REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
SALISBURY MANAGEMENT SERVICES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
SALISBURY MANAGEMENT SERVICES LIMITED |
SALISBURY MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 03553977) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 8 |
SALISBURY MANAGEMENT SERVICES LIMITED |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Enterprise House |
The Courtyard |
Old Courthouse Road |
Bromborough |
Merseyside |
CH62 4UE |
SALISBURY MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 03553977) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 | 100 | 100 |
Revaluation reserve | 12 | 2,397,460 | 2,397,460 |
Retained earnings | 12 | 1,914,472 | 2,013,300 |
SHAREHOLDERS' FUNDS |
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. |
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 |
SALISBURY MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 03553977) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
SALISBURY MANAGEMENT SERVICES LIMITED is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net sales of services, excluding value added tax. Turnover is accounted for when monies are received and no provision is made for potential arrears as it is not known whether any claims for arrears will be received until money is paid in the bank. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
No depreciation is provided on freehold buildings. The company follows a regular refurbishment of its properties in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial. |
The directors are aware that every 5 years a third party valuation should have been carried out. However a third party valuation has not been carried out and in the opinion of the directors the valuations stated in the accounts are correct. |
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. |
The directors are aware that a third party valuation should have been carried out under SAAP 19. However a third party valuation has not been carried out and in the opinion of the directors the valuations stated in the accounts are correct. |
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. |
SALISBURY MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 03553977) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Leases |
Assets leased under operating leases are included in tangible fixed assets and are depreciated over their useful lives, where applicable. Rental income from operating leases is included in profit and loss on a straight line basis over the period of the lease. |
Going concern |
The directors have a reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
SALISBURY MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 03553977) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 1,135,000 (2023 - £ 1,135,000 ) which is not depreciated. |
Cost or valuation at 30 April 2024 is represented by: |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Valuation in 2006 | 4,108,197 | - | 4,108,197 |
Valuation in 2020 | 600,000 | - | 600,000 |
Valuation in 2021 | (2,254,029 | ) | - | (2,254,029 | ) |
Valuation in 2022 | (56,708 | ) | - | (56,708 | ) |
Cost | 552,540 | 146,258 | 698,798 |
2,950,000 | 146,258 | 3,096,258 |
If freehold land and building had not been revalued they would have been included at the following historical cost: |
30.4.24 | 30.4.23 |
£ | £ |
Cost | 2,449,095 | 2,449,095 |
Value of land in freehold land and buildings | 1,135,000 | 1,135,000 |
Freehold land and buildings were valued on an open market basis on 22 September 2006 by Mason Owen . |
The directors are aware that every 5 years a third party valuation should have been carried out.. However a third party valuation has not been carried out and in the opinion of the directors the valuations stated in the accounts are correct. |
On 30 October 2020 a revaluation of one of the properties was carried out on behalf of the company by a third party. |
SALISBURY MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 03553977) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The directors are aware that a third party valuation should have been carried out. However a third party valuation has not been carried out and in the opinion of the directors the valuations stated in the accounts are correct. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Repayable by instalments |
Bank loans more 5 yr by instal | 877,074 | 949,536 |
SALISBURY MANAGEMENT SERVICES LIMITED (REGISTERED NUMBER: 03553977) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
The bank overdraft is repayable on demand. The overdraft and the bank loan are secured by first legal mortgages over the company's properties. |
The hire purchase creditor is secured on the individual assets concerned. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 2,013,300 | 2,397,460 | 4,410,760 |
Deficit for the year | (96,828 | ) | (96,828 | ) |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | 1,914,472 | 2,397,460 | 4,311,932 |
13. | RELATED PARTY DISCLOSURES |
Included in other debtors is an amount of £650,800 (2023: £621,045) due from Caldy Classic Cars Limited a company with similar directors and shareholders to this company. |
Included in other debtors is an amount of £3,245,706 (2023: £3,670,140) due from Salisbury Group Limited this company's ultimate controlling party. |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is Salisbury Group Limited. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
SALISBURY MANAGEMENT SERVICES 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 SALISBURY MANAGEMENT SERVICES LIMITED for the year ended 30 April 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 SALISBURY MANAGEMENT SERVICES 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 SALISBURY MANAGEMENT SERVICES LIMITED and state those matters that we have agreed to state to the Board of Directors of SALISBURY MANAGEMENT SERVICES 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 SALISBURY MANAGEMENT SERVICES LIMITED and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that SALISBURY MANAGEMENT SERVICES 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 loss of SALISBURY MANAGEMENT SERVICES LIMITED. You consider that SALISBURY MANAGEMENT SERVICES 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 SALISBURY MANAGEMENT SERVICES 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. |
Enterprise House |
The Courtyard |
Old Courthouse Road |
Bromborough |
Merseyside |
CH62 4UE |
Date: ............................................. |