REGISTERED NUMBER: |
WELLESLEY MANAGEMENT COMPANY LIMITED |
Financial Statements for the Year Ended 24 June 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 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 |
Equipment | - |
Fixtures and fittings | - |
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 |
DEPRECIATION |
At 25 June 2023 |
Charge for year |
At 24 June 2024 |
NET BOOK VALUE |
At 24 June 2024 |
At 24 June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |