Manstone Developers Ltd - Period Ending 2021-04-30

MANSTONE DEVELOPERS LTD - Company Information

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Registration number: 08771679

Manstone Developers Ltd

trading as Manstone Developers

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2021

Manstone Developers Ltd

trading as Manstone Developers

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account	4
Statement of Comprehensive Income	5
Balance Sheet	6 to 7
Statement of Changes in Equity	8
Notes to the Unaudited Financial Statements	9 to 15
Detailed Profit and Loss Account	16 to 17

Manstone Developers Ltd

trading as Manstone Developers

Company Information

Directors

Mr S L Green

Mr P Taylor

Registered office

Suite B
32 Thorpe Wood
Peterborough
Cambridgeshire
PE3 6SR

Accountants

Nera Accounting Limited
Chartered Certified Accountants
Suite B
32 Thorpe Wood
Peterborough
Cambridgeshire
PE3 6SR

Manstone Developers Ltd

trading as Manstone Developers

Directors' Report for the Year Ended 30 April 2021

The directors present their report and the financial statements for the year ended 30 April 2021.

Directors of the company

The directors who held office during the year were as follows:

Mr S L Green

Mr P Taylor

Principal activity

The principal activity of the company is is the development of property for investment purposes.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 30 April 2021 and signed on its behalf by:

Mr S L Green
Director

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Manstone Developers Ltd

trading as Manstone Developers
for the Year Ended 30 April 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Manstone Developers Ltd for the year ended 30 April 2021 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Manstone Developers Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Manstone Developers Ltd and state those matters that we have agreed to state to the Board of Directors of Manstone Developers Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Manstone Developers Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Manstone Developers Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of Manstone Developers Ltd. You consider that Manstone Developers Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Manstone Developers Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Nera Accounting Limited
Chartered Certified Accountants
Suite B
32 Thorpe Wood
Peterborough
Cambridgeshire
PE3 6SR

30 April 2021

Manstone Developers Ltd

trading as Manstone Developers

Profit and Loss Account for the Year Ended 30 April 2021

	Note	2021 £	2020 £
Turnover		-	56,363
Gross profit		-	56,363
Administrative expenses		-	(41,960)
Other operating income		-	2,913
Operating profit		-	17,316
Other interest receivable and similar income		-	4
Interest payable and similar expenses		-	(72,673)
		-	(72,669)
Loss before tax	4	-	(55,353)
Loss for the financial year		-	(55,353)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Manstone Developers Ltd

trading as Manstone Developers

Statement of Comprehensive Income for the Year Ended 30 April 2021

	2021 £	2020 £
Loss for the year	-	(55,353)
Surplus/(deficit) on property, plant and equipment revaluation	-	54,388
Total comprehensive income for the year	-	(965)

Manstone Developers Ltd

trading as Manstone Developers

(Registration number: 08771679)
Balance Sheet as at 30 April 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	5	786	786
Investment property	6	1,200,000	1,200,000
		1,200,786	1,200,786
Current assets
Debtors	7	8,057	8,056
Cash at bank and in hand		1,560	1,560
		9,617	9,616
Creditors: Amounts falling due within one year	8	(86,534)	(86,533)
Net current liabilities		(76,917)	(76,917)
Total assets less current liabilities		1,123,869	1,123,869
Creditors: Amounts falling due after more than one year	8	(1,024,786)	(1,024,786)
Provisions for liabilities		(35,814)	(35,814)
Net assets		63,269	63,269
Capital and reserves
Called up share capital		1	1
Revaluation reserve		242,883	242,883
Profit and loss account		(179,615)	(179,615)
Total equity		63,269	63,269

For the financial year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Manstone Developers Ltd

trading as Manstone Developers

(Registration number: 08771679)
Balance Sheet as at 30 April 2021

Approved and authorised by the Board on 30 April 2021 and signed on its behalf by:

Mr S L Green

Director

Manstone Developers Ltd

trading as Manstone Developers

Statement of Changes in Equity for the Year Ended 30 April 2021

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 May 2020	1	242,883	(179,615)	63,269
At 30 April 2021	1	242,883	(179,615)	63,269

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 May 2019	1	188,495	(124,262)	64,234
Loss for the year	-	-	(55,353)	(55,353)
Other comprehensive income	-	54,388	-	54,388
Total comprehensive income	-	54,388	(55,353)	(965)
At 30 April 2020	1	242,883	(179,615)	63,269

Manstone Developers Ltd

trading as Manstone Developers

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite B
32 Thorpe Wood
Peterborough
Cambridgeshire
PE3 6SR

The principal place of business is:
The Site Office
24 Bouvarie Road
Folkestone
Kent
CT20 2SZ

These financial statements were authorised for issue by the Board on 30 April 2021.

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Manstone Developers Ltd

trading as Manstone Developers

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	Nil
Fixtures and fittings	2 years straight line basis
Office equipment	2 years straight line basis

Investment property

The freehold investment property has been revalued based on valuations provided to the Directors by independent valuers.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 company will not be able to collect all amounts due according to the original terms of the receivables.

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 company 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.

Borrowings

Manstone Developers Ltd

trading as Manstone Developers

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

4	Profit/loss before tax

Arrived at after charging/(crediting)

	2021 £	2020 £
Depreciation expense	-	96

Manstone Developers Ltd

trading as Manstone Developers

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

5	Tangible assets

	Furniture, fittings and equipment £	Total £
Cost or valuation
At 1 May 2020	1,602	1,602
At 30 April 2021	1,602	1,602
Depreciation
At 1 May 2020	816	816
At 30 April 2021	816	816
Carrying amount
At 30 April 2021	786	786
At 30 April 2020	786	786

6	Investment properties

	2021 £
At 1 May	1,200,000

The freehold investment property has been revalued based on professional valuations provided to the Directors of the company.

The valuation of the freehold investment property is therefore based upon the independant opinion of an external valuer rather than the opinion of the Directors.

Manstone Developers Ltd

trading as Manstone Developers

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

Debtors

	Note	2021 £	2020 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	5,802	5,801
Prepayments		155	155
Other debtors		2,100	2,100
		8,057	8,056

Manstone Developers Ltd

trading as Manstone Developers

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	9	30,000	30,000
Trade creditors		1,073	1,073
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	5,000	5,000
Taxation and social security		137	137
Accruals and deferred income		46,824	46,824
Other creditors		3,500	3,499
		86,534	86,533

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	9	1,024,786	1,024,786

9	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Other borrowings	1,024,786	1,024,786

	2021 £	2020 £
Current loans and borrowings
Other borrowings	30,000	30,000

Manstone Developers Ltd

trading as Manstone Developers

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

Bank borrowings

Shawbrook Finance is denominated in Sterling. The carrying amount at year end is £Nil (2020 - £669,368).

Property owned by the company has been pledged as security against the mortgage advanced to the company. The Director, Mr S L Green, has also provided a personal guarantee against the borrowing.

Just Cashflow is denominated in Sterling. The carrying amount at year end is £Nil (2020 - £Nil).

The Director, Mr S L Green has provided a personal guarantee in respect of the borrowing.

10	Related party transactions

Transactions with directors

Summary of transactions with all associates

Loan operated between parties
There are no formal terms in place between the companies in relation to the loan. The outstanding balance at the 30 April 2020 was £5,802 owed to the company by Kenworth Estates Limited (2019: £26,996 owed to Kenworth Estates Limited).

Summary of transactions with other related parties

Kentdale Construction Limited
Loan operated between parties
There are no formal terms in plce between the companies in relation to the loan. The outstanding balance at 30 April 2020 was £5,000 owed by the company to Kentdale Construction Limited (2019: £5,000 owed to Kentdale Construction Limited.

Manstone Developers Ltd

trading as Manstone Developers

Detailed Profit and Loss Account for the Year Ended 30 April 2021

	2021 £	2020 £
Turnover (analysed below)	-	56,363
Gross profit (%)	0%	100%
Administrative expenses
Establishment costs (analysed below)	-	(28,534)
General administrative expenses (analysed below)	-	(12,878)
Finance charges (analysed below)	-	(452)
Depreciation costs (analysed below)	-	(96)
	-	(41,960)
Other operating income (analysed below)	-	2,913
Operating profit	-	17,316
Other interest receivable and similar income (analysed below)	-	4
Interest payable and similar expenses (analysed below)	-	(72,673)
	-	(72,669)
Loss before tax	-	(55,353)

Manstone Developers Ltd

trading as Manstone Developers

Detailed Profit and Loss Account for the Year Ended 30 April 2021

2021
£

2020
£


Turnover
Rental income from investment property	-	56,363


Establishment costs
Rates	-	(361)
Water rates	-	(217)
Light, heat and power	-	(1,863)
Insurance	-	(1,697)
Repairs and maintenance	-	(24,396)
	-	(28,534)


General administrative expenses
Telephone and fax	-	(42)
Trade subscriptions	-	(88)
Cleaning	-	(765)
Management charges payable	-	(1,103)
Travel and subsistence	-	(195)
Accountancy fees	-	(1,320)
Legal and professional fees	-	(9,365)
	-	(12,878)


Finance charges
Factoring charges	-	(347)
Bank charges	-	(105)
	-	(452)


Depreciation costs
Depreciation of plant and machinery (owned)	-	(66)
Depreciation of fixtures and fittings (owned)	-	(30)
	-	(96)


Other operating income
Other operating income	-	2,913


Other interest receivable and similar income
Bank interest receivable	-	4


Interest payable and similar expenses
Other loan interest	-	(72,673)