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Registration number: 04588378

Management Services (Wakefield) Limited

Annual Report and Unaudited Financial Statements

For The Period from 1 July 2022 to 31 December 2023

 

Management Services (Wakefield) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Management Services (Wakefield) Limited

(Registration number: 04588378)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

228,332

 

241,336

Investment property

5

 

887,858

 

887,858

Investments

6

 

4

 

4

   

1,116,194

 

1,129,198

Current assets

   

 

Debtors

7

39,079

 

35,941

 

Cash at bank and in hand

 

125,169

 

3,840

 

 

164,248

 

39,781

 

Creditors: Amounts falling due within one year

8

(1,443,192)

 

(1,350,744)

 

Net current liabilities

   

(1,278,944)

 

(1,310,963)

Net liabilities

   

(162,750)

 

(181,765)

Capital and reserves

   

 

Called up share capital

9

5

 

5

 

Profit and loss account

(162,755)

 

(181,770)

 

Total equity

   

(162,750)

 

(181,765)

For the financial period ending 31 December 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 June 2024
 

.........................................
Mr A. Hirst
Director

 

Management Services (Wakefield) Limited

Notes to the Unaudited Financial Statements For The Period from 1 July 2022 to 31 December 2023

1

General information

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

The address of its registered office is:
Hemmingway House Moor Park Business Centre
Thornes Moor Road
Wakefield
West Yorkshire
WF2 8PG

These financial statements were authorised for issue by the director on 28 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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

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.

 

Management Services (Wakefield) Limited

Notes to the Unaudited Financial Statements For The Period from 1 July 2022 to 31 December 2023

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

Plant and machinery

15% to 25% on the reducing balance

Office equipment and fixtures

25% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Management Services (Wakefield) Limited

Notes to the Unaudited Financial Statements For The Period from 1 July 2022 to 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 3 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

14,617

317,332

331,949

Additions

-

30,300

30,300

At 31 December 2023

14,617

347,632

362,249

Depreciation

At 1 July 2022

7,308

83,305

90,613

Charge for the period

3,654

39,650

43,304

At 31 December 2023

10,962

122,955

133,917

Carrying amount

At 31 December 2023

3,655

224,677

228,332

At 30 June 2022

7,309

234,027

241,336

5

Investment properties

2023
£

At 1 July

887,858

At 31 December

887,858

The director has reviewed the fair value of the properties, using a combination of local sales data and statistical data from RICS. In the opinion of the director the fair value of the properties is not materially different to their carrying value.

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

 

Management Services (Wakefield) Limited

Notes to the Unaudited Financial Statements For The Period from 1 July 2022 to 31 December 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

4

4

Subsidiaries

£

Cost or valuation

At 1 July 2022

4

Provision

Carrying amount

At 31 December 2023

4

At 30 June 2022

4

7

Debtors

Current

2023
£

2022
£

Trade debtors

39,079

35,941

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

1,022,763

759,967

Trade creditors

31,500

125,562

Amounts owed to group undertakings and undertakings in which the company has a participating interest

167,338

290,128

Taxation and social security

127

679

Other creditors

221,464

174,408

1,443,192

1,350,744

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

5

5

5

5

         
 

Management Services (Wakefield) Limited

Notes to the Unaudited Financial Statements For The Period from 1 July 2022 to 31 December 2023

10

Parent and ultimate parent undertaking

The company's immediate parent is Heritage Holdings (Yorkshire) Ltd, incorporated in England.