Manners Properties Limited Accounts

MANNERS PROPERTIES LIMITED - Company Information






Manners Properties Limited

	Company No. 07481885
		Information for Filing with The Registrar
		31 October 2019

The Directors present their report and the accounts for the year ended 31 October 2019.

Principal activities
The principal activity of the company during the year under review was managment and letting of coomercial and residential property..




Directors

The Directors who served at any time during the year were as follows:

Martyn Kelk
Martyn John Oliver




































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

Martyn Kelk
Director
21 October 2020

at	31 October 2019
Company No.		07481885	Notes	2019	2018
				£	£
Fixed assets


	Investment property		4	440,000	440,000

				440,000	440,000
Current assets

	Debtors		5	114,969	73,288

	Cash at bank and in hand			3,229	4,094
				118,198	77,382
Creditors: Amount falling due within one year			6	(195,917)	(162,398)
Net current liabilities				(77,719)	(85,016)
Total assets less current liabilities				362,281	354,984

Provisions for liabilities
	Deferred taxation		7	(39,000)	(39,000)

Net assets				323,281	315,984

Capital and reserves
	Called up share capital			100	100

	Revaluation reserve		8	182,788	182,788

	Profit and loss account		8	140,393	133,096

Total equity				323,281	315,984



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 21 October 2020
And signed on its behalf by:
Martyn Kelk
Director
21 October 2020

for the year ended 31 October 2019

General information

Its registered number is: 07481885

Its registered office is:

Unit 9 Enterprise Court

Ilkeston

Derbyshire

DE7 8EW

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Going concern

The financial statements have been prepared on the going concern basis

Accounting policies

Turnover

Turnover is the fair value of consideration received or receivable.

Turnover represents rent receivable for the period.

Turnover represents the fair value of the consideration receivable in respect of services provided during the year. Where the outcome of a transaction can be estimated reliably, revenue associated with the transaction is recognised in the income statement by reference to the stage of completion at the year end.

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Effects of the COVID-19 pandemic on the company's financial statements

The directors have carefully considered the potential impact of the COVID-19 pandemic on the finances of the company. Having reviewed the activities of the company and its assets and liabilities the directors do not consider that there is no reason to make any adjustment to the assets and liabilities of the company as shown in its financial statements for the year ended 31 October 2019.

The directors do not consider that the pandemic causes a serious threat to the ability of the company to continue as a going concern for the foreseeable future.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when:

(a) The contractual rights to the cash flows from the asset expire or are settled;

(b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or

(c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.

Provisions

Provisions are made where an event has taken place that gives the Company 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 the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at 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.

3	Employees
			2019	2018
			Number	Number
		The average number of persons employed during the year :	2	2

Investment property

Freehold Investment Property

Valuation

At 1 November 2018

440,000

At 31 October 2019

440,000

Freehold Investment Property

The freehold investment property was acquired on various dates. The property was revalued on 31 October 2019 by the directors.

5	Debtors
			2019	2018
			£	£
		Trade debtors	61,420	5,850





		Other debtors	51,619	65,525
		Prepayments and accrued income	1,930	1,913
			114,969	73,288

6	Creditors:
		amounts falling due within one year
			2019	2018
			£	£




		Trade creditors	354	12,231

		Corporation tax	3,600	6,801
		Other taxes and social security	1,424	1,061
		Loans from directors	148,000	135,000

		Accruals and deferred income	42,539	7,305
			195,917	162,398

7	Provisions for liabilities
		Deferred taxation

				Arising from revaluation	Total
				£	£
		At 1 November 2018		39,000	39,000


		At 31 October 2019		39,000	39,000



			2019		2018
			£		£


		Revaluation of land and buildings	39,000		39,000

			39,000		39,000

8	Reserves
			Revaluation Reserve	Total other reserves
			£	£
		At 1 November 2017	174,788	174,788
		Movement on revaluation reserve	8,000	8,000


		At 31 October 2018 and 1 November 2018	182,788	182,788



		At 31 October 2019	182,788	182,788

		Revaluation reserve - reflects the revaluation of property other than investment properties.


		Profit and loss account - includes all current and prior period retained profits and losses.

9	Dividends
			2019	2018
			£	£
		Dividends for the period:
		Dividends paid in the period	8,000	-

			8,000	-

		Dividends by type:

		Equity dividends	8,000	-
			8,000	-

Related Party Transactions

The Directors Trustees and members of pension scheme, "The PES Fund".

During the year the company charged £12,000 (2018 £15,667) to PES Fund for the management of properties owned by PES Fund.

At 31 October 2019 the company was owed £65,425 (2018 £65,425) by PES Fund.

The Balance is unsecured, interest free and is repayable upon demand.

During the year the company was charged £27,733 by KR Building Services for maintenance of the company's properties.

The director, MJ Kelk is a director of KR Building Services Limited.

11	Related party disclosures
				2019	2018
		Transactions with related parties		£	£

























































		Name of related party	Martyn Kelk
		Description of relationship between the parties	Director

		Amount due from/(to) the related party		(79,000)	(70,000)
		Provision for doubtful debts due from the related party		-	-
		Amounts written off in the period in respect of debts from/(to) the related party		-	-

		Name of related party	Martyn John Oliver
		Description of relationship between the parties	Director

		Amount due from/(to) the related party		(69,000)	(65,000)
		Provision for doubtful debts due from the related party		-	-
		Amounts written off in the period in respect of debts from/(to) the related party		-	-