Registered number: 05772665
FARADAY PROPERTY MANAGEMENT LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FARADAY PROPERTY MANAGEMENT LTD
Company Information
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Chartered Accountants and Statutory Auditor
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FARADAY PROPERTY MANAGEMENT LTD
Contents
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Notes to the financial statements
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FARADAY PROPERTY MANAGEMENT LTD
Registered number: 05772665
Balance sheet
as at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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FARADAY PROPERTY MANAGEMENT LTD
Registered number: 05772665
Balance sheet (continued)
as at 31 December 2024
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 on 27 March 2025.
The notes on pages 3 to 8 form part of these financial statements.
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FARADAY PROPERTY MANAGEMENT LTD
Notes to the financial statements
for the year ended 31 December 2024
The principal activity of the Company during the period under review was property management.
These financial statements are for the year ended 31 December 2024. The comparatives are for the 9 month period from 1 April 2023 to 31 December 2023.
Faraday Property Management Ltd is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 9-11 The Quadrant, Richmond, Surrey, TW9 1BP. The Company’s registered number is 05772665.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Revenue comprises mainly of fees for property management which are usually levied on a per block basis. Other revenues are derived from supplementary services provided to the properties under management.
Revenue is recognised for services provided during the year. If services have been provided and not invoiced, the revenues are accrued. Where amounts are invoiced in advance of services being provided, revenues are deferred. Revenue from property management is recognised over the period in which the services are being provided.
Revenue is measured as the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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FARADAY PROPERTY MANAGEMENT LTD
Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
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 balance sheet date in the countries where the Company operates and generates income.
The management of client monies is part of the Company’s residential management activities. This money belongs to clients, but the Company has operational control over the monies in order to perform its management services. As with many property services companies, these monies are not recognised on the Balance Sheet.
Rentals payable under operating leases are charged in the Statement of Comprehensive Income and Retained Earning on a straight-line basis over the lease term.
In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis over the lease term.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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FARADAY PROPERTY MANAGEMENT LTD
Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements in conformity with FRS 102 requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company's lease requires the property to be left in a specific condition at the end of the lease. As such the company makes provision for the anticipated works required. The provision is based on managements best estimates, taking into account the size of the floor space and accepted market rates.
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The average monthly number of employees, including directors, during the year was 29 (2023 - 30).
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FARADAY PROPERTY MANAGEMENT LTD
Notes to the financial statements
for the year ended 31 December 2024
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Charge for the year on owned assets
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Amounts owed by parent company
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Amounts owed by fellow subs
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Prepayments and accrued income
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FARADAY PROPERTY MANAGEMENT LTD
Notes to the financial statements
for the year ended 31 December 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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Allotted, called up and fully paid
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39,500 (2023 - 39,500) Ordinary shares shares of £1.00 each
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FARADAY PROPERTY MANAGEMENT LTD
Notes to the financial statements
for the year ended 31 December 2024
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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The Company has taken advantage of the exemption provided under FRS 102 Section 33.1A of FRS 102 and has not disclosed transactions or balances with members of the group which are wholly owned by the ultimate parent company whose financial statements are consolidated and publicly available.
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The immediate parent undertaking is Vegner Group Limited, a Company incorporated in the United Kingdom and registered in England and Wales. Vegner Group Limited owns 100% of the share capital of the Company and provides central management services to the Company.
The parent undertaking of the smallest group to prepare consolidated financial statements is Odevo UK Holdco Ltd, a Company incorporated in the United Kingdom and registered in England and Wales. The consolidated accounts of Odevo UK Holdco Ltd can be obtained from 13b St. George Wharf, London, England, SW8 2LE.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 28 March 2025 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
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