Bps (Management) Limited - Accounts to registrar (filleted) - small 23.1.2
Bps (Management) Limited - Accounts to registrar (filleted) - small 23.1.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
FOR |
BPS (MANAGEMENT) LIMITED |
BPS (MANAGEMENT) LIMITED (REGISTERED NUMBER: 08183672) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
Page |
Statement of Financial Position | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 7 |
BPS (MANAGEMENT) LIMITED (REGISTERED NUMBER: 08183672) |
STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserves |
Retained earnings |
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. |
BPS (MANAGEMENT) LIMITED (REGISTERED NUMBER: 08183672) |
STATEMENT OF FINANCIAL POSITION - continued |
30 SEPTEMBER 2022 |
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 |
BPS (MANAGEMENT) LIMITED (REGISTERED NUMBER: 08183672) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
1. | STATUTORY INFORMATION |
Bps (Management) Limited is a |
Registered number: |
Registered office: |
The principal activity of the company during the year was that of property investment. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 2022. |
TANGIBLE FIXED ASSETS |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. |
BPS (MANAGEMENT) LIMITED (REGISTERED NUMBER: 08183672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
BPS (MANAGEMENT) LIMITED (REGISTERED NUMBER: 08183672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2021 |
Additions |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2021 |
Additions |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
The director considers the investment properties to be stated at fair value as at 30 September 2022. |
Fair value at 30 September 2022 is represented by: |
£ |
Valuation in 2017 | 269,070 |
Valuation in 2019 | 500,000 |
Valuation in 2021 | 44,976 |
Cost | 1,729,160 |
2,543,206 |
BPS (MANAGEMENT) LIMITED (REGISTERED NUMBER: 08183672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Amounts due from connected |
companies | - | 686 |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to connected |
companies |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 5,246 | - |
Other creditors |
Directors' loan accounts | 42,213 | 43,330 |
Accruals and deferred income |
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 |
30.9.22 | 30.9.21 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
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 £1,764 (2021: £13,520). |
BPS (MANAGEMENT) LIMITED (REGISTERED NUMBER: 08183672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 September 2022 and 30 September 2021: |
30.9.22 | 30.9.21 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
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. |