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COMPANY REGISTRATION NUMBER: 01586306
Patching Hall Management Company Limited
Filleted Unaudited Financial Statements
31 December 2021
Patching Hall Management Company Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,148
9,152
Current assets
Debtors
6
3,985
4,888
Cash at bank and in hand
37,075
40,864
--------
--------
41,060
45,752
Creditors: amounts falling due within one year
7
11,585
9,681
--------
--------
Net current assets
29,475
36,071
--------
--------
Total assets less current liabilities
32,623
45,223
Provisions
Other provisions
8
19,080
46,313
--------
--------
Net assets/(liabilities)
13,543
( 1,090)
--------
--------
Capital and reserves
Called up share capital
9
2,400
2,400
Other reserves
11,143
11,143
Profit and loss account
( 14,633)
--------
--------
Shareholders funds/(deficit)
13,543
( 1,090)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Patching Hall Management Company Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 3 June 2022 , and are signed on behalf of the board by:
B Chalmers
D K Allebone
Director
Director
Company registration number: 01586306
Patching Hall Management Company Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Goldlay House, Parkway, Chelmsford, Essex, CM2 7PR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents service charges and ground rent receivable during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to leasehold
-
20% straight line
Plant and Machinery
-
15% reducing balance
Office Equipment
-
15 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).
5. Tangible assets
Freehold property
Leasehold Property Improvements
Plant and machinery
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2021 and 31 December 2021
2,947
29,840
709
761
34,257
-------
--------
----
----
--------
Depreciation
At 1 January 2021
23,872
570
663
25,105
Charge for the year
5,968
21
15
6,004
-------
--------
----
----
--------
At 31 December 2021
29,840
591
678
31,109
-------
--------
----
----
--------
Carrying amount
At 31 December 2021
2,947
118
83
3,148
-------
--------
----
----
--------
At 31 December 2020
2,947
5,968
139
98
9,152
-------
--------
----
----
--------
Freehold property relates to the cost of land and therefore no depreciation is charged.
6. Debtors
2021
2020
£
£
Trade debtors
1,302
2,192
Prepayments and accrued income
2,683
2,696
-------
-------
3,985
4,888
-------
-------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
7,578
7,044
Accruals and deferred income
3,273
2,637
Corporation tax
734
--------
-------
11,585
9,681
--------
-------
8. Provisions
Building maintenance fund
£
At 1 January 2021
46,313
Contributions received
4,848
Payments made
(32,081)
--------
At 31 December 2021
19,080
--------
9. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 100 each
24
2,400
24
2,400
----
-------
----
-------
10. Related party transactions
During the year the company used the services of a director and a relation of a director, to the value of £10,106 (2020: £6,233).