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REGISTERED NUMBER: 03553977 (England and Wales)















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: R M Canner
Mrs M I Canner





SECRETARY: R M Canner





REGISTERED OFFICE: Enterprise House
The Courtyard
Old Courthouse Road
Bromborough
Wirral
CH62 4UE





REGISTERED NUMBER: 03553977 (England and Wales)





ACCOUNTANTS: LBW Chartered 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 3,026,289 2,977,590
Investment property 6 237,356 237,356
3,263,645 3,214,946

CURRENT ASSETS
Debtors 7 3,934,171 4,469,057
Cash at bank and in hand 14,156 3,814
3,948,327 4,472,871
CREDITORS
Amounts falling due within one year 8 655,300 586,210
NET CURRENT ASSETS 3,293,027 3,886,661
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,556,672

7,101,607

CREDITORS
Amounts falling due after more than one
year

9

2,244,640

2,690,747
NET ASSETS 4,312,032 4,410,860

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 4,312,032 4,410,860

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 31 January 2025 and were signed on its behalf by:



R M Canner - Director


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 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 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
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of four years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Fixtures and fittings - 10% on reducing balance pro rata

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 47 (2023 - 46 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 4,118,400
AMORTISATION
At 1 May 2023
and 30 April 2024 4,118,400
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 2,950,000 94,694 3,044,694
Additions - 51,564 51,564
At 30 April 2024 2,950,000 146,258 3,096,258
DEPRECIATION
At 1 May 2023 - 67,104 67,104
Charge for year - 2,865 2,865
At 30 April 2024 - 69,969 69,969
NET BOOK VALUE
At 30 April 2024 2,950,000 76,289 3,026,289
At 30 April 2023 2,950,000 27,590 2,977,590

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 237,356
NET BOOK VALUE
At 30 April 2024 237,356
At 30 April 2023 237,356

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 16,010 17,627
Other debtors 3,918,161 4,451,430
3,934,171 4,469,057

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 318,367 303,314
Trade creditors 28,864 38,035
Taxation and social security 257,276 175,452
Other creditors 50,793 69,409
655,300 586,210

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans 1,365,063 1,507,388
Other creditors 879,577 1,183,359
2,244,640 2,690,747

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 200,000 200,000

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 1,683,430 1,810,702

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: £    £   
100 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 (2,000 ) (2,000 )
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.






LBW Chartered Accountants
Enterprise House
The Courtyard
Old Courthouse Road
Bromborough
Merseyside
CH62 4UE


Date: .............................................