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Company No: 04437535 (England and Wales)

ABODE PROPERTY MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

ABODE PROPERTY MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

ABODE PROPERTY MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
ABODE PROPERTY MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 28,130 47,980
28,130 47,980
Current assets
Debtors 6 743,527 779,695
Cash at bank and in hand 619,517 599,127
1,363,044 1,378,822
Creditors: amounts falling due within one year 7 ( 472,295) ( 499,242)
Net current assets 890,749 879,580
Total assets less current liabilities 918,879 927,560
Net assets 918,879 927,560
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 917,879 926,560
Total shareholder's funds 918,879 927,560

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

Directors' responsibilities:

The financial statements of Abode Property Management Limited (registered number: 04437535) were approved and authorised for issue by the Board of Directors on 08 November 2024. They were signed on its behalf by:

Mr S B Harris
Director
ABODE PROPERTY MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
ABODE PROPERTY MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Abode Property Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is 132 Whiteladies Road, Clifton, Bristol, BS8 2RS.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 3 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 3 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 35 49

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 1,547,328 1,547,328
At 31 May 2024 1,547,328 1,547,328
Accumulated amortisation
At 01 June 2023 1,547,328 1,547,328
At 31 May 2024 1,547,328 1,547,328
Net book value
At 31 May 2024 0 0
At 31 May 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 June 2023 10,048 61,427 33,562 72,021 177,058
Additions 0 0 5,381 4,255 9,636
At 31 May 2024 10,048 61,427 38,943 76,276 186,694
Accumulated depreciation
At 01 June 2023 9,708 35,077 29,401 54,892 129,078
Charge for the financial year 326 14,811 2,699 11,650 29,486
At 31 May 2024 10,034 49,888 32,100 66,542 158,564
Net book value
At 31 May 2024 14 11,539 6,843 9,734 28,130
At 31 May 2023 340 26,350 4,161 17,129 47,980

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 June 2023 732,141
At 31 May 2024 732,141
Provisions for impairment
At 01 June 2023 732,141
At 31 May 2024 732,141
Carrying value at 31 May 2024 0
Carrying value at 31 May 2023 0

6. Debtors

2024 2023
£ £
Trade debtors 0 19,944
Amounts owed by Group undertakings 617,386 617,386
Amounts owed by connected companies 100,000 100,435
Amounts owed by directors 0 12,810
Prepayments 16,703 16,069
Deferred tax asset 0 5,561
Other debtors 9,438 7,490
743,527 779,695

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 12,852 17,560
Amounts owed to Group undertakings 0 56,187
Accruals 59,715 7,485
Corporation tax 197,908 273,988
Other taxation and social security 137,367 135,602
Other creditors 64,453 8,420
472,295 499,242

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
125 Ordinary A1 shares of £ 1.00 each 125 125
250 Ordinary B shares of £ 1.00 each 250 250
250 Ordinary C shares of £ 1.00 each 250 250
250 Ordinary D shares of £ 1.00 each 250 250
125 Ordinary A2 shares of £ 1.00 each 125 125
1,000 1,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 80,132 80,132
between one and five years 153,586 234,386
233,718 314,518

Other financial commitments

Together with a company under common ownership, the company is subject to an Omnibus guarantee and set off Agreement in favour of the company's bankers. Under this agreement each company has provided a guarantee to settle the total net amounts due to the bank from each company. At the year end the total amount guaranteed was £1,069,868 (2023: £1,228,910).

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 4,686 4,602

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by the directors 0 12,810

The balance is interest free and repayable on demand.

Other related party transactions

2024 2023
£ £
Amounts owed to a company under common control 100,000 100,435

The balance is interest free and repayable on demand.

As a wholly owned subsidiary undertaking of their parent company, Abode Property Management Holdings Limited, (Registered office: C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL), the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.