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Registered number: 04604298
















BISHOP FLEMING MANAGEMENT SERVICES LIMITED


UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

































BISHOP FLEMING MANAGEMENT SERVICES LIMITED
REGISTERED NUMBER:04604298

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors
 4 
196,262
421,303

Cash at bank and in hand
 5 
15,628
163,592

  
211,890
584,895

Creditors: amounts falling due within one year
 6 
(138,134)
(279,357)

Net current assets
  
 
 
73,756
 
 
305,538

Total assets less current liabilities
  
73,756
305,538

Creditors: amounts falling due after more than one year
 7 
(71,548)
(227,960)

  

Net assets
  
2,208
77,578


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
2,207
77,577

  
2,208
77,578

Page 1


BISHOP FLEMING MANAGEMENT SERVICES LIMITED
REGISTERED NUMBER:04604298
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





R G Davey
Director

Date: 25 February 2025

The notes on pages 3 to 7 form part of these financial statements.
Page 2


BISHOP FLEMING MANAGEMENT SERVICES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


GENERAL INFORMATION

Bishop Fleming Management Services Limited is a private company limited by shares in England and Wales. The company's principal acitvity is providing property management services.
The company's registered number is 04604298.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The accounts are made up to the last day of the week nearest to the end of the financial year.

The following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3


BISHOP FLEMING MANAGEMENT SERVICES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

LEASED ASSETS: THE COMPANY AS LESSOR

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4


BISHOP FLEMING MANAGEMENT SERVICES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


EMPLOYEES




The average monthly number of employees, including directors, during the year was 2 (2023: 2).

Page 5


BISHOP FLEMING MANAGEMENT SERVICES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


DEBTORS


2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Finance leases
71,548
196,262

71,548
196,262

DUE WITHIN ONE YEAR

Finance leases
124,714
225,041

196,262
421,303



5.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
15,628
163,592



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Amounts owed to group undertakings
124,714
263,822

Corporation tax
1,804
1,958

Other taxation and social security
11,616
13,577

138,134
279,357



7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Amounts owed to group undertakings
71,548
227,960


Page 6


BISHOP FLEMING MANAGEMENT SERVICES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2023: 1) Ordinary share of £1.00
1
1



9.


RELATED PARTY TRANSACTIONS

Bishop Fleming Investments Limited is the parent company.
The following entities are related to Bishop Fleming Management Services Limited by virtue of being
under common control:
    - Bishop Fleming LLP
The following transactions and balances existed with related parties:

2024
2023
£
£
Bishop Fleming LLP (LLP)
Management charges from LLP

10,916

7,000
 
Finance lease charges to LLP

12,299

21,911
 
Balance at year end due from LLP

196,262

421,303
 

 
Page 7