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Company Registration Number: 02325413
 
 
Friars Place (Management) Limited
 
Directors' Report and Unaudited Financial Statements
 
for the financial year ended 31 March 2024



Friars Place (Management) Limited
DIRECTORS AND OTHER INFORMATION

 
Directors A C Thorarinsson
V C Ware
 
 
Company Secretary Rounce & Evans Property Management Ltd
 
 
Company Registration Number 02325413
 
 
Registered Office and Business Address Rounce & Evans Property Management Limited
16 Church Street
King's  Lynn
Norfolk
PE30 5EB
England
 
 
Accountants Thain Wildbur
Chartered Accountants
36-38 King Street
King's  Lynn
Norfolk
PE30 1ES
England



Friars Place (Management) Limited
DIRECTORS' REPORT
for the financial year ended 31 March 2024

 
The directors present their report and the unaudited financial statements for the financial year ended 31 March 2024.
 
Principal Activity
The principal activity of the company is the management of residential flats.
     
Results and Dividends
The profit for the financial year amounted to £2,458 (2023 - £1,582).
     
Directors
The directors who served during the financial year are as follows:
     
A C Thorarinsson
V C Ware
   
There were no changes in shareholdings between 31 March 2024 and the date of signing the financial statements.
     
The company's Articles of Association do not require directors to retire by rotation.
     
Statement of directors' Responsibilities and Declaration on Unaudited Financial Statements
     
General responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
     
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
     
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
     
Directors' declaration on unaudited financial statements
In relation to the financial statements comprising the Income Statement, the Balance Sheet, the Reconciliation of Shareholders' Funds and the related notes:
     
The directors approve these financial statements and confirm that they are responsible for them, including selecting the appropriate accounting policies, applying them consistently and making, on a reasonable and prudent basis, the judgements underlying them. They have been prepared on the going concern basis on the grounds that the company will continue in business.
     
The directors confirm that they have made available to Thain Wildbur, (Chartered Accountants), all the company's accounting records and provided all the information, books and documents necessary for the compilation of the financial statements.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
By order of the board
     
     
     
___________________________
Rounce & Evans Property Management Ltd
Company Secretary
     
17 June 2024



Friars Place (Management) Limited

CHARTERED ACCOUNTANTS' REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of Friars Place (Management) Limited
for the financial year ended 31 March 2024
 
In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 March 2024 as set out on pages 6 to 11 which comprise the Income Statement, the Balance Sheet, the Reconciliation of Shareholders' Funds and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of Friars Place (Management) Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by ICAEW and have complied with the relevant ethical guidance laid down by ICAEW relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Balance Sheet for the year ended 31 March 2024 your duty to ensure that Friars Place (Management) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Friars Place (Management) Limited. You consider that Friars Place (Management) Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Friars Place (Management) Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
THAIN WILDBUR
Chartered Accountants
36-38 King Street
King's  Lynn
Norfolk
PE30 1ES
England
 
17 June 2024



Friars Place (Management) Limited
INCOME STATEMENT
for the financial year ended 31 March 2024
2024 2023
Notes £ £

Turnover 11,219 8,231
───────── ─────────
Gross profit 11,219 8,231
 
Administrative expenses (8,973) (6,663)
───────── ─────────
Operating profit 2,246 1,568
 
Interest receivable and similar income 212 14
───────── ─────────
Profit before taxation 2,458 1,582
 
Tax on profit - -
───────── ─────────
Profit for the financial year 2,458 1,582
    ═════════   ═════════



Friars Place (Management) Limited
Company Registration Number: 02325413
BALANCE SHEET
as at 31 March 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 1,134 1,134
───────── ─────────
 
Current Assets
Debtors 5 14,479 6,561
Cash and cash equivalents 15,971 21,383
───────── ─────────
30,450 27,944
───────── ─────────
Creditors: amounts falling due within one year 6 (488) (440)
───────── ─────────
Net Current Assets 29,962 27,504
───────── ─────────
Total Assets less Current Liabilities 31,096 28,638
═════════ ═════════
 
Capital and Reserves
Called up share capital 14 14
Other reserves 7 16,110 15,500
Retained earnings 14,972 13,124
───────── ─────────
Shareholders' Funds 31,096 28,638
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 17 June 2024 and signed on its behalf by
           
           
           
________________________________          
A C Thorarinsson          
Director          
           



Friars Place (Management) Limited
RECONCILIATION OF SHAREHOLDERS' FUNDS
as at 31 March 2024

Called up Retained Exterior Roads and Total
share earnings decorations car park
capital reserve reserve
£ £ £ £ £
 
At 1 April 2022 14 12,152 5,650 9,240 27,056
───────── ───────── ───────── ───────── ─────────
Profit for the financial year - 1,582 - - 1,582
───────── ───────── ───────── ───────── ─────────
Other movements in
Shareholders' Funds - (610) 330 280 -
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2023 14 13,124 5,980 9,520 28,638
  ───────── ───────── ───────── ───────── ─────────
Profit for the financial year - 2,458 - - 2,458
  ───────── ───────── ───────── ───────── ─────────
Other movements in
Shareholders' Funds - (610) 330 280 -
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 14 14,972 6,310 9,800 31,096
  ═════════ ═════════ ═════════ ═════════ ═════════



Friars Place (Management) Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Friars Place (Management) Limited is a company limited by shares incorporated in the United Kingdom. Rounce & Evans Property Management Limited, 16 Church Street, King's  Lynn, Norfolk, PE30 5EB, England is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - Nil
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
The directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 2 (2023 - 2)
     
4. Tangible assets
  Land and
  buildings
  freehold
  £
Cost
At 1 April 2023 1,134
  ─────────
 
At 31 March 2024 1,134
  ─────────
Depreciation
At 1 April 2023 -
  ─────────
At 31 March 2024 -
  ─────────
Net book value
At 31 March 2024 1,134
  ═════════
At 31 March 2023 1,134
  ═════════
 
Friars Place (Management) Limited acquired the freehold of the property occupied by flats 27 Friar Street, 1 and 3-13 Friars Place during the Year ended 31st March 2009.

Freehold property consists of the legal costs and land registry fees involved in transferring the freehold at Friars Place to the management company.
       
5. Debtors 2024 2023
  £ £
 
Trade debtors 12,408 4,798
Prepayments and accrued income 2,071 1,763
  ───────── ─────────
  14,479 6,561
  ═════════ ═════════
       
6. Creditors 2024 2023
Amounts falling due within one year £ £
 
Accruals 488 440
  ═════════ ═════════
   
7. Reserves
 
Exterior decorations reserve
 
It is a condition of the leases that the exterior be decorated every seven years. A transfer is made annually to a seperate reserve to provide for the potential costs involved.
 
Roads and car park reserve
 
It is a condition of the leases that the roads and car parks within the complex be maintained and repaired. A transfer is made annually to a seperate reserve to provide for the potential costs involved.