Bps (Management) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08183672 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

BPS (MANAGEMENT) LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

1,752,586

1,250,000

CURRENT ASSETS

Debtors

6

815,374

2,989,749

Cash at bank

22,066

13,878

837,440

3,003,627

CREDITORS

Amounts falling due within one year

7

(910,310

)

(423,213

)

NET CURRENT (LIABILITIES)/ASSETS

(72,870

)

2,580,414

TOTAL ASSETS LESS CURRENT LIABILITIES

1,679,716

3,830,414

CREDITORS

Amounts falling due after more than one year

8

(244,000

)

-

PROVISIONS FOR LIABILITIES

9

(123,199

)

(30,435

)

NET ASSETS

1,312,517

3,799,979

CAPITAL AND RESERVES

Called up share capital

10,000

3,544,536

Non-distributable reserves

645,871

238,635

Retained earnings

656,646

16,808

1,312,517

3,799,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2020 and were signed by:

Mr S B Burgess - Director

1.	STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address

of the registered office is Unit 1 Technology House, Congleton Business Park, Congleton, Cheshire,

CW12 1LB. The principal activity of the company during the year was that of property investment.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by the

revaluation of certain financial assets and liabilities and investment properties measured at fair value

through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported. These estimates and judgements are continually

reviewed and are based on experience and other factors, including expectations of future events that

are believed to be reasonable under the circumstances.

The judgements (apart from those involving estimations) that management has made in the process

of applying the entity's accounting policies and that have the most significant effect on the amounts

recognised in the financial statements are as follows:

Valuation of investment property

As described in the notes to the financial statements, the investment property is stated in the balance

sheet at fair value, based on the valuation performed by an independent RICS valuer. The director is

of the opinion that the year-end valuation is not materially different to current market prices observed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated

useful life.

Motor vehicles - 3 years straight line

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated

depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at

the fair value at the date of revaluation less any subsequent accumulated depreciation and

subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other

comprehensive income and accumulated in equity, except to the extent it reverses a revaluation

decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount

of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of

any previously recognised revaluation increase accumulated in equity in respect of that asset Where a

revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of

that asset, the excess shall be recognised in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the

contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement

constitutes a financing transaction, where it is recognised at the present value of the future payments

discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of

impairment at the end of each reporting date. If there is objective evidence of impairment, an

impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually

significant, these are assessed individually for impairment. Other financial assets are either assessed

individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal

does not result in a carrying amount of the financial asset that exceeds what the carrying amount

would have been had the impairment not previously been recognised.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly

attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value

are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of

investment property, it shall be transferred to tangible assets and treated as such until it is expected

that fair value will be reliably measurable on an on-going basis.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the

reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items

recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other

comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at

the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or

substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax

losses and other 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. Deferred tax is

measured using the tax rates and laws that have been enacted or substantively enacted by the

reporting date that are expected to apply to the reversal of the timing difference.

4.	EMPLOYEE NUMBERS

The average number of employees during the year was 3 (2018 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Investment

Motor

property

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 October 2018

1,250,000

-

1,250,000

Additions

-

3,325

3,325

Revaluations

500,000

-

500,000

At 30 September 2019

1,750,000

3,325

1,753,325

DEPRECIATION

Charge for year

-

739

739

At 30 September 2019

-

739

739

NET BOOK VALUE

At 30 September 2019

1,750,000

2,586

1,752,586

At 30 September 2018

1,250,000

-

1,250,000

The directors consider the investment properties are stated at fair value as at 30 September 2019.

In August 2019 the investment property was valued at £1,750,000 on an open market value basis by

an independent RICS valuer.

Cost or valuation at 30 September 2019 is represented by:

Investment

Motor

property

vehicles

Totals

£

£

£

Valuation in 2017

269,070

-

269,070

Valuation in 2019

500,000

-

500,000

Cost

980,930

3,325

984,255

1,750,000

3,325

1,753,325

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Amounts owed by group undertakings

-

2,432,312

Other debtors

815,374

557,437

815,374

2,989,749

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans and overdrafts

56,000

-

Amounts owed to connected

companies

549,101

379,948

Amounts owed to group undertakings

273,738

-

Taxation and social security

30,525

42,363

Other creditors

946

902

910,310

423,213

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans

244,000

-

The bank loan is repayable by February 2023.

A charge dated 23 September 2019 exists over the property known as Technology House, Unit 1

Congleton Business Park, Congleton, Cheshire, CW12 1LB.

9.	PROVISIONS FOR LIABILITIES

30.9.19

30.9.18

£

£

Deferred tax

123,199

30,435

Deferred

tax

£

Balance at 1 October 2018

30,435

Current year charge

92,764

Balance at 30 September 2019

123,199

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2019

and 30 September 2018:

30.9.19

30.9.18

£

£

Mr S B Burgess

Balance outstanding at start of year

292,026

295,505

Amounts advanced

348,415

292,031

Amounts repaid

(293,950

)

(295,510

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

346,491

292,026

By virtue of the outstanding loan account balance a liability to taxation exists under Section 455 of

CTA 2010 of £112,564 which will be discharged or repaid when the loan is repaid. It is anticipated that

the loan will be repaid within nine months of the year end and, as such, no provision for the taxation

has been made.

11.	EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the Board.

12.	CONTROLLING PARTY

The company is a wholly-owned subsidiary of Burgess Property Solutions Limited, a company

incorporated in England and Wales.