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COMPANY REGISTRATION NUMBER: 06712286
Cheltenham Property Management Limited
Filleted Unaudited Abridged Financial Statements
31 March 2023
Cheltenham Property Management Limited
Abridged Financial Statements
Year ended 31 March 2023
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Cheltenham Property Management Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Cheltenham Property Management Limited
Year ended 31 March 2023
As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 31 March 2023, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
3 July 2023
Cheltenham Property Management Limited
Abridged Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
18,908
12,128
Current assets
Debtors
197,868
107,546
Cash at bank and in hand
201,286
327,939
---------
---------
399,154
435,485
Creditors: amounts falling due within one year
306,312
250,711
---------
---------
Net current assets
92,842
184,774
---------
---------
Total assets less current liabilities
111,750
196,902
Creditors: amounts falling due after more than one year
21,667
31,667
---------
---------
Net assets
90,083
165,235
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
90,081
165,233
--------
---------
Shareholders funds
90,083
165,235
--------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Cheltenham Property Management Limited
Abridged Statement of Financial Position (continued)
31 March 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 3 July 2023 , and are signed on behalf of the board by:
B Noori
Director
Company registration number: 06712286
Cheltenham Property Management Limited
Notes to the Abridged Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Court Mews, London Road, Charlton Kings, Cheltenham, Gloucestershire, GL52 6HS.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% per annum of cost
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% per annum of reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
5. Intangible assets
£
Cost
At 1 April 2022 and 31 March 2023
35,093
--------
Amortisation
At 1 April 2022 and 31 March 2023
35,093
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. Tangible assets
£
Cost
At 1 April 2022
22,586
Additions
9,732
--------
At 31 March 2023
32,318
--------
Depreciation
At 1 April 2022
10,458
Charge for the year
2,952
--------
At 31 March 2023
13,410
--------
Carrying amount
At 31 March 2023
18,908
--------
At 31 March 2022
12,128
--------
7. Director's advances, credits and guarantees
No interest has been charged on the advances to the director.
8. Related party transactions
At the reporting date an amount of £1,904.42 was owed to the director (2022 - owed to the director £4,181.97) on her loan account with the company. No interest has been charged on this loan.