Manley Summers Limited Filleted accounts for Companies House (small and micro)

MANLEY SUMMERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01959035

Manley Summers Limited

Filleted Financial Statements

31 May 2021

Manley Summers Limited

Balance Sheet

31 May 2021

	2021	2020
Note	£	£

Current assets

Debtors	7	1,729,338	2,004,879
Cash at bank and in hand		123,493	244,196
		------------	------------
		1,852,831	2,249,075

Creditors: amounts falling due within one year	8	( 546,656)	( 688,640)
		------------	------------
Net current assets		1,306,175	1,560,435
		------------	------------
Total assets less current liabilities		1,306,175	1,560,435
		------------	------------
Net assets		1,306,175	1,560,435
		------------	------------

Capital and reserves

Called up share capital	11	100	100
Profit and loss account		1,306,075	1,560,335
		------------	------------
Shareholders funds		1,306,175	1,560,435
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

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

These financial statements were approved by the board of directors and authorised for issue on 30 November 2021 , and are signed on behalf of the board by:

Mr B K Goodchild

Director

Company registration number: 01959035

Manley Summers Limited

Notes to the Financial Statements

Year ended 31 May 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Manor Way, Belasis Hall Technology Park, Billingham, TS23 4HN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Fully written off

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2020: 19 ).

5. Tax on (loss)/profit

Major components of tax income

	2021	2020
	£	£

Current tax:

Adjustments in respect of prior periods	( 59,621)	–
	--------	----
Tax on (loss)/profit	( 59,621)	–
	--------	----

Reconciliation of tax income

The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2020: lower than) the standard rate of corporation tax in the UK of 19 % (2020: 19 %).

	2021	2020
	£	£
(Loss)/profit on ordinary activities before taxation	( 313,881)	146,545
	---------	---------
(Loss)/profit on ordinary activities by rate of tax	( 59,637)	27,844
Adjustment to tax charge in respect of prior periods	( 59,621)	–
Effect of expenses not deductible for tax purposes	16	90
Utilisation of tax losses	59,621	( 27,934)
	---------	---------
Tax on (loss)/profit	( 59,621)	–
	---------	---------

6. Intangible assets

	Goodwill
	£
Cost
At 1 June 2020 and 31 May 2021	117,500
	---------
Amortisation
At 1 June 2020 and 31 May 2021	117,500
	---------
Carrying amount
At 31 May 2021	–
	---------
At 31 May 2020	–
	---------

7. Debtors

	2021	2020
	£	£
Trade debtors	333,762	217,502
Amounts owed by group undertakings	1,187,014	1,571,794
Other debtors	208,562	215,583
	------------	------------
	1,729,338	2,004,879
	------------	------------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	57,816	44,407
Social security and other taxes	116,810	163,538
Other creditors	372,030	480,695
	---------	---------
	546,656	688,640
	---------	---------

9. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2021	2020
	£	£

Recognised in other operating income:

Government grants recognised directly in income	11,663	–
	--------	----

The grant income above was received from the Coronavirus Job Retention Scheme from the UK Government.

10. Financial instruments

The company did not use any non-basic financial instruments in the period.

11. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

12. Summary audit opinion

The auditor's report for the year dated 30 November 2021 was unqualified .

The senior statutory auditor was Graeme Boagey BA FCA CTA , for and on behalf of Chipchase Manners .

13. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr B K Goodchild	–	40,000	40,000
	----	--------	--------

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr B K Goodchild	–	–	–
	----	----	----

14. Related party transactions

All transactions within the group are undertaken under normal commercial terms.

15. Controlling party

The ultimate parent company is Beaver Management Services Limited, a company registered in England. Group accounts can be obtained from Companies House online. Advantage has been taken of the exemption not to disclose details of related party transactions with fellow group companies on the grounds that they are included in the consolidated accounts. The ultimate controlling party is Mr B K Goodchild , by virtue of his shareholding in Beaver Management Services Limited, the parent company.