,554

The bank overdraft and loans are secured by a charge over the company's assets. The borrowings are also secured

by a charge over the assets of the other group companies and the assets of Manchetts Holdings Limited the

parent company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

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

The Report of the Auditors was unqualified.

J P Knights (Senior Statutory Auditor)

for and on behalf of Knights Lowe

12.	CONTINGENT LIABILITIES

A cross guarantee is held by the bank over the assets of the company and the other companies in the group. The

potential liability arising from this amounts to £571,589 (2018 - £859,002).

13.	RELATED PARTY DISCLOSURES

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.

14.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Manchetts Holdings Limited. The registered office of Manchetts Holdings Limited

is Ness Road Garage, Ness Road, Burwell, Cambridge, Cambridgeshire, CB25 0AA.