First Management Services Limited - Filleted accounts

First Management Services Limited - Filleted accounts

FIRST MANAGEMENT SERVICES LIMITED - Company Information

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Registered number
04089328
First Management Services Limited
Filleted Abridged Accounts
31 May 2023
First Management Services Limited
Registered number: 04089328
Abridged Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Current assets
Debtors 8 4,030 16,374
Cash at bank and in hand 9,714 9,963
13,744 26,337
Creditors: amounts falling due within one year 9 (1,512,064) (1,350,928)
Net current liabilities (1,498,320) (1,324,591)
Net liabilities (1,498,320) (1,324,591)
Capital and reserves
Called up share capital 100 100
Profit and loss account (1,498,420) (1,324,691)
Shareholders' funds (1,498,320) (1,324,591)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
J Gleek
Director
Approved by the board on 22 February 2024
First Management Services Limited
Notes to the Abridged Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover comprises fee and dividend income
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
Taxation comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings,
except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets or 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 statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated, but not reversed, at the
statement of financial position date.
Timing differences arise from the inclusion of income and expenditure 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 period end and that are expected to apply to the reversal of
timing differences.
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.
2 Going concern
The financial statements have been prepared on the going concern basis, notwithstanding the company’s net liabilities position, on the basis that the ultimate parent undertaken to provide continued financial support for the period of at least 12 months from the date of approval of these financial statements.
3 Preparation of consolidated financial statements
The financial statements present information about the First Management Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements.
4 Related party exemption
The company has taken the advantage of exemption in FRS 102 not to disclose related party transactions or the balances with entities which form part of the group.
5 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
6 Tangible fixed assets
Total
£
Cost
At 1 June 2022 8,582
At 31 May 2023 8,582
Depreciation
At 1 June 2022 8,582
At 31 May 2023 8,582
Net book value
At 31 May 2023 -
7 Investments Shares in subsidiary undertakings
Cost
At 01 June 2022 2
Addition -
Disposal -
As 31 May 2023 2
Depreciation
As 01 June 2022 2
Change for the year -
Eliminated on disposal -
As 31 May 2023 2
Net Book value
At 31 May 2023 -
At 31 May 2022
-
The company owns 1 special ordinary share in Cabot Park Management Limited, and the investment has been
written down. The company owns 100% share capital of Burford Management Limited and the investment has been
written down.
8 Debtors 2023 2022
£ £
Trade debtors - 9,752
Other debtors 4,030 6,622
4,030 16,374
9 Creditors: amounts falling due within one year: 2023 2022
£ £
Trade creditors 1,147 2,756
Amounts owed to group undertakings 1,433,476 1,322,476
Other taxes and social security costs 72,237 23,159
Other creditors 5,204 2,537
1,512,064 1,350,928
10 Ultimate parent undertaking
The ultimate parent undertaking is J Gleek Properties Limited, a company registered in the United Kingdom and whose address is Richmond House, Avonmouth Way, Avonmouth, Bristol, England, BS11 8DE.
11 Other information
First Management Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Richmond House,
Avonmouth Way,
Avonmouth,
Bristol,
BS11 8DE,
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