Samonbourne Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is C/O Tant Building Management Ltd, Highstone House, 165 High Street, Barnet, EN5 5SU.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The turnover shown in the income and expenditure account represents service charges and sundry fees rendered during the year
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. Financial assets classified as receivable within one year are not amortised.
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, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Each year the directors assess the requirement to set aside monies for periodic redecoration and repairs under the terms of the leases. Any charge in the income and expenditure account is also reflected in the provision for liabilities, representing the long term maintenance account,
The average monthly number of persons (including directors) employed by the company during the year was:
Going forwards, the provision will be used together with retained reserves towards the replacement of the entrance doors which is expected to be in the region of £24,000
The company is limited by guarantee with 30 members, each of whom is a lessee and liable to contribute a sum not exceeding £1 in the event of the company being wound up. However, under the terms of the lease each lessee, including the directors, is responsible for a one thirtieth share of all costs, charges and expenses incurred or to be incurred by the company. There is no overall controlling party.
It is a condition of the lease that each lessee, who is also a member of the company, deposits £100 with the company for the length of their lease.
No tax liability arises in view of the mutual trading position of the company.
The directors receive an allowance by way of a deduction from their service charge to meet out-of-pocket expenses. In the year ended 31 July 2023 this amounted to £223 (2022 - £200).