Company registration number 06426555 (England and Wales)
MANNERS (NEWCASTLE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
MANNERS (NEWCASTLE) LIMITED
COMPANY INFORMATION
Director
D Fisher
Secretary
A J Fisher
Company number
06426555
Registered office
The Apartment Group
1st Floor
Two, Jesmond Three Sixty
Newcastle upon Tyne
NE2 1DB
Auditor
Sumer Auditco Limited
The Beehive Beehive Ring Road
London Gatwick Airport
Gatwick
United Kingdom
RH6 0PA
Business address
Nancy's Bordello
Liberty Brown
13 Argyle Street
10 Timber Beach Road
Newcastle upon Tyne
Sunderland
NE1 6PF
SR5 3XG
MANNERS (NEWCASTLE) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
MANNERS (NEWCASTLE) LIMITED
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,680,148
2,879,870
Current assets
Stocks
39,475
69,293
Debtors
5
1,492,448
1,331,393
Cash at bank and in hand
86,774
140,851
1,618,697
1,541,537
Creditors: amounts falling due within one year
6
(474,746)
(439,174)
Net current assets
1,143,951
1,102,363
Total assets less current liabilities
3,824,099
3,982,233
Creditors: amounts falling due after more than one year
7
(3,412,842)
(3,175,705)
Provisions for liabilities
8
(95,200)
(190,957)
Net assets
316,057
615,571
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
316,056
615,570
Total equity
316,057
615,571
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 26 April 2023
D Fisher
Director
Company Registration No. 06426555
MANNERS (NEWCASTLE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2022
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2020
1
793,735
793,736
Year ended 31 July 2021:
Loss and total comprehensive income for the year
-
(178,165)
(178,165)
Balance at 31 July 2021
1
615,570
615,571
Year ended 31 July 2022:
Loss and total comprehensive income for the year
-
(299,514)
(299,514)
Balance at 31 July 2022
1
316,056
316,057
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 3 -
1
Accounting policies
Company information
Manners (Newcastle) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Apartment Group, 1st Floor, Two, Jesmond Three Sixty, Newcastle upon Tyne, NE2 1DB. The principal places of business are Nancy's Bodello, 13 Argyle Street, Newcastle upon Tyne, NE1 6PF and Liberty Brown, 10 Timber Beach Road, Sunderland, SR5 3XG.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the total value of bar and restaurant sales, excluding value added tax. Turnover is recognised at the point of sale in the bar and restaurant.
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.
Tangible fixed assets are stated at cost less depreciation. The company's freehold land and buildings are maintained by a programme of repair and refurbishment such that the residual value is deemed to be at least equal to the book value. Having regard to this, it is the opinion of the director that depreciation as required by the Companies Act 2006 and accounting standards would not be material. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold land and buildings
No depreciation charged
Fixtures, fittings and equipment
15% 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
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).
1.5
Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell.
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 4 -
1.6
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from connected companies, 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 payments 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. Amounts 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.
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 5 -
1.7
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.
1.8
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, if considered material to the financial statements.
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.
1.9
Retirement benefits
The company provides a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
The current year income statement includes amounts of £nil (2021 - £186,153) received in relation to the coronavirus job retention scheme grants and £nil (2021 - £106,550) of other local authority grant funding.
2
Operating loss
2022
2021
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
4,000
4,000
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
53
46
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2021
2,516,400
1,525,139
4,041,539
Additions
3,218
3,218
Disposals
(7,105)
(7,105)
Transfers
(979,124)
979,124
At 31 July 2022
1,537,276
2,500,376
4,037,652
Depreciation and impairment
At 1 August 2021
1,161,669
1,161,669
Depreciation charged in the year
201,251
201,251
Eliminated in respect of disposals
(5,416)
(5,416)
At 31 July 2022
1,357,504
1,357,504
Carrying amount
At 31 July 2022
1,537,276
1,142,872
2,680,148
At 31 July 2021
2,516,400
363,470
2,879,870
During the year, assets with a carrying value of £979,124 were transferred from Property Improvements (Land & buildings) to Fixtures & Fittings as this is more representative of the nature of the assets.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
5,852
5,852
Amounts due from connected companies
1,452,100
1,291,538
Other debtors
34,496
34,003
1,492,448
1,331,393
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
26,854
44,411
Trade creditors
137,045
151,956
Amounts due to connected companies
133,829
5,839
Other taxation and social security
38,382
99,062
Other creditors
16,838
29,552
Accruals and deferred income
121,798
108,354
474,746
439,174
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
598,289
624,841
Amounts due to connected companies
2,814,553
2,550,864
3,412,842
3,175,705
The bank loan is secured by a legal charge and debenture over the assets of the company, together with an unlimited cross guarantee. Further detail on the cross guarantee is provided in note 10 to the financial statements.
8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
95,200
190,957
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
MANNERS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
10
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
Paul Gainford
Statutory Auditor:
Sumer Auditco Limited
11
Financial commitments, guarantees and contingent liabilities
The company has given an unlimited cross guarantee in favour of Natwest Bank Plc in respect of the bank borrowings of Manners (Newcastle) Limited, Apartment 1 Limited, Newton Hall (Northumberland) Limited and Vibrant Ventures Limited. No liability is expected to arise as a result of this guarantee.
2022-07-312021-08-01false27 April 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedD FisherA J Fisher064265552021-08-012022-07-3106426555bus:Director12021-08-012022-07-3106426555bus:CompanySecretary12021-08-012022-07-3106426555bus:RegisteredOffice2021-08-012022-07-31064265552022-07-31064265552021-07-3106426555core:LandBuildings2022-07-3106426555core:OtherPropertyPlantEquipment2022-07-3106426555core:LandBuildings2021-07-3106426555core:OtherPropertyPlantEquipment2021-07-3106426555core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3106426555core:CurrentFinancialInstrumentscore:WithinOneYear2021-07-3106426555core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3106426555core:Non-currentFinancialInstrumentscore:AfterOneYear2021-07-3106426555core:CurrentFinancialInstruments2022-07-3106426555core:CurrentFinancialInstruments2021-07-3106426555core:ShareCapital2022-07-3106426555core:ShareCapital2021-07-3106426555core:RetainedEarningsAccumulatedLosses2022-07-3106426555core:RetainedEarningsAccumulatedLosses2021-07-3106426555core:ShareCapitalcore:RestatedAmount2020-07-3106426555core:RestatedAmount2020-07-3106426555core:RetainedEarningsAccumulatedLosses2020-08-012021-07-31064265552020-08-012021-07-3106426555core:RetainedEarningsAccumulatedLosses2021-08-012022-07-3106426555core:LandBuildingscore:OwnedOrFreeholdAssets2021-08-012022-07-3106426555core:FurnitureFittings2021-08-012022-07-3106426555core:LandBuildings2021-07-3106426555core:OtherPropertyPlantEquipment2021-07-31064265552021-07-3106426555core:LandBuildings2021-08-012022-07-3106426555core:OtherPropertyPlantEquipment2021-08-012022-07-3106426555core:Non-currentFinancialInstruments2022-07-3106426555core:Non-currentFinancialInstruments2021-07-3106426555bus:PrivateLimitedCompanyLtd2021-08-012022-07-3106426555bus:SmallCompaniesRegimeForAccounts2021-08-012022-07-3106426555bus:FRS1022021-08-012022-07-3106426555bus:Audited2021-08-012022-07-3106426555bus:FullAccounts2021-08-012022-07-31xbrli:purexbrli:sharesiso4217:GBP