Registration number:
Classic Management Services Limited
for the Year Ended 31 January 2024
Classic Management Services Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Classic Management Services Limited
Company Information
Directors |
A L T Buckles N A Aldred |
Company secretary |
A L T Buckles |
Registered office |
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Accountants |
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Classic Management Services Limited
(Registration number: 01479871)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
193,848 |
193,848 |
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Share premium reserve |
720,030 |
720,030 |
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Fair value reserve |
668,243 |
1,362,680 |
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Retained earnings |
12,381,986 |
12,057,106 |
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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:
• |
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• |
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
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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 |
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At 1 February 2023 |
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Loss for the year |
- |
- |
- |
( |
( |
Other comprehensive income |
- |
- |
( |
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- |
Total comprehensive income |
- |
- |
( |
|
( |
Dividends |
- |
- |
- |
( |
( |
At 31 January 2024 |
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Share capital |
Share premium |
Fair value reserve |
Retained earnings |
Total |
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At 1 February 2022 |
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|
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
- |
( |
|
- |
Total comprehensive income |
- |
- |
( |
|
|
Dividends |
- |
- |
- |
( |
( |
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
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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
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
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
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 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.
Staff numbers |
The average number of persons (including directors) employed by the company in the year, was
Classic Management Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Tangible assets |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 February 2023 |
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Additions |
- |
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At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
- |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
- |
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At 31 January 2023 |
- |
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Investment properties |
2024 |
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At 1 February |
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Additions |
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Disposals |
( |
Fair value adjustments |
( |
At 31 January |
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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
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 February 2023 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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Unit 6 Penn Street Works
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Subsidiary undertakings |
CMS (Ottershaw) Limited The principal activity of CMS (Ottershaw) Limited is |
Stocks |
2024 |
2023 |
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Goods for resale |
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Classic Management Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
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 |
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Prepayments |
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Other debtors |
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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.
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Classic Management Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Other borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
- |
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Other borrowings |
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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.
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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). |
Provisions for liabilities |
Deferred tax |
Total |
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At 1 February 2023 |
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Increase (decrease) in existing provisions |
( |
( |
At 31 January 2024 |
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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
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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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 |
- |
- |
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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
Related party transactions |
Summary of transactions with other related parties
Loans to related parties
Other related parties |
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2024 |
2023 |
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At start of period |
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Advanced |
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Repaid |
( |
- |
At end of period |
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Loans from related parties
Key management |
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2024 |
2023 |
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At start of period |
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Advanced |
- |
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Repaid |
( |
- |
At end of period |
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Terms of loans from related parties
The directors have each provided a guarantee of £100,000 (2022: £100,000) for a loan taken out by the company.