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Leighton Hall Management Company Limited
Company limited by guarantee
Filleted accounts
31 August 2022
Company registration number: 05536488
Leighton Hall Management Company Limited
Company limited by guarantee
Directors and other information
Directors P N Cook
H R Huntington
Company number 05536488
Registered office Hanborough House
5 Wallbrook Court
Botley
Oxford
OX2 0QS
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Leighton Hall Management Company Limited
Company limited by guarantee
Balance sheet
31st August 2022
2022 2021
Note £ £ £ £
Current assets
Debtors 5 50,194 35,034
Cash at bank and in hand 369,598 428,675
_______ _______
419,792 463,709
Creditors: amounts falling due
within one year 6 ( 144,093) ( 151,760)
_______ _______
Net current assets 275,699 311,949
_______ _______
Net assets 275,699 311,949
_______ _______
Capital and reserves
Major repair reserve 7 178,200 118,800
Profit and loss account 97,499 193,149
_______ _______
Members funds 275,699 311,949
_______ _______
For the year ending 31 August 2022 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.
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 Income & expenditure account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
P N Cook
Director
Company registration number: 05536488
Leighton Hall Management Company Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31st August 2022
1. General information
The company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is Hanborough House, 5 Wallbrook Court, Botley, Oxford, OX2 0QS. There was no significant change in the company's principal activity during the year which continued to be undertaking the management and administration of the halls of residence at Leighton Hall, Leighton Street, Preston.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for amounts receoverable from the tenants of the properties. Turnover represents service charge income receivable in respect of the year under review.
Taxation
The company is a mutual trading company and is only liable to tax on income received from non-members and interest received. On the basis of these accounts, no charge to corporation tax arises. Deferred tax is also not applicable.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, 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 5 (2021: 5 ).
5. Debtors
2022 2021
£ £
Trade debtors 9,340 3,067
Other debtors 40,854 31,967
_______ _______
50,194 35,034
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 23,479 46,642
Other creditors 120,614 105,118
_______ _______
144,093 151,760
_______ _______
7. Reserves
The major repair reserve has been established to provide funds in order to pay for major repairs which are expected to arise in the future. The present level of the fund may prove insufficient, given the uncertainty as to when such costs may arise. Any shortfall in these funds resulting from expenditure incurred will be charged to the income and expenditure account in that year.
Total
£
At 1st September 2021 118,800
Transfer from income & expenditure account 59,400
_______
At 31st August 2022 178,200
_______