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Company No: 05105602 (England and Wales)

MAENPORTH OWNERS LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 31 March 2023

MAENPORTH OWNERS LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MAENPORTH OWNERS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
MAENPORTH OWNERS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Mr A L Daffern
Mr A C Hibbert
Mr A B Jenkinson
Mr D J Nottingham
Mr S Rowe
Mrs E L Sayer
Mrs N J Thomas
SECRETARY Mr P Mooney
REGISTERED OFFICE Maenporth Estate Office
Maenporth Estate Maenporth
Falmouth
TR11 5HN
United Kingdom
COMPANY NUMBER 05105602 (England and Wales)
CHARTERED ACCOUNTANTS Bishop Fleming LLP
Chy Nyverow
Newham Road
Truro
TR1 2DP
MAENPORTH OWNERS LIMITED

DIRECTORS' REPORT

For the financial year ended 31 March 2023
MAENPORTH OWNERS LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 March 2023

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 March 2023.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the year was that of a holding company.

GOING CONCERN

The directors have prepared the financial statements on the going concern basis. Further details are provided in the notes to the financial statements.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Mr A L Daffern
Mr A C Hibbert
Mr A B Jenkinson
Mr D J Nottingham
Mr S Rowe
Mrs E L Sayer
Mrs N J Thomas

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

Mr D J Nottingham
Director
Maenporth Estate Office
Maenporth Estate Maenporth
Falmouth
TR11 5HN
United Kingdom

05 November 2023

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAENPORTH OWNERS LIMITED

For the financial year ended 31 March 2023

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAENPORTH OWNERS LIMITED (continued)

For the financial year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maenporth Owners Limited for the financial year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes 1 to 7 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 www.icaew.com/regulation.

It is your duty to ensure that Maenporth Owners 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 profit of Maenporth Owners Limited. You consider that Maenporth Owners Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Maenporth Owners 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.

This report is made solely to the Board of Directors of Maenporth Owners Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Maenporth Owners Limited and state those matters that we have agreed to state to the Board of Directors of Maenporth Owners 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 Maenporth Owners Limited and its Board of Directors as a body for our work or for this report.

Bishop Fleming LLP
Chartered Accountants

Chy Nyverow
Newham Road
Truro
TR1 2DP

05 November 2023

MAENPORTH OWNERS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

For the financial year ended 31 March 2023
MAENPORTH OWNERS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS (continued)

For the financial year ended 31 March 2023
2023 2022
£ £
Turnover 2,004 2,004
Administrative expenses ( 698) ( 662)
Operating profit and profit before taxation 1,306 1,342
Tax on profit ( 248) ( 255)
Profit for the financial year 1,058 1,087
Retained earnings at the beginning of financial year 17,735 16,648
Profit for the financial year 1,058 1,087
Retained earnings at the end of financial year 18,793 17,735
MAENPORTH OWNERS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
MAENPORTH OWNERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 105,307 105,307
Investments 4 35,201 35,201
140,508 140,508
Current assets
Debtors 5 43,207 42,122
Cash at bank and in hand 16,026 16,010
59,233 58,132
Creditors: amounts falling due within one year 6 ( 948) ( 905)
Net current assets 58,285 57,227
Total assets less current liabilities 198,793 197,735
Net assets 198,793 197,735
Capital and reserves
Called-up share capital 7 90 90
Share premium account 179,910 179,910
Profit and loss account 18,793 17,735
Total shareholder's funds 198,793 197,735

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Maenporth Owners Limited (registered number: 05105602) were approved and authorised for issue by the Board of Directors on 05 November 2023. They were signed on its behalf by:

Mr D J Nottingham
Director
MAENPORTH OWNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MAENPORTH OWNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Maenporth Owners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Maenporth Estate Office, Maenporth Estate Maenporth, Falmouth, TR11 5HN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2022 105,307 118 105,425
At 31 March 2023 105,307 118 105,425
Accumulated depreciation
At 01 April 2022 0 118 118
At 31 March 2023 0 118 118
Net book value
At 31 March 2023 105,307 0 105,307
At 31 March 2022 105,307 0 105,307

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 35,201
At 31 March 2023 35,201
Carrying value at 31 March 2023 35,201
Carrying value at 31 March 2022 35,201

5. Debtors

2023 2022
£ £
Amounts owed by own subsidiaries 43,207 42,122

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 100 50
Taxation and social security 298 305
Other creditors 550 550
948 905

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
90 Ordinary shares of £ 1.00 each 90 90