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REGISTERED NUMBER: 01771327 (England and Wales)















WELLESLEY MANAGEMENT COMPANY LIMITED

Financial Statements for the Year Ended 24 June 2024






WELLESLEY MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 01771327)






Contents of the Financial Statements
for the year ended 24 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WELLESLEY MANAGEMENT COMPANY LIMITED

Company Information
for the year ended 24 June 2024







DIRECTORS: R D S Murphy
M McDonagh





SECRETARY: Ms A Davies





REGISTERED OFFICE: Nightingale House
46 - 48 East Street
Epsom
Surrey
KT17 1HQ





REGISTERED NUMBER: 01771327 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Chartered Accountants and Statutory Auditors
Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

WELLESLEY MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 01771327)

Balance Sheet
24 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 795 1,060

CURRENT ASSETS
Debtors 6 5,775 5,993
Cash at bank 85,235 91,512
91,010 97,505
CREDITORS
Amounts falling due within one year 7 20,166 17,149
NET CURRENT ASSETS 70,844 80,356
TOTAL ASSETS LESS CURRENT
LIABILITIES

71,639

81,416

CAPITAL AND RESERVES
Called up share capital 770 770
Retained earnings 70,869 80,646
SHAREHOLDERS' FUNDS 71,639 81,416

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 15 January 2025 and were signed on its behalf by:





R D S Murphy - Director


WELLESLEY MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 01771327)

Notes to the Financial Statements
for the year ended 24 June 2024

1. STATUTORY INFORMATION

Wellesley Management Company Limited is a private company limited by shares, incorporated and domiciled in England and Wales, registration number 01771327. The registered office is Nightingale House, 46 - 48 East Street, Epsom, Surrey, KT17 1HQ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

The financial statements are prepared on a going concern basis.

TURNOVER
Turnover represents the service charge and insurance contributions due in the year from the owners of the properties.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 33% on cost
Fixtures and fittings - 25% on reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

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.

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.

WELLESLEY MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 01771327)

Notes to the Financial Statements - continued
for the year ended 24 June 2024

3. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial Liabilities

Basic financial liabilities, including trade and other payables, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

4. EMPLOYEES AND DIRECTORS

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

WELLESLEY MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 01771327)

Notes to the Financial Statements - continued
for the year ended 24 June 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and
Equipment fittings Totals
£    £    £   
COST
At 25 June 2023
and 24 June 2024 1,579 25,387 26,966
DEPRECIATION
At 25 June 2023 1,579 24,327 25,906
Charge for year - 265 265
At 24 June 2024 1,579 24,592 26,171
NET BOOK VALUE
At 24 June 2024 - 795 795
At 24 June 2023 - 1,060 1,060

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,775 5,993

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 47 80
Other creditors 20,119 17,069
20,166 17,149

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hazel Day BSc FCA DChA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

9. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of a similar size and nature, the company's auditors deal with the preparation and submission of returns to the tax authorities and assist with the preparation of the financial statements.