Company Registration No. 02318869 (England and Wales)
OLD FORGE MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
OLD FORGE MANAGEMENT COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr C Blane
Mr C Harris
Company number
02318869
Registered office
Unit 1
Little Forge Road
Park Farm North
Redditch
Worcestershire
B98 7SF
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Metro Bank Plc
1 Southampton Row
London
WC1B 5HA
OLD FORGE MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 4
OLD FORGE MANAGEMENT COMPANY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OLD FORGE MANAGEMENT COMPANY LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Old Forge Management Company Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Old Forge Management Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Old Forge Management Company Limited and state those matters that we have agreed to state to the Board of Directors of Old Forge Management Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Old Forge Management Company Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Old Forge Management Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Old Forge Management Company Limited. You consider that Old Forge Management Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Old Forge Management Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
17 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
OLD FORGE MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1
1
Current assets
Debtors
4
154
Cash at bank and in hand
4,678
3,161
4,832
3,161
Creditors: amounts falling due within one year
5
(2,104)
(1,756)
Net current assets
2,728
1,405
Total assets less current liabilities
2,729
1,406
Capital and reserves
Called up share capital
6
100
100
Other reserves
2,629
1,306
Total equity
2,729
1,406
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 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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 17 October 2023 and are signed on its behalf by:
Mr C Harris
Director
Company Registration No. 02318869
OLD FORGE MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Old Forge Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Little Forge Road, Park Farm North, Redditch, Worcestershire, B98 7SF.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Service charge income, net of value added tax, is derived from service charges demanded.
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:
Freehold land
Nil
Freehold land is not depreciated.
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
Other reserves - maintenance fund
The company is non profit making and any surplus is transferred into the maintenance fund for future maintenance costs.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
OLD FORGE MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022 and 31 March 2023
1
Depreciation and impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023
1
At 31 March 2022
1
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
154
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,306
753
Taxation and social security
94
158
Other creditors
704
845
2,104
1,756
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary B of £1 each
100
100
100
100
7
Control
Ultimate parent company
The ultimate parent company is Clive Harris Property Limited.
Ultimate controlling party
The ultimate controlling party is Mr C Harris.