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 2021

FOR

BPS (MANAGEMENT) LIMITED

Page

Statement of Financial Position

1

to

2

Notes to the Financial Statements

3

to

7

FIXED ASSETS

Tangible assets

4

3,696

5,445

Investment property

5

2,536,257

2,257,221

2,539,953

2,262,666

CURRENT ASSETS

Debtors

6

13,002

692,356

Cash at bank

11,283

105,326

24,285

797,682

CREDITORS

Amounts falling due within one year

7

(735,508

)

(929,372

)

NET CURRENT LIABILITIES

(711,223

)

(131,690

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,828,730

2,130,976

CREDITORS

Amounts falling due after more than one year

8

(665,000

)

(705,000

)

PROVISIONS FOR LIABILITIES

(131,510

)

(123,091

)

NET ASSETS

1,032,220

1,302,885

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Non-distributable reserves

682,302

645,871

Retained earnings

339,918

647,014

1,032,220

1,302,885

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 5 April 2022 and were signed by:

Mr S B Burgess - Director

1.	STATUTORY INFORMATION

Bps (Management) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

08183672

Registered office:

Technology House Unit 1

Congleton Business Park

Congleton

Cheshire

CW12 1LB

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 properties are stated in the statement of financial position at fair value, as determined by the director as at 30 September 2021.

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.

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.

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.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 October 2020

and 30 September 2021

7,932

DEPRECIATION

At 1 October 2020

2,487

Charge for year

1,749

At 30 September 2021

4,236

NET BOOK VALUE

At 30 September 2021

3,696

At 30 September 2020

5,445

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2020

2,257,221

Additions

234,060

Revaluations

44,976

At 30 September 2021

2,536,257

NET BOOK VALUE

At 30 September 2021

2,536,257

At 30 September 2020

2,257,221

The director considers the investment properties to be stated at fair value as at 30 September 2021.

Fair value at 30 September 2021 is represented by:

£

Valuation in 2017

269,070

Valuation in 2019

500,000

Valuation in 2021

44,976

Cost

1,722,211

2,536,257

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Amounts due from connected

companies

686

600

Other debtors

-

352,671

Directors' loan accounts

-

306,453

VAT

2,076

5,634

Prepayments

10,240

26,998

13,002

692,356

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans and overdrafts

40,000

40,000

Amounts owed to connected

companies

611,554

816,596

Trade creditors

18,508

11,934

Amounts owed to group undertakings

20,238

26,738

Tax

-

32,157

Social security and other taxes

676

-

Other creditors

2

2

Directors' loan accounts

43,330

-

Accruals and deferred income

1,200

1,945

735,508

929,372

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

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans - 1-2 years

80,000

80,000

Bank loans - 2-5 years

585,000

625,000

665,000

705,000

The bank loan is repayable in instalments by 13 January 2025. Interest is payable at 5% above the base rate.

A charge dated 23 September 2019 exists over the property known as Technology House, Congleton Business Park, Congleton, Cheshire, CW12 1LB. A charge dated 28 February 2020 exists over the properties known as Units 2 and 3 John Bradshaw Court, Congleton Business Park, Congleton, Cheshire, CW12 1LB.

9.	OTHER FINANCIAL COMMITMENTS

The amount of commitments, guarantees and contingencies is £13,520 (2020: £25,277).

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2021 and 30 September 2020:

30.9.21

30.9.20

£

£

Mr S B Burgess

Balance outstanding at start of year

306,453

346,491

Amounts advanced

36,717

314,475

Amounts repaid

(386,500

)

(354,513

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(43,330

)

306,453

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.