Manor Properties (Bristol) Limited - Period Ending 2021-03-31

Manor Properties (Bristol) Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Manor Properties (Bristol) Limited

Balance Sheet

31 March 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	889,879	375,104
Current assets
Debtors	5	308,436	181,227
Cash at bank and in hand		67,808	313,525
		376,244	494,752
Creditors: Amounts falling due within one year	6	(314,029)	(37,062)
Net current assets		62,215	457,690
Total assets less current liabilities		952,094	832,794
Creditors: Amounts falling due after more than one year	6	(354,343)	(311,843)
Provisions for liabilities		-	(10,930)
Net assets		597,751	510,021
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		597,651	509,921
Shareholders' funds		597,751	510,021

Manor Properties (Bristol) Limited

Balance Sheet

31 March 2021

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 January 2022
 

......................................... Mr A Rutherwood Director

Company Registration Number: 05940144

Manor Properties (Bristol) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

1	General information

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

The address of its registered office is:
90 Victoria Street
Bristol
BS1 6DP
England

These financial statements were authorised for issue by the director on 31 January 2022.

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.

Going concern

In light of the ongoing Covid-19 pandemic, the directors have given consideration to the impact of the coronavirus on the operations and financial position of the company, as well as upon customers and suppliers. Whilst recognising that there can be no certainty, the directors are satisfied that the
pandemic does not present a significant risk to the operations and financial performance of the company, and that the going concern basis of preparation remains appropriate.

Revenue recognition

Turnover comprises rentals receivable by the company during the year. Turnover is shown net of 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.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Manor Properties (Bristol) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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	no depreciation
Furniture and fittings	15% reducing balance
Office equipment	33% reducing balance

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Manor Properties (Bristol) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

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

Manor Properties (Bristol) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

4	Tangible assets

	Land and buildings £	Furniture & fittings  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2020	371,306	2,452	3,509	377,267
Additions	514,045	-	2,479	516,524
At 31 March 2021	885,351	2,452	5,988	893,791
Depreciation
At 1 April 2020	-	1,784	379	2,163
Charge for the year	-	100	1,649	1,749
At 31 March 2021	-	1,884	2,028	3,912
Carrying amount
At 31 March 2021	885,351	568	3,960	889,879
At 31 March 2020	371,306	668	3,130	375,104

Included within the net book value of land and buildings above is £885,351 (2020 - £371,306) in respect of freehold properties.

5

Debtors

	2021 £	2020 £
Trade debtors	30,163	-
Other debtors	179,903	60,000
Prepayments and accrued income	98,370	121,227
	308,436	181,227

Manor Properties (Bristol) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	7	237,500	-
Corporation tax		66,057	30,326
PAYE and NIC creditor		169	507
Accruals		4,720	1,706
Other creditors		5,583	4,523
		314,029	37,062

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	354,343	311,843

7	Loans and borrowings

	2021 £	2020 £
Loans and borrowings due after one year
Bank borrowings	354,343	311,843

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	7,500	-
Other borrowings	230,000	-
	237,500	-

Bank borrowings of £50,000 (2020 - £Nil) disclosed under creditors are guaranteed by government under the Bounce Back Loan Scheme and is secured against the assets of the company under a fixed and floating charge.

The other borrowings of £230,000 (2020 - £Nil) disclosed under creditors are secured by the company under a fixed and floating charge.

Manor Properties (Bristol) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

8	Share capital

Allotted, called up and fully paid shares

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