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REGISTERED NUMBER: 02489523 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

THE PROPERTY MANAGEMENT GROUP LIMITED

THE PROPERTY MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 02489523)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

THE PROPERTY MANAGEMENT GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mrs J Rich
D Rich





SECRETARY: D Rich





REGISTERED OFFICE: 182 Gloucester Road
Bristol
BS7 8NU





REGISTERED NUMBER: 02489523 (England and Wales)





ACCOUNTANTS: PJE Chartered Accountants
2 Oakfield Road
Clifton
Bristol
BS8 2AL

THE PROPERTY MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 02489523)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 365,482 372,255
Investment property 5 5,307,996 5,120,001
5,673,478 5,492,256

CURRENT ASSETS
Debtors 6 28,640 36,274
Cash at bank and in hand 291,995 319,596
320,635 355,870
CREDITORS
Amounts falling due within one year 7 391,547 361,299
NET CURRENT LIABILITIES (70,912 ) (5,429 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,602,566

5,486,827

CREDITORS
Amounts falling due after more than one
year

8

(2,447,900

)

(2,480,908

)

PROVISIONS FOR LIABILITIES (419,704 ) (382,414 )
NET ASSETS 2,734,962 2,623,505

THE PROPERTY MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 02489523)

BALANCE SHEET - continued
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserve 12 2,375,767 2,375,767
Retained earnings 359,095 247,638
SHAREHOLDERS' FUNDS 2,734,962 2,623,505

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2024 and were signed on its behalf by:





D Rich - Director


THE PROPERTY MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 02489523)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

The Property Management Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - not provided
Fixtures and fittings - 33.3% on cost
Motor vehicles - 33.3% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


THE PROPERTY MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 02489523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 365,000 3,340 45,136 413,476
Additions - 707 - 707
Disposals - - (45,136 ) (45,136 )
At 29 February 2024 365,000 4,047 - 369,047
DEPRECIATION
At 1 March 2023 - 2,225 38,996 41,221
Charge for year - 1,340 - 1,340
Eliminated on disposal - - (38,996 ) (38,996 )
At 29 February 2024 - 3,565 - 3,565
NET BOOK VALUE
At 29 February 2024 365,000 482 - 365,482
At 28 February 2023 365,000 1,115 6,140 372,255

THE PROPERTY MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 02489523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 5,120,001
Additions 94,901
Revaluations 93,094
At 29 February 2024 5,307,996
NET BOOK VALUE
At 29 February 2024 5,307,996
At 28 February 2023 5,120,001

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2018 1,735,987
Valuation in 2021 70,313
Valuation in 2022 624,980
Valuation in 2023 14,122
Valuation in 2024 187,995
Cost 2,674,599
5,307,996

The revaluation of property was undertaken in February 2024, by the directors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,386 83
Other debtors 1,562 1,780
Directors' loan accounts 19,081 27,407
Prepayments and accrued income 6,611 7,004
28,640 36,274

THE PROPERTY MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 02489523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and mortgages (see note 9) 33,000 38,532
Hire purchase contracts (see note 10) - 3,752
Tenant deposits held 244,023 227,340
Tax 32,535 24,160
Social security and other taxes 2,339 1,908
VAT 7,939 4,861
Tenant's account 51,212 22,305
Landlords' account - 25,268
Other creditors 10,499 13,173
Accrued expenses 10,000 -
391,547 361,299

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans (see note 9) 2,447,900 2,479,709
Hire purchase contracts (see note 10) - 1,199
2,447,900 2,480,908

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgages 2,273,348 2,240,777

9. LOANS

An analysis of the maturity of loans is given below:

29.2.24 28.2.23
£    £   
Amounts falling due within one year or on demand:
Mortgages 33,000 33,000
Bank loans - 5,532
33,000 38,532

THE PROPERTY MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 02489523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. LOANS - continued
29.2.24 28.2.23
£    £   
Amounts falling due between one and two years:
Mortgages 33,000 33,000

Amounts falling due between two and five years:
Mortgages 141,552 205,932

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Mortgages 2,273,348 2,240,777

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year - 3,752
Between one and five years - 1,199
- 4,951

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 10,785 3,371
Between one and five years 15,196 -
25,981 3,371

THE PROPERTY MANAGEMENT GROUP LIMITED (REGISTERED NUMBER: 02489523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


11. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 2,480,900 2,518,241
Hire purchase contracts - 4,951
2,480,900 2,523,192

The mortgages are secured on the properties to which they relate.

12. RESERVES
Non-distributable
reserve
£   
At 1 March 2023
and 29 February 2024 2,375,767

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
D Rich and Mrs J Rich
Balance outstanding at start of year 27,408 38,958
Amounts advanced 51,674 57,700
Amounts repaid (60,000 ) (69,250 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 19,082 27,408

The balance is unsecured, interest free and was repaid on 6 April 2024.

14. ULTIMATE CONTROLLING PARTY

The company is owned and controlled by the directors.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE PROPERTY MANAGEMENT GROUP LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Property Management Group Limited for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Property Management Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Property Management Group Limited and state those matters that we have agreed to state to the Board of Directors of The Property Management Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Property Management Group Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Property Management Group 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 The Property Management Group Limited. You consider that The Property Management Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Property Management Group Limited. For this reason, we have not verified the 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.






PJE Chartered Accountants
2 Oakfield Road
Clifton
Bristol
BS8 2AL


CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE PROPERTY MANAGEMENT GROUP LIMITED



6 November 2024