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Registered number: 2775229
















MAENPORTH ESTATE COMPANY LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023


































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MAENPORTH ESTATE COMPANY LIMITED
REGISTERED NUMBER:2775229

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
54,731
51,813

Investments
 5 
1
1

  
54,732
51,814

Current assets
  

Stocks
  
1,787
1,787

Debtors: amounts falling due within one year
 6 
29,947
21,707

Cash at bank and in hand
  
434,001
321,837

  
465,735
345,331

Creditors: amounts falling due within one year
 7 
(121,252)
(113,718)

Net current assets
  
 
 
344,483
 
 
231,613

Total assets less current liabilities
  
399,215
283,427

Provisions for liabilities
  

Deferred tax
  
(332)
-

Net assets
  
398,883
283,427


Capital and reserves
  

Called up share capital 
 8 
2
2

Long term maintenance reserve
  
341,927
247,893

Profit and loss account
  
56,954
35,532

  
398,883
283,427


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Mr D J Nottingham (Chairman)
Director

Date: 19 November 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 1


MAENPORTH ESTATE COMPANY LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Long term maintenance reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
2
184,991
18,714
203,707


Comprehensive income for the year

Profit for the year
-
-
79,720
79,720
Total comprehensive income for the year
-
-
79,720
79,720

Transfer to/from long term maintenance reserve
-
-
(62,902)
(62,902)

Transfer to/from long term maintenance reserve
-
62,902
-
62,902



At 1 April 2022
2
247,893
35,532
283,427


Comprehensive income for the year

Profit for the year
-
-
115,456
115,456
Total comprehensive income for the year
-
-
115,456
115,456

Transfer to/from long term maintenance reserve
-
-
(94,034)
(94,034)

Transfer to/from long term maintenance reserve
-
104,000
-
104,000

Expenditure from reserve
-
(9,966)
-
(9,966)


At 31 March 2023
2
341,927
56,954
398,883


The notes on pages 3 to 7 form part of these financial statements.

Page 2


MAENPORTH ESTATE COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

Maenporth Estate Company Limited is a private limited liability company incorporated in England and Wales.
The registered number is: 2775229.
The registered office is: Estate Office, Maenporth Estate, Falmouth, Cornwall, TR11 5HN.
The company is a wholly-owned subsidiary of Maenporth Owners Limited (“MOL”) which owns the freehold of the common land and properties at the Maenporth Estate, Maenporth, Cornwall (“the Estate”). The company acts as the management company for the Estate on behalf of its parent, MOL. 
Under the terms of their freehold and leasehold agreements the freehold and long-leasehold owners of the residential properties on the Estate pay an annual, variable service charge to cover site maintenance and running costs. The service charge is determined annually by the board of MOL and the monies due are billed and collected from the owners by the company, which is then responsible for meeting the obligations to provide upkeep of the Estate including services, repairs, maintenance, improvements, insurance, security and general site management.
The amounts paid by owners as service charges are effectively “ring-fenced” and held in trust by the company, on the owners’ behalf, until defrayed for the purposes they were raised.
In addition to income from service charges the company also receives income from other assets and activities owned and operated by the Estate.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The financial statements use British Pounds Sterling as the presentation currency, and are rounded to the nearest £1 throughout.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs.

Page 3


MAENPORTH ESTATE COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (continued)

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
33%, 20%, 17% and 10% straight line
Motor vehicles
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4


MAENPORTH ESTATE COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (continued)

 
2.5

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 15 (2022: 15).

Page 5


MAENPORTH ESTATE COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 April 2022
60,000
52,313
23,642
135,955


Additions
-
10,278
-
10,278



At 31 March 2023

60,000
62,591
23,642
146,233



DEPRECIATION


At 1 April 2022
21,600
38,902
23,640
84,142


Charge for the year on owned assets
1,200
6,158
2
7,360



At 31 March 2023

22,800
45,060
23,642
91,502



NET BOOK VALUE



At 31 March 2023
37,200
17,531
-
54,731



At 31 March 2022
38,400
13,411
2
51,813


5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 April 2022
1



At 31 March 2023
1




Page 6


MAENPORTH ESTATE COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


DEBTORS

2023
2022
£
£


Trade debtors
1,122
3,649

Other debtors
4,371
2,093

Prepayments and accrued income
24,454
15,965

29,947
21,707



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
24,583
19,166

Amounts owed to group undertakings
41,268
42,136

Corporation tax
13,746
12,886

Other taxation and social security
5,685
5,574

Other creditors
59
2,738

Accruals and deferred income
35,911
31,218

121,252
113,718



8.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2 (2022: 2) Ordinary shares of £1.00 each
2
2



9.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £2,995 (2022: £2,374). Contributions totalling £281 (2022: £223) were payable to the fund at the reporting date and are included in creditors.


10.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 23 November 2023 by Alison Oliver FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

 
Page 7