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Registration number: 11250571

Friary Meadow Limited

Annual Report and Filleted Financial Statements

for the Year Ended 31 March 2024

 

Friary Meadow Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 7

Statement of Income and Retained Earnings

8

Statement of Financial Position

9

Notes to the Financial Statements

10 to 14

 

Friary Meadow Limited

Company Information

Directors

J P Matthews

P J Egan

Company secretary

S J Ladyman

Registered office

11-15 Wigmore Street
C/o Frogmore
London
W1A 2JZ

Registration number: 11250571

Auditors

Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobald's Road
London
WC1X 8TA

 

Friary Meadow Limited

Directors' Report
Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Principal activity

The principal activity of the company is residential property management.

Directors of the company

The directors who held office during the year were as follows:

J P Matthews

P J Egan

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The directors have appointed Cooper Parry Group Limited as auditors of the company. Cooper Parry Group Limited have expressed willingness to continue as auditors.

Small companies provision statement

This report has 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.

Approved by the Board on 15 October 2024 and signed on its behalf by:



S J Ladyman
Company secretary

 

Friary Meadow Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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). 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.

 

Friary Meadow Limited

Independent Auditor's Report to the Members of Friary Meadow Limited

Opinion

We have audited the financial statements of Friary Meadow Limited (the 'company') for the year ended 31 March 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

 

Friary Meadow Limited

Independent Auditor's Report to the Members of Friary Meadow Limited

Other information

The directors are responsible for the other information. The other information comprises the information in the Directors' Report, but does not include the financial statements and our Auditor's Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

 

Friary Meadow Limited

Independent Auditor's Report to the Members of Friary Meadow Limited

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extend to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

 

Friary Meadow Limited

Independent Auditor's Report to the Members of Friary Meadow Limited

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' 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 the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
 




Nicola Pearson (Senior Statutory Auditor)
For and on behalf of Cooper Parry Group Limited, Statutory Auditor
New Derwent House
69-73 Theobald's Road
London
WC1X 8TA

31 October 2024

 

Friary Meadow Limited

Statement of Income and Retained Earnings
Year Ended 31 March 2024

Year ended
31 March
2024
£

Year ended
31 March
2023
£

Turnover

619,108

589,163

Cost of sales

(22,483)

(17,550)

Gross profit

596,625

571,613

Administrative expenses

(596,625)

(571,513)

Operating profit

-

100

Interest payable and similar charges

-

(100)

Profit/(loss) before tax

-

-

Profit/(loss) for the financial year

-

-

Retained earnings brought forward

-

-

Retained earnings carried forward

-

-

 

Friary Meadow Limited

(Registration number: 11250571)
Balance Sheet
31 March 2024

Note

Year ended
31 March
2024
£

Year ended
31 March
2023
£

Fixed assets

 

Tangible assets

5

5,175

6,768

Current assets

 

Debtors

6

1,928

1,775

Cash at bank and in hand

 

30,993

11,441

 

32,921

13,216

Creditors: Amounts falling due within one year

7

(38,010)

(19,898)

Net current liabilities

 

(5,089)

(6,682)

Net assets

 

86

86

Capital and reserves

 

Called up share capital

86

86

Shareholders' funds

 

86

86

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.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................
J P Matthews
Director

 

Friary Meadow Limited

Notes to the Financial Statements
Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
11-15 Wigmore Street
C/o Frogmore
London
W1A 2JZ

2

Accounting policies

Basis of preparation of the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102. The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The financial statements are presented in sterling which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget, future cash flows and the current economic climate in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate any expected adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 

Friary Meadow Limited

Notes to the Financial Statements
Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

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 & Machinery

25% reducing balance

Office Equipment

15% reducing balance

Fixtures & Fittings

25% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Friary Meadow Limited

Notes to the Financial Statements
Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are recognised at transaction price. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

4

Taxation

The Company anticipates that the service charge arrangements are not within the scope of corporation tax and that ‘dormant’ status for corporation tax purposes will be agreed with HMRC in due course.

 

Friary Meadow Limited

Notes to the Financial Statements
Year Ended 31 March 2024

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

9,471

1,670

1,447

12,588

At 31 March 2024

9,471

1,670

1,447

12,588

Depreciation

At 1 April 2023

4,501

889

430

5,820

Charge for the year

1,244

196

153

1,593

At 31 March 2024

5,745

1,085

583

7,413

Carrying amount

At 31 March 2024

3,726

585

864

5,175

At 31 March 2023

4,970

781

1,017

6,768

6

Debtors

Year ended
31 March
2024
£

Year ended
31 March
2023
£

Other debtors

86

86

Prepayments

1,842

1,689

1,928

1,775

 

Friary Meadow Limited

Notes to the Financial Statements
Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Year ended
31 March
2024
£

Year ended
31 March
2023
£

Due within one year

Taxation and social security

5,410

7,481

Accruals and deferred income

18,433

12,417

Other creditors

14,167

-

38,010

19,898

8

Related party transactions

During the year the company received services charge income of £441,497 (2023: £448,450) from a related party.

9

Off-balance sheet arrangements

Financial commitments not on Balance sheet
Total financial commitments which are not included in the balance sheet from operation leases between 2-5 years amount to £16,513 (2023: £30,781).

This includes total financial commitments undertaken by Oak Retirement Limited on behalf of Friary Meadow Limited from operation leases between 2-5 years amounting to £nil (2023: £1,408).