Company No:
Contents
DIRECTORS | Mrs D Baker |
Mr A T Baker | |
SECRETARY | Mrs D Baker |
REGISTERED OFFICE | Aishe Barton |
Silverton | |
Exeter | |
EX5 4HF | |
United Kingdom | |
COMPANY NUMBER | 05977103(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
Stratus House | |
Emperor Way | |
Exeter Business Park | |
Exeter | |
EX1 3QS |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Manor Mill Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Manor Mill Limited. You consider that Manor Mill Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Manor Mill Limited. 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 financial statements.
Chartered Accountants
Emperor Way
Exeter Business Park
Exeter
EX1 3QS
2020 | 2019 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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733,134 | 733,215 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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69,692 | 56,863 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current liabilities | (602,399) | (612,560) | ||
Total assets less current liabilities | 130,735 | 120,655 | ||
Provisions for liabilities | (
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Net assets | 123,338 | 114,103 | ||
Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds | 123,339 | 114,103 |
Directors’ responsibilities:
The financial statements of Manor Mill Limited (registered number:
Mr A T Baker
Director |
Mrs D Baker
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Manor Mill 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 Aishe Barton, Silverton, Exeter, EX5 4HF.
The financial statements have been prepared under the historical cost convention, modified to include 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.
The functional currency of Manor Mill Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
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 current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Office Equipment - 25%
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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 Statement of Income and Retained Earnings as described below.
The fair value is determined annually by the directors, on an open market value for existing use basis.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2020 | 2019 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Office equipment | Total | |
£ | £ | |
Cost/Valuation | ||
At 01 April 2019 |
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At 31 March 2020 |
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Accumulated depreciation | ||
At 01 April 2019 |
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Charge for the financial year |
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At 31 March 2020 |
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Net book value | ||
At 31 March 2020 |
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At 31 March 2019 |
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2020 | 2019 | |
£ | £ | |
As at 01 April |
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As at 31 March |
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Valuation
The 2020 valuations were made by the directors, on an open market value for existing use basis.
2020 | 2019 | |
£ | £ | |
Trade debtors |
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Other debtors |
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2020 | 2019 | |
£ | £ | |
Other creditors |
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Corporation tax |
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Other taxation and social security |
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Transactions with the entity's directors
During the year, the directors of the company, maintained a current account with the company. At the year end, the company owed the directors £648,049 (2019: £646,550). Interest is charged on the loan at 1.5% above the Bank of England base rate. This loan is shown in creditors due within one year.