Manners Properties Limited Accounts

MANNERS PROPERTIES LIMITED - Company Information






Manners Properties Limited

	Company No. 07481885
		Information for Filing with The Registrar
		31 October 2021

The Directors present their report and the accounts for the year ended 31 October 2021.

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 July 2022

at	31 October 2021
Company No.		07481885	Notes	2021	2020
				£	£
Fixed assets


	Investment property		4	890,000	440,000

				890,000	440,000
Current assets

	Debtors		5	66,526	92,576

	Cash at bank and in hand			91,053	71,026
				157,579	163,602
Creditors: Amount falling due within one year			6	(144,539)	(174,342)
Net current assets/(liabilities)				13,040	(10,740)
Total assets less current liabilities				903,040	429,260

Provisions for liabilities
	Deferred taxation		7	(130,000)	(39,000)

Net assets				773,040	390,260

Capital and reserves
	Called up share capital			100	100

	Revaluation reserve		8	541,788	182,788

	Profit and loss account		8	231,152	207,372

Total equity				773,040	390,260



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 2021 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 20 July 2022
And signed on its behalf by:
Martyn Kelk
Director
21 July 2022

for the year ended 31 October 2021

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.

Going concern

The financial statements have been prepared on the going concern basis

Accounting policies

Turnover

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.

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
			2021	2020
			Number	Number
		The average monthly number of employees (including directors) during the year was:	2	2

Investment property

Freehold Investment Property

Valuation

At 1 November 2020

440,000

Revaluation

450,000

At 31 October 2021

890,000

Freehold Investment Property

The freehold investment property was acquired on various dates. The property was revalued on 31 October 2021 by the directors.

5	Debtors
			2021	2020
			£	£
		Trade debtors	11,700	33,752





		Other debtors	53,726	55,884
		Prepayments and accrued income	1,100	2,940
			66,526	92,576

6	Creditors:
		amounts falling due within one year
			2021	2020
			£	£




		Trade creditors	469	118

		Corporation tax	23,191	16,661
		Other taxes and social security	-	7,624
		Loans from directors	107,418	114,220

		Accruals and deferred income	13,461	35,719
			144,539	174,342

7	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 November 2020	39,000	39,000
		Charge to the profit and loss account for the period	91,000	91,000

		At 31 October 2021	130,000	130,000



			2021	2020
			£	£


		Revaluation of land and buildings	130,000	39,000

			130,000	39,000

8	Reserves
			Revaluation Reserve	Total other reserves
			£	£
		At 1 November 2019	182,788	182,788



		At 31 October 2020 and 1 November 2020	182,788	182,788
		Movement on revaluation reserve	359,000	359,000


		At 31 October 2021	541,788	541,788

		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
			2021	2020
			£	£
		Dividends for the period:
		Dividends paid in the period	4,000	4,000

			4,000	4,000

		Dividends by type:

		Equity dividends	4,000	4,000
			4,000	4,000

10	Related party disclosures
				2021	2020
		Transactions with related parties		£	£

























































		Name of related party	Martyn Kelk
		Description of relationship between the parties	Director
		Description of transaction and general amounts involved	Loan account
		Amount due from/(to) the related party		(58,843)	(53,638)
		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
		Description of transaction and general amounts involved	Loan account
		Amount due from/(to) the related party		(51,667)	(60,582)
		Provision for doubtful debts due from the related party		-	-
		Amounts written off in the period in respect of debts from/(to) the related party		-	-