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Registration number: 10023868

287 Bournemouth Road Management Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

287 Bournemouth Road Management Company Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

287 Bournemouth Road Management Company Limited

Company Information

Directors

Oliver Mayes

Paul Kenneth Sheehy

Michelle Harris

Registered office

102 Fulham Palace Road
London
W6 9PL

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

287 Bournemouth Road Management Company Limited

(Registration number: 10023868)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

1,705,758

1,698,058

Debtors

5

23,519

21,394

Cash at bank and in hand

 

6,833

23,697

 

1,736,110

1,743,149

Creditors: Amounts falling due within one year

6

(1,249,920)

(1,245,691)

Total assets less current liabilities

 

486,190

497,458

Creditors: Amounts falling due after more than one year

6

(459,091)

(459,457)

Net assets

 

27,099

38,001

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

27,089

37,991

Shareholders' funds

 

27,099

38,001

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. 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.

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................
Oliver Mayes
Director

 

287 Bournemouth Road Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
102 Fulham Palace Road
London
W6 9PL
England

These financial statements were authorised for issue by the Board on 19 November 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.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

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.

 

287 Bournemouth Road Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current 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.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

287 Bournemouth Road Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Stocks

2024
£

2023
£

Other inventories

1,705,758

1,698,058

5

Debtors

 

287 Bournemouth Road Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Trade debtors

1,600

784

Prepayments

138

156

Other debtors

21,781

20,454

23,519

21,394

 

287 Bournemouth Road Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

670

Accruals and deferred income

1,200

1,200

Other creditors

1,248,720

1,243,821

1,249,920

1,245,691

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

459,091

459,457

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Preference shares of £1 each

10

10

10

10

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

459,091

459,457

 

287 Bournemouth Road Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Other payments made to company by director
£

At 29 February 2024
£

Oliver Mayes

Amounts owed to/(from) the Director

3,446

1,820

5,266

       
     

Paul Kenneth Sheehy

Amounts owed to/(from) the Director

260,070

1,820

261,890

       
     

 

2023

At 1 March 2022
£

Other payments made to company by director
£

At 28 February 2023
£

Oliver Mayes

Amounts owed to/(from) the Director

326

3,120

3,446

       
     

Paul Kenneth Sheehy

Amounts owed to/(from) the Director

260,558

(488)

260,070