The Property Management Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02489523 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

THE PROPERTY MANAGEMENT GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

Mrs J Rich

D Rich

SECRETARY:

D Rich

REGISTERED OFFICE:

182 Gloucester Road

Bristol

BS7 8NU

REGISTERED NUMBER:

02489523 (England and Wales)

ACCOUNTANTS:

PJE Chartered Accountants

2 Oakfield Road

Clifton

Bristol

BS8 2AL

FIXED ASSETS

Tangible assets

4

339,101

351,600

Investment property

5

4,094,845

4,014,287

4,433,946

4,365,887

CURRENT ASSETS

Debtors

6

59,389

82,135

Cash at bank and in hand

274,643

249,793

334,032

331,928

CREDITORS

Amounts falling due within one year

7

299,290

289,067

NET CURRENT ASSETS

34,742

42,861

TOTAL ASSETS LESS CURRENT LIABILITIES

4,468,688

4,408,748

CREDITORS

Amounts falling due after more than one year

8

(2,179,480

)

(2,165,716

)

PROVISIONS FOR LIABILITIES

(172,457

)

(169,098

)

NET ASSETS

2,116,751

2,073,934

CAPITAL AND RESERVES

Called up share capital

100

100

Non-distributable reserve

11

1,869,757

1,799,444

Retained earnings

11

246,894

274,390

SHAREHOLDERS' FUNDS

2,116,751

2,073,934

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 15 November 2021 and were signed on its behalf by:

D Rich - Director

1.	STATUTORY INFORMATION

The Property Management Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

not provided

Furniture in rented property

-

25% on cost

Fixtures and fittings

-

33.3% on cost

Motor vehicles

-

33.3% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Furniture

Fixtures

Freehold

in rented

and

Motor

property

property

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 March 2020

320,000

4,455

6,437

48,554

379,446

Additions

-

-

1,110

-

1,110

Disposals

-

(4,455

)

(6,437

)

-

(10,892

)

At 28 February 2021

320,000

-

1,110

48,554

369,664

DEPRECIATION

At 1 March 2020

-

3,833

6,091

17,922

27,846

Charge for year

-

622

346

12,641

13,609

Eliminated on disposal

-

(4,455

)

(6,437

)

-

(10,892

)

At 28 February 2021

-

-

-

30,563

30,563

NET BOOK VALUE

At 28 February 2021

320,000

-

1,110

17,991

339,101

At 29 February 2020

320,000

622

346

30,632

351,600

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2020

4,014,287

Additions

10,245

Revaluations

70,313

At 28 February 2021

4,094,845

NET BOOK VALUE

At 28 February 2021

4,094,845

At 29 February 2020

4,014,287

Fair value at 28 February 2021 is represented by:

£

Valuation in 2018

1,746,504

Valuation in 2021

70,313

Cost

2,278,028

4,094,845

The revaluation of property was undertaken in January 2021, by Andrew Forbes Chartered Valuation Surveyors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade debtors

60

70

Landlords' account

1,020

651

Staff loan

663

-

Directors' loan accounts

52,458

75,429

Prepayments and accrued income

5,188

5,985

59,389

82,135

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans and mortgages (see note 9)

38,765

26,241

Hire purchase contracts

-

826

Tenant deposits held

203,008

199,319

Tax

13,995

19,184

Social security and other taxes

2,280

1,455

VAT

4,009

5,811

Tenant's account

21,619

21,964

Landlords' account

8,153

5,107

Other creditors

7,461

9,160

299,290

289,067

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans (see note 9)

2,179,480

2,165,716

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Mortgages

2,037,703

2,073,370

9.

LOANS

An analysis of the maturity of loans is given below:

28.2.21

29.2.20

£

£

Amounts falling due within one year or on demand:

Mortgages

33,000

19,432

Bank loans

5,765

6,809

38,765

26,241

28.2.21

29.2.20

£

£

Amounts falling due between one and two years:

Mortgages

33,000

19,432

Bank loans

5,765

5,765

38,765

25,197

Amounts falling due between two and five years:

Mortgages

99,000

58,297

Bank loans

4,012

8,852

103,012

67,149

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Mortgages

2,037,703

2,073,370

10.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.21

29.2.20

£

£

Bank loans

2,218,245

2,191,957

Hire purchase contracts

-

826

2,218,245

2,192,783

The mortgages are secured on the properties to which they relate.

11.

RESERVES

Retained

Non-distributable

earnings

reserve

Totals

£

£

£

At 1 March 2020

274,390

1,799,444

2,073,834

Profit for the year

117,656

117,656

Dividends

(74,839

)

(74,839

)

Revaluation

(70,313

)

70,313

-

At 28 February 2021

246,894

1,869,757

2,116,651

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2021 and 29 February 2020:

28.2.21

29.2.20

£

£

D Rich and Mrs J Rich

Balance outstanding at start of year

75,429

87,429

Amounts advanced

1,029

-

Amounts repaid

(24,000

)

(12,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

52,458

75,429

The balance is unsecured, interest free and carries no fixed date of repayment.

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £74,839 (2020 - £67,197) were paid to the directors .

14.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Property Management Group Limited for the year ended 28 February 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Property Management Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Property Management Group Limited and state those matters that we have agreed to state to the Board of Directors of The Property Management Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Property Management Group Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Property Management Group 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 The Property Management Group Limited. You consider that The Property Management Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Property Management Group 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.

PJE Chartered Accountants

2 Oakfield Road

Clifton

Bristol

BS8 2AL

16 November 2021