Silverfin false 28/02/2023 17/02/2022 28/02/2023 K J Jenchner 17/02/2022 W Jenchner 17/02/2022 09 November 2023 Other letting and operating of own or leased real estate. 13922424 2023-02-28 13922424 bus:Director1 2023-02-28 13922424 bus:Director2 2023-02-28 13922424 core:CurrentFinancialInstruments 2023-02-28 13922424 core:Non-currentFinancialInstruments 2023-02-28 13922424 core:ShareCapital 2023-02-28 13922424 core:RetainedEarningsAccumulatedLosses 2023-02-28 13922424 2022-02-16 13922424 2022-02-17 2023-02-28 13922424 bus:FullAccounts 2022-02-17 2023-02-28 13922424 bus:SmallEntities 2022-02-17 2023-02-28 13922424 bus:AuditExemptWithAccountantsReport 2022-02-17 2023-02-28 13922424 bus:PrivateLimitedCompanyLtd 2022-02-17 2023-02-28 13922424 bus:Director1 2022-02-17 2023-02-28 13922424 bus:Director2 2022-02-17 2023-02-28 13922424 core:Non-currentFinancialInstruments 2022-02-17 2023-02-28 iso4217:GBP xbrli:pure

Company No: 13922424 (England and Wales)

BANKS MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial period from 17 February 2022 to 28 February 2023
Pages for filing with the registrar

BANKS MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial period from 17 February 2022 to 28 February 2023

Contents

BANKS MANAGEMENT LIMITED

BALANCE SHEET

As at 28 February 2023
BANKS MANAGEMENT LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 28.02.2023
£
Fixed assets
Investment property 4 1,008,408
1,008,408
Current assets
Debtors ( 1)
Cash at bank and in hand 90,403
90,402
Creditors: amounts falling due within one year 5 ( 144,498)
Net current liabilities (54,096)
Total assets less current liabilities 954,312
Creditors: amounts falling due after more than one year 6 ( 900,000)
Net assets 54,312
Capital and reserves
Called-up share capital 100
Profit and loss account 54,212
Total shareholders' funds 54,312

For the financial period ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Banks Management Limited (registered number: 13922424) were approved and authorised for issue by the Director on 09 November 2023. They were signed on its behalf by:

W Jenchner
Director
BANKS MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 17 February 2022 to 28 February 2023
BANKS MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 17 February 2022 to 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Banks Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nexus House, 2 Cray Road, Sidcup, DA14 5DA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates arerecognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

Period from
17.02.2022 to
28.02.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 2

4. Investment property

Investment property
£
Cost
As at 17 February 2022 0
Additions 1,008,408
As at 28 February 2023 1,008,408

5. Creditors: amounts falling due within one year

28.02.2023
£
Corporation tax 13,008
Other creditors 131,490
144,498

6. Creditors: amounts falling due after more than one year

28.02.2023
£
Other creditors 900,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

Transactions with the entity's directors

28.02.2023
£
Amounts due to Directors 1,010,865

The loan from the directors are unsecured and repayable on demand.