Friars Place (Management) Limited iXBRL

Company Registration Number: 02325413

Friars Place (Management) Limited

Unaudited Financial Statements

for the financial year ended 31 March 2026

Friars Place (Management) Limited

DIRECTOR AND OTHER INFORMATION


Directors	A C Thorarinsson
	V C Ware (Resigned 26 November 2025)


Company Secretary	Rounce & Evans Property Management Ltd


Company Registration Number	02325413


Registered Office and Business Address	Rounce & Evans Property Management Limited
	16 Church Street
	King's Lynn
	Norfolk
	PE30 5EB
	England


Accountants	Thain Wildbur
	Chartered Accountants
	36-38 King Street
	King's Lynn
	Norfolk
	PE30 1ES
	England

Friars Place (Management) Limited

Company Registration Number: 02325413

BALANCE SHEET

as at 31 March 2026

		2026	2025
	Notes	£	£

Fixed Assets

Tangible assets

1,134

1,134

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Current Assets

Debtors

17,366

16,461

Cash and cash equivalents

14,601

16,556

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31,967

33,017

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Creditors: amounts falling due within one year

(506)

(478)

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Net Current Assets

31,461

32,539

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Total Assets less Current Liabilities

32,595

33,673

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Capital and Reserves

Called up share capital

Other reserves

11,686

16,720

Retained earnings

20,895

16,939

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Shareholders' Funds

32,595

33,673

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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 company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Director and authorised for issue on 24 June 2026




________________________________
A C Thorarinsson
Director

Friars Place (Management) Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 March 2026

General Information

Friars Place (Management) Limited is a company limited by shares incorporated in the United Kingdom. Rounce & Evans Property Management Limited, 16 Church Street, King's Lynn, Norfolk, PE30 5EB, England is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 March 2026 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Land and buildings freehold

Nil

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

The directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Employees

The average monthly number of employees, including director, during the financial year was 2 (2023 - 2)

Tangible assets

Land and

buildings

freehold

Cost

At 1 April 2025

1,134

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At 31 March 2026

1,134

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Depreciation

At 1 April 2025

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At 31 March 2026

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Net book value

At 31 March 2026

1,134

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At 31 March 2025

1,134

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Friars Place (Management) Limited acquired the freehold of the property occupied by flats 27 Friar Street, 1 and 3-13 Friars Place during the Year ended 31st March 2009.

Freehold property consists of the legal costs and land registry fees involved in transferring the freehold at Friars Place to the management company.


5.	Debtors	2026	2025
		£	£

	Trade debtors	15,003	14,015
	Prepayments and accrued income	2,363	2,446
		─────────	─────────
		17,366	16,461
		═════════	═════════


6.	Creditors	2026	2025
	Amounts falling due within one year	£	£

	Accruals	506	478
		═════════	═════════

Reserves

Exterior decorations reserve

It is a condition of the leases that the exterior be decorated every seven years. A transfer is made annually to a seperate reserve to provide for the potential costs involved.

During the year, expenditure of £5,644 relating to external decoration works was charged to the Income and Expenditure Account and funded from the reserve.

A transfer between Retained Earnings and the Exterior Decorations Reserve has been made to reflect this.

Movements on the Exterior Decorations Reserve during the year consist of debit £5,644 for expenditure incurred and credit £330 representing the annual transfer to cover potential costs.

Roads and car park reserve

It is a condition of the leases that the roads and car parks within the complex be maintained and repaired. A transfer is made annually to a seperate reserve to provide for the potential costs involved.