ACCOUNTS - Final Accounts

MANAWA HOLDINGS LTD - Company Information

Registered number: 09420671

MANAWA HOLDINGS LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021


MANAWA HOLDINGS LTD

CONTENTS

	Page
Balance sheet	1 - 2
Notes to the financial statements	3 - 6


MANAWA HOLDINGS LTD REGISTERED NUMBER:09420671

BALANCE SHEET

AS AT 30 APRIL 2021

		2021		2020
Note		£		£

Fixed assets
Investments	4		50,000		798,150
			50,000		798,150
Current assets
Debtors: amounts falling due within one year	5	48,477		29,122
Cash at bank and in hand	6	100		3
		48,577		29,125
Creditors: amounts falling due within one year	7	(2,554,350)		(2,531,777)
Net current liabilities			(2,505,773)		(2,502,652)

Net liabilities			(2,455,773)		(1,704,502)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(2,455,873)	(1,704,602)
	(2,455,773)	(1,704,502)

Page 1


MANAWA HOLDINGS LTD REGISTERED NUMBER:09420671

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr A Kight

Director

Date: 19 January 2022

The notes on pages 3 to 6 form part of these financial statements.

Page 2


MANAWA HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

1.	General information

The company is a private company, limited by shares, incorporated in England and Wales. The registered office is 2 London Wall Place, 6th Floor, London, EC2Y 5AU. The principal activity is that of an investment company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in pounds sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet end date, the company had net current liabilities of £2,505,772 and net liabilities of £2,430,772. The financial statements have been prepared on a going concern basis as the director considers this is appropriate for the following reason:
The directors have indicated their willingness and ability to continue to support the company to meet its liabilities as they fall due for payment for at least 12 months from the date of approval of these financial statements. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3


MANAWA HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

2.Accounting policies (continued)

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

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.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 4


MANAWA HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

2.Accounting policies (continued)

2.10

Financial instruments (continued)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

4.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 May 2020	798,150
	At 30 April 2021	798,150
	Impairment
	Charge for the period	748,150
	At 30 April 2021	748,150
	Net book value
	At 30 April 2021	50,000
	At 30 April 2020	798,150

Page 5


MANAWA HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Debtors

					2021	2020
					£	£


Other debtors	48,477	29,122
	48,477	29,122

6.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	100	4
	100	4

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Other loans	1,689	-
Other creditors	2,550,661	2,528,354
Accruals and deferred income	2,000	3,423
	2,554,350	2,531,777

8.	Controlling party

The company was under the control of Mr A Kight and Mrs E Kight throughout the current and prior year.

Page 6