Company registration number 06631364 (England and Wales)
GITTISHAM HILL PARK MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GITTISHAM HILL PARK MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GITTISHAM HILL PARK MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
117,872
43,193
Cash at bank and in hand
89,440
97,442
207,312
140,635
Creditors: amounts falling due within one year
4
(130,117)
(43,662)
Net current assets
77,195
96,973
Capital and reserves
Called up share capital
1
1
Maintenance reserve fund
5
77,194
96,972
Total equity
77,195
96,973
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 26 September 2023 and are signed on its behalf by:
K M O'Brien
Director
Company Registration No. 06631364
GITTISHAM HILL PARK MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Gittisham Hill Park Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The company is responsible for the management of Gittisham Hill Park, Sidmouth Rd, Honiton, EX14 3TY, which is the principal place of business. The company collects service charges from lessees in order to fund expenditure incurred in the management of the property. Under FRS 102, the company is considered to be acting as principal when transacting with third parties on the management of the property and hence the income and expenditure, assets and liabilities from this activity are reflected in these financial statements. These service charge funds are held in trust for the lessees as required by the Landlord and Tenant Act 1987 and disclosed within capital and reserves.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover consists of service charge income from tenants.
Turnover is measured at the true fair value of the consideration received or receivable, excluding discounts, rebates and value added tax and is recognised as it is earned.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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. Financial assets classified as receivable within one year are not amortised.
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.
GITTISHAM HILL PARK MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.
1.4
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.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
2
The directors do not receive any emoluments through the company
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,464
27,037
Deficits recoverable from tenants
2,535
4,187
Amounts owed by group companies
59,829
11,969
Other debtors
35,044
117,872
43,193
GITTISHAM HILL PARK MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,670
10,475
Amounts owed to group companies
101,267
16,478
Accruals and deferred income
24,180
16,709
130,117
43,662
5
Maintenance reserve Fund
Service charge (deficit)/surplus
Maintenance reserve fund
Totals
£
£
£
At the beginning of the year
-
96,972
96,972
Expenses paid from maintenance reserve fund
-
(37,778)
(37,778)
Contribution from service charge fund
-
18,000
18,000
At the end of the year
-
77,194
77,194
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Paul Creasey
Statutory Auditor:
Azets Audit Services
7
Ultimate Controlling Party
The company's ultimate parent company is AXA SA, a company registered and incorporated in France.