Company Registration No. 05888514 (England and Wales)
BARTLEY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
BARTLEY MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mr S Moulsdale
Mr J Steinberg
Company number
05888514
Registered office
c/o HJS Chartered Accountants
12-14 Carlton Place
Southampton
Hampshire
England
SO15 2EA
Accountants
HJS Chartered Accountants
12-14 Carlton Place
Southampton
Hampshire
England
SO15 2EA
Business address
PO Box 328
Southampton
Hampshire
SO40 0BS
BARTLEY MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BARTLEY MANAGEMENT LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,696
13,422
Current assets
Debtors
4
157,809
110,328
Cash at bank and in hand
80,898
36,555
238,707
146,883
Creditors: amounts falling due within one year
5
(163,541)
(111,698)
Net current assets
75,166
35,185
Total assets less current liabilities
87,862
48,607
Provisions for liabilities
(1,913)
-
Net assets
85,949
48,607
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
85,947
48,605
Total equity
85,949
48,607
BARTLEY MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2017
30 September 2017
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 23 April 2018 and are signed on its behalf by:
Mr S Moulsdale
Director
Company Registration No. 05888514
BARTLEY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 3 -
1
Accounting policies
Company information
Bartley Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
c/o HJS Chartered Accountants, 12-14 Carlton Place, Southampton, Hampshire, England, SO15 2EA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 September 2017
are the
first
financial statements of Bartley Management Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover represents management fees charged to all residential blocks, and is usually invoiced twice a year. Revenue is recognised once the invoice has been raised.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets.
A provision is made for any impairment loss and taken to the profit and loss account.
BARTLEY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company
only enters into Basic financial instrument transactions
.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BARTLEY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 2
).
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2016
4,129
4,674
10,825
19,628
Additions
2,741
-
-
2,741
At 30 September 2017
6,870
4,674
10,825
22,369
Depreciation and impairment
At 1 October 2016
2,303
2,550
1,353
6,206
Depreciation charged in the year
568
531
2,368
3,467
At 30 September 2017
2,871
3,081
3,721
9,673
Carrying amount
At 30 September 2017
3,999
1,593
7,104
12,696
At 30 September 2016
1,826
2,124
9,472
13,422
BARTLEY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 6 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
105,625
59,484
Other debtors
51,011
45,598
Prepayments and accrued income
1,173
5,246
157,809
110,328
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
11,280
7,218
Corporation tax
10,081
-
Other taxation and social security
71,062
63,491
Other creditors
31,318
8,971
Accruals and deferred income
39,800
32,018
163,541
111,698
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
2
2
7
Directors' transactions
During the year the company paid rent to
Bartley Properties
a business which Mr S Moulsdale, director, is a partner. Rent paid for the period was £20,000 (2016 £40,000
).
At the balance sheet date the director,
Mr S Moulsdale
, was owed by the company £21,355 (2016 £111
). No interest is accruing on this amount.
8
Prior period adjustment
Changes to the balance sheet
At 30 September 2016
As previously reported
Adjustment
As restated
£
£
£
Current assets
Debtors due within one year
107,631
2,697
110,328
BARTLEY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
8
Prior period adjustment
At 30 September 2016
As previously reported
Adjustment
As restated
£
£
£
(Continued)
- 7 -
Creditors due within one year
Taxation
(23,074)
(40,417)
(63,491)
Other creditors
(36,096)
(12,000)
(48,096)
Net assets
98,327
(49,720)
48,607
Capital and reserves
Profit and loss
98,325
(49,720)
48,605
Changes to the profit and loss account
Period ended 30 September 2016
As previously reported
Adjustment
As restated
£
£
£
Administrative expenses
(204,452)
(47,000)
(251,452)
Interest payable and similar expenses
(46)
(12,000)
(12,046)
Taxation
(9,280)
9,280
-
Profit/(loss) for the financial period
34,870
(49,720)
(14,850)