Company Registration No. 02865680 (England and Wales)
MANUAL INVESTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
MANUAL INVESTING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
MANUAL INVESTING LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
45,818
1,273
Investment properties
5
2,375,000
2,920,000
Investments
6
3,222,593
2,560,776
5,643,411
5,482,049
Current assets
Debtors
8
359,767
376,903
Cash at bank and in hand
263,080
93,486
622,847
470,389
Creditors: amounts falling due within one year
9
(3,984,072)
(4,118,718)
Net current liabilities
(3,361,225)
(3,648,329)
Total assets less current liabilities
2,282,186
1,833,720
Creditors: amounts falling due after more than one year
10
(417,312)
(330,000)
Provisions for liabilities
(16,492)
(118,408)
Net assets
1,848,382
1,385,312
Capital and reserves
Called up share capital
500
500
Share premium account
16,325
16,325
Capital redemption reserve
1,500
1,500
Profit and loss reserves
1,830,057
1,366,987
Total equity
1,848,382
1,385,312
MANUAL INVESTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2017
31 October 2017
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 25 July 2018
Mr R G Tizzard
Director
Company Registration No. 02865680
MANUAL INVESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 3 -
1
Accounting policies
Company information
Manual Investing Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Barrow Hill House, Milborne Wick, Milborne Port, SHERBORNE, Dorset, DT9 4PP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 October 2017
are the
first
financial statements of Manual Investing Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 11.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
MANUAL INVESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
Straight line over 50 years
Office equipment
Straight line over 3 years
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MANUAL INVESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MANUAL INVESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
MANUAL INVESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 7 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Exceptional costs/(income)
2017
2016
£
£
Profit or loss on disposal of investment properties
(150,663)
-
Profit or loss on disposal of investments
(314,784)
-
(465,447)
-
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
4
Tangible fixed assets
Fixtures, fittings & equipment
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2016
-
7,918
-
7,918
Additions
8,091
610
49,879
58,580
At 31 October 2017
8,091
8,528
49,879
66,498
Depreciation and impairment
At 1 November 2016
-
6,645
-
6,645
Depreciation charged in the year
162
1,403
12,470
14,035
At 31 October 2017
162
8,048
12,470
20,680
Carrying amount
At 31 October 2017
7,929
480
37,409
45,818
At 31 October 2016
-
1,273
-
1,273
MANUAL INVESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 8 -
5
Investment property
2017
£
Fair value
At 1 November 2016
2,920,000
Disposals
(575,000)
Revaluations
30,000
At 31 October 2017
2,375,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 October 2016 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. During the year ended 31 October 2016 the revaluation of £520,000 was credited to the profit and loss account in accordance with FRS 102.
At 31 October 2017 the fair value of the property in the financial statements was reviewed by the directors based on their knowledge of the property and documented trends in the local property market. During the year ended 31 October 2017 the revaluation of £30,000 was credited to the profit and loss account in accordance with FRS 102.
6
Fixed asset investments
2017
2016
£
£
Investments
3,222,593
2,560,776
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 November 2016
15,936
2,544,840
2,560,776
Additions
-
914,033
914,033
Disposals
-
(252,216)
(252,216)
At 31 October 2017
15,936
3,206,657
3,222,593
Carrying amount
At 31 October 2017
15,936
3,206,657
3,222,593
At 31 October 2016
15,936
2,544,840
2,560,776
MANUAL INVESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 9 -
7
Subsidiaries
Separate company financial statements are required to be prepared by law. The company is exempt from the requirement to prepare consolidated financial statements due to being subject to the small companies regime.
Details of the company's subsidiaries at 31 October 2017 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
TZZ Estates Limited
United Kingdom
Real estate buying and selling
£1 Ordinary
100.00
-
The investments in subsidiaries are all stated at cost.
8
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
27,359
20,200
Other debtors
332,408
356,703
359,767
376,903
9
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
20,000
67,000
Trade creditors
-
20,000
Corporation tax
187,521
15,257
Other taxation and social security
4,911
6,436
Other creditors
3,771,640
4,010,025
3,984,072
4,118,718
The liability of £
20,000
in relation to bank
loans
are secured by a fixed charge on the assets to which they relate
.
MANUAL INVESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 10 -
10
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
380,000
330,000
Other creditors
37,312
-
417,312
330,000
The liability of £
380,000
in relation to bank
loans
are secured by a fixed charge on the assets to which they relate
.
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 November
31 October
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
891,110
1,503,464
Adjustments arising from transition to FRS 102:
Increase in fair value of investment properties
1
-
-
Deferred tax provision on investment properties
2
(89,970)
(118,152)
Equity reported under FRS 102
801,140
1,385,312
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
92,354
Adjustments arising from transition to FRS 102:
Increase in fair value of investment properties
1
520,000
Deferred tax provision on investment properties
2
(28,182)
Profit reported under FRS 102
584,172
MANUAL INVESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
11
Reconciliations on adoption of FRS 102
(Continued)
- 11 -
Notes to reconciliations on adoption of FRS 102
1 Investment Properties
On transition to FRS 102 the directors have applied the provisions of section 16 and have measured investment properties at fair value through profit and loss. This has resulted in a transfer between the revaluation reserve and the profit and loss reserve at
1 November 2015
of £
685,233
. In the year ended
31 October 2016
, the increase in value of investment properties of £
520,000
has been included in the profit and loss account within ‘other gains and losses’. In accordance with section 19 of FRS 102 a related deferred tax liability of £
89,970
was also included in the accounts at
1 November 2015
, with an additional £
28,182
charge in the profit and loss account in the year ended
31 October 2016
.
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25 July 2018
Mr R G Tizzard
Mrs S L Tizzard
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