Company No:
Contents
DIRECTORS | Mr R G Tizzard |
Mrs S L Tizzard |
SECRETARY | Mrs S L Tizzard |
REGISTERED OFFICE | Barrow Hill House Milborne Wick |
Milborne Port | |
Sherborne | |
DT9 4PP | |
England | |
United Kingdom |
COMPANY NUMBER | 02865680 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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9,765,548 | 9,422,951 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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535,945 | 81,289 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (5,293,027) | (5,214,307) | ||
Total assets less current liabilities | 4,472,521 | 4,208,644 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Share premium account |
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Other reserves |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Manual Investing Limited (registered number:
Mr R G Tizzard
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Manual Investing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Barrow Hill House Milborne Wick, Milborne Port, Sherborne, DT9 4PP, England, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
In light of the current economic situation, both in the UK and globally, impacted by rising energy costs, inflation and general cost of living increases, the directors have given consideration to the impact of these issues on the operations and financial position of the company, as well as upon customers and suppliers. The directors are satisfied that, having considered no less than 12 months from the date of approval of the financial statements, that the issues identified do not present a significant risk to the going concern basis of the company and, therefore, that the going concern basis of preparation remains appropriate.
Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.
Turnover is recognised at the fair value of the rent received or receivable in the normal course of business and is shown net of VAT and other sales relates taxes.
Revenue from the rental property, including revenue from service charges and other costs recharged to the tenant, is recognised over the period in which the tenant is occupying the property.
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.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Vehicles |
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Fixtures and fittings |
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Office equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Fixtures and fittings | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 November 2021 |
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Additions |
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At 31 October 2022 |
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Accumulated depreciation | |||||||
At 01 November 2021 |
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Charge for the financial year |
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At 31 October 2022 |
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Net book value | |||||||
At 31 October 2022 |
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At 31 October 2021 |
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Investment property | |
£ | |
Valuation | |
As at 01 November 2021 |
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As at 31 October 2022 |
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Valuation
At 31 October 2022 the fair value of the properties in the financial statements were considered by the directors based on their knowledge of the properties and documented trends in the local property market. In the opinion of the directors there has been no movement in the valuation of the properties during the year. This class of assets has a current value of £2,675,000 (2021 - £2,675,000) and a carrying historical cost of £1,614,767 (2021 - £1,614,767).
Investments in subsidiaries
2022 | |
£ | |
Cost | |
At 01 November 2021 |
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At 31 October 2022 |
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Carrying value at 31 October 2022 |
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Carrying value at 31 October 2021 |
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Other investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 November 2021 |
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Additions |
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Disposals | (
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At 31 October 2022 |
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Provisions for impairment | |||
At 01 November 2021 |
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At 31 October 2022 |
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Carrying value at 31 October 2022 |
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Carrying value at 31 October 2021 |
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Included within other investments are members capital balances in various trading entities at cost less impairment totalling £6,997,832 (2021 - £6,645,334).
2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans and overdrafts (secured) |
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Trade creditors |
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Amounts owed to Group undertakings |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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The hire purchase liabilities of £6,282 (2021 - £6,282) are secured on the assets to which they relate.
2022 | 2021 | ||
£ | £ | ||
Other loans (secured) |
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Obligations under finance leases and hire purchase contracts |
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258,006 | 291,565 |
The hire purchase liabilities of £31,339 (2021 - £38,232) are secured on the assets to which they relate.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2022 | 2021 | ||
£ | £ | ||
Other loans (secured / repayable by instalments) |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2022 | 2021 | ||
£ | £ | ||
Director 1 | 3,809,493 | 3,858,852 | |
Director 2 | 208,013 | 208,013 |
This loans are interest free and repayable on demand.
Advances of £388,326 were made to Director 1 during the year and £338,967 was repaid.
No advances were made to Director 2 during the year and no repayments were made.
Distributable reserves
2022 | |
£ | |
At 1 November 2021 | 2,836,300 |
Profit for the financial year | 299,341 |
Investment property revaluation | 0 |
Deferred tax movement - investment property revaluations | 0 |
At 31 October 2022 | 3,135,641 |
Non-Distributable reserves
2022 | |
£ | |
At 1 November 2021 | 988,925 |
Investment property revaluation | 0 |
Deferred tax movement - investment property revaluations | 0 |
At 31 October 2022 | 988,925 |