Manchett Cleaning Ltd - Period Ending 2021-03-31
Manchett Cleaning Ltd - Period Ending 2021-03-31
Registration number:
Manchett Cleaning Ltd
for the Year Ended 31 March 2021
Manchett Cleaning Ltd
Contents
Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Manchett Cleaning Ltd
Company Information
Directors |
Mr Alan James Manchett Mr Richard Stuart Love Mr James William Manchett |
Registered office |
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Accountants |
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Manchett Cleaning Ltd
Directors' Report for the Year Ended 31 March 2021
The directors present their report and the financial statements for the year ended 31 March 2021.
Director of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is clinical cleaning and logistics supply for Hyper-Scale Data Centre builds.
Going concern
The growth of the company turnover is attributable to the contracts achieved in Europe and we continue to explore opportunities in these markets.
During the year, business operations have been hit by both Brexit and Covid19 making operating overseas more challenging with the associated additional costs.
The company has also strengthened its management team with experienced professionals employed to manage this growth period of the business.
The company will continue to be controlled and managed from the UK and it is envisaged that it will continue to operate profitably in future years.
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.
The directors have agreed no audit of the company is required based on value of assets and number of employees.
Approved and authorised by the
......................................... |
Manchett Cleaning Ltd
Statement of Directors' Responsibilities
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Manchett Cleaning Ltd
for the Year Ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Manchett Cleaning Ltd for the year ended 31 March 2021 as set out on pages 5 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 Manchett Cleaning 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 the Company and state those matters that we have agreed to state to the Board of Directors of the Company, 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 the Company and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Manchett Cleaning 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 profit of the Company. You consider that Manchett Cleaning 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 the Company. 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.
......................................
Chartered Certified Accountants
Leigh-On-Sea
Essex
SS9 3JY
Manchett Cleaning Ltd
(Registration number: 09133402)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
2,731,534 |
2,603,983 |
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Shareholders' funds |
2,731,634 |
2,604,083 |
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.
Directors' responsibilities:
• |
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• |
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.
Approved and authorised by the
Manchett Cleaning Ltd
(Registration number: 09133402)
Balance Sheet as at 31 March 2021
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Manchett Cleaning Ltd
Statement of Changes in Equity for the Year Ended 31 March 2021
Share capital |
Profit and loss account |
Total |
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At 1 April 2020 |
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Profit for the year |
- |
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Total comprehensive income |
- |
|
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Dividends |
- |
( |
( |
At 31 March 2021 |
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|
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Share capital |
Profit and loss account |
Total |
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At 1 April 2019 |
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|
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 March 2020 |
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Manchett Cleaning Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current 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.
Manchett Cleaning Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
The current income 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.
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 |
Plant and machinery |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Manchett Cleaning Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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
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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Manchett Cleaning Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Manchett Cleaning Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
||||
At 1 April 2020 |
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|
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Additions |
- |
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Disposals |
- |
( |
( |
( |
At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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|
|
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Charge for the year |
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|
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Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2021 |
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|
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Carrying amount |
||||
At 31 March 2021 |
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At 31 March 2020 |
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Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2020 |
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Provision |
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Carrying amount |
|
At 31 March 2021 |
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At 31 March 2020 |
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Stocks |
Manchett Cleaning Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2021 |
2020 |
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Work in progress |
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Other inventories |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Manchett Cleaning Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
|
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Corporation tax |
86,512 |
211,841 |
|
|
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
|
Due after one year |
|||
Loans and borrowings |
|
- |
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
2021 |
2020 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
- |
Hire purchase contracts |
|
- |
|
- |
Manchett Cleaning Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
|
- |
Hire purchase contracts |
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|
|
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Dividends |
2021 |
2020 |
|||
£ |
£ |
|||
Final dividend of £ |
4,000 |
200,000 |
||
Interest payable and similar expenses |
2021 |
2020 |
|
Interest on obligations under finance leases and hire purchase contracts |
|
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Interest expense on other finance liabilities |
|
- |
Foreign exchange gains/losses |
|
|
|
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2021 |
2020 |
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Wages and salaries |
|
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Social security costs |
|
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Other post-employment benefit costs |
|
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Other employee expense |
|
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Taxation |
Tax charged/(credited) in the income statement
2021 |
2020 |
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Current taxation |
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UK corporation tax |
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Foreign tax |
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Tax expense in the income statement |
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