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Registration number: 01479871

Classic Management Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Classic Management Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 14

 

Classic Management Services Limited

Company Information

Directors

A L T Buckles

N A Aldred

Company secretary

A L T Buckles

Registered office

Unit 6 Penn Street Works
Penn Street
Amersham
Buckinghamshire
HP7 0FA

Accountants

Sable & Argent Limited
2 Elvetham Crescent
Fleet
Hampshire
GU51 1BU

 

Classic Management Services Limited

(Registration number: 01479871)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

44,707

51,836

Investment property

5

9,988,866

10,964,220

Investments

6

373,110

373,110

 

10,406,683

11,389,166

Current assets

 

Stocks

7

22,237

22,237

Debtors

8

4,298,206

3,910,367

Cash at bank and in hand

 

672,020

830,865

 

4,992,463

4,763,469

Creditors: Amounts falling due within one year

9

(1,362,324)

(1,686,066)

Net current assets

 

3,630,139

3,077,403

Total assets less current liabilities

 

14,036,822

14,466,569

Creditors: Amounts falling due after more than one year

9

(32,000)

(32,000)

Provisions for liabilities

11

(40,715)

(100,905)

Net assets

 

13,964,107

14,333,664

Capital and reserves

 

Called up share capital

12

193,848

193,848

Share premium reserve

720,030

720,030

Fair value reserve

668,243

1,362,680

Retained earnings

12,381,986

12,057,106

Shareholders' funds

 

13,964,107

14,333,664

 

Classic Management Services Limited

(Registration number: 01479871)
Balance Sheet as at 31 January 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 21 June 2024 and signed on its behalf by:
 

A L T Buckles
Company secretary and director

N A Aldred
Director

 
     
 

Classic Management Services Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Share premium
£

Fair value reserve
£

Retained earnings
£

Total
£

At 1 February 2023

193,848

720,030

1,362,680

12,057,106

14,333,664

Loss for the year

-

-

-

(288,657)

(288,657)

Other comprehensive income

-

-

(694,437)

694,437

-

Total comprehensive income

-

-

(694,437)

405,780

(288,657)

Dividends

-

-

-

(80,900)

(80,900)

At 31 January 2024

193,848

720,030

668,243

12,381,986

13,964,107

Share capital
£

Share premium
£

Fair value reserve
£

Retained earnings
£

Total
£

At 1 February 2022

193,848

720,030

1,790,490

12,545,055

15,249,423

Profit for the year

-

-

-

191,117

191,117

Other comprehensive income

-

-

(427,810)

427,810

-

Total comprehensive income

-

-

(427,810)

618,927

191,117

Dividends

-

-

-

(1,106,876)

(1,106,876)

At 31 January 2023

193,848

720,030

1,362,680

12,057,106

14,333,664

 

Classic Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 6 Penn Street Works
Penn Street
Amersham
Buckinghamshire
HP7 0FA

The principal place of business is:
Unit 6 Penn Street Works
Penn Street
Amersham
Buckinghamshire
HP7 0FA

These financial statements were authorised for issue by the Board on 21 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents property rental income invoiced during the year exclusive of Value Added Tax. Turnover is recognised when the rental invoice is raised, which is usually at the beginning of the period to which the rental relates. Where the invoice relates to a period after the year end that income is deferred and recognised in the next year.

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.

 

Classic Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% p.a. straight line

Plant and machinery

20% p.s. straight line

Investment property

Investment property, which is property held to earn rentals and / or capital appreciation, is initially recognosed at cost, which includes the purchase cost and directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. Changes in fair value are recognised in the profit and loss account, and subsequently unreaslised / (reaslised) gains and losses are transfered to / (from) other reserves net of applicable deferred tax.

Impairment of fixed assets

At each reporting date, the directors review the carrying amounts of the company's tangible assets to deternine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount if the asset is estimated in order to determine the extent of the impairment loss (if any).

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Classic Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Stocks

Stocks are stated at the lower of cost and net realisable value.

At each reporting date an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

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.

Other reserves

The company maintains a revaluation reserve which comprises the accumulated revaluations of its investment properties less the deferred tax provided thereon. Transfers are made to and from this non-distributable reserve from and to the profit and loss account so that the latter comprises distributable amounts.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Basic financial assets

Basic financial assets, which include trade and other debtors, amounts owed to group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments at a market rate of interest.

 

Classic Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Financial instruments


Classification
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons (including directors) employed by the company in the year, was 2 (2023: 2).

 

Classic Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

9,299

64,796

74,095

Additions

-

7,050

7,050

At 31 January 2024

9,299

71,846

81,145

Depreciation

At 1 February 2023

9,299

12,960

22,259

Charge for the year

-

14,179

14,179

At 31 January 2024

9,299

27,139

36,438

Carrying amount

At 31 January 2024

-

44,707

44,707

At 31 January 2023

-

51,836

51,836

5

Investment properties

2024
£

At 1 February

10,964,220

Additions

139,529

Disposals

(225,441)

Fair value adjustments

(889,442)

At 31 January

9,988,866

The fair value of the company's investment properties, all of which are commercial properties, have been arrived at on the basis of a valuation carried out by the directors and was made by reference to rental yields.

There has been no valuation of investment property by an independent valuer.

 

Classic Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

373,110

373,110

Subsidiaries

£

Cost or valuation

At 1 February 2023

373,110

Carrying amount

At 31 January 2024

373,110

At 31 January 2023

373,110

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

CMS (Ottershaw) Limited

Unit 6 Penn Street Works
Penn Street
Amersham
Buckinghamshire
HP7 0FA

ordinary shares

75%

75%

Subsidiary undertakings

CMS (Ottershaw) Limited

The principal activity of CMS (Ottershaw) Limited is the development of land.

7

Stocks

2024
£

2023
£

Goods for resale

22,237

22,237

 

Classic Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Debtors

Included within other debtors are loans totalling £2,311,023 (2023: £2,551,023) which are due from associated companies. The directors have confirmed that these are repayable on demand.

Current

2024
£

2023
£

Trade debtors

60,372

74,514

Prepayments

13,050

13,125

Other debtors

4,224,784

3,822,728

 

4,298,206

3,910,367

Details of non-current trade and other debtors

£13,723 (2023: £29,755) of a commercial loan is classified as non current. The amount due after one year comprises those repayment instalments due after one year and accrued interest payable.

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

1,008,000

1,247,000

Taxation and social security

 

188,548

137,360

Accruals and deferred income

 

143,376

270,042

Other creditors

 

22,400

31,664

 

1,362,324

1,686,066

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

32,000

32,000

 

Classic Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

32,000

32,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

150,000

Other borrowings

1,008,000

1,097,000

1,008,000

1,247,000

Bank borrowings

Bank borrowings in the prior year comprised a bank loan that was secured by way of fixed and floating charges over the assets of the company and by way of an unlimited cross guarantee from a company of which N. A. Aldred and A. L. T. Buckles are also directors.

The bank loan is denominated in sterling with a nominal interest rate of LIBOR + 3%, and the final instalment is due on 30 June 2023. The carrying amount at year end is £Nil (2023: £150,000).

Other borrowings

Other borrowings comprise loans from individuals including the directors. £32,000 of these loans is due after more than one year. The other loans are repayable on demand. The loans are not secured.

Other borrowings is denominated in sterling with a nominal interest rate of between 3% and 8%. The carrying amount at year end is £Nil (2023: £1,129,000).

11

Provisions for liabilities

Deferred tax
£

Total
£

At 1 February 2023

100,905

100,905

Increase (decrease) in existing provisions

(60,190)

(60,190)

At 31 January 2024

40,715

40,715

Deferred tax comprises the tax that would be due (at current rates) on a sale of the company's portfolio of investment properties at theie value as reported in the accounts.

 

Classic Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

12

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £0.10 each

522,688

52,268.80

522,688

52,268.80

Ordinary B shares of £0.10 each

109,507

10,950.70

111,507

11,150.70

Ordinary C shares of £0.10 each

83,507

8,350.70

83,507

8,350.70

Ordinary J shares of £0.10 each

7,000

700.00

7,000

700.00

Ordinary S shares of £0.10 each

7,000

700.00

7,000

700.00

Ordinary K shares of £0.10 each

10,000

1,000.00

10,000

1,000.00

Ordinary R shares of £0.10 each

10,000

1,000.00

10,000

1,000.00

Ordinary T shares of £0.10 each

10,000

1,000.00

10,000

1,000.00

Ordinary P shares of £0.10 each

522,688

52,268.80

522,688

52,268.80

Ordinary L shares of £0.10 each

2,000

200.00

2,000

200.00

Ordinary M shares of £0.10 each

2,000

200.00

2,000

200.00

Ordinary H shares of £0.10 each

470,094

47,009.40

470,094

47,009.40

Ordinary E shares of £0.10 each

10,000

1,000.00

10,000

1,000.00

Ordinary N shares of £0.10 each

82,000

8,200.00

82,000

8,200.00

Ordinary O shares of £0.10 each

82,000

8,200.00

82,000

8,200.00

Ordinary G shares of £0.10 each

2,000

200.00

2,000

200.00

Ordinary V shares of £0.10 each

2,000

200.00

2,000

200.00

Ordinary Q shares of £0.10 each

2,000

200.00

2,000

200.00

Ordinary Z shares of £0.10 each

2,000

200.00

-

-

 

1,938,484

193,848

1,938,484

193,848

Rights attaching to share classes

All classes of shares rank pari passu in all respects except in relation to distributions in that the directors can, at any time, resolve to declare a dividend on one or more classes of shares and not on the other classes.

During the year 2000 B shares were redesignated as 2000 Z shares.

 

Classic Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

13

Related party transactions

Summary of transactions with other related parties

The company has advanced loans to associated companies (with some common directors) some of which bears interest at 4%. During the year ended 31 January 2024 a further £507,650 (2023: £991,250) was advanced to associated companies and £240,000 (2023: £nil) was repaid by associated companies.
 

Loans to related parties

 

Other related parties

2024
£

2023
£

At start of period

3,590,023

2,598,773

Advanced

507,650

991,250

Repaid

(240,000)

-

At end of period

3,857,673

3,590,023

Loans from related parties

 

Key management

2024
£

2023
£

At start of period

1,089,000

587,000

Advanced

-

502,000

Repaid

(89,000)

-

At end of period

1,000,000

1,089,000

Terms of loans from related parties

The company has received loans from its directors on which interest is paid at rates between 3% and 8% p.a. During the year interest of £81,003 (2023: £111,360) was charged on these loans.

The directors have each provided a guarantee of £100,000 (2022: £100,000) for a loan taken out by the company.