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REGISTERED NUMBER: 01760582 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MARCHWOOD MANAGEMENT (CHICHESTER)
LIMITED

MARCHWOOD MANAGEMENT (CHICHESTER)
LIMITED (REGISTERED NUMBER: 01760582)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MARCHWOOD MANAGEMENT (CHICHESTER)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr A J Birch
Ms N de Silva
Mrs S A Ferrier
Mrs A M House
Mr R Alexander
Mrs N Davis
Mr E Russell


REGISTERED OFFICE: Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ


REGISTERED NUMBER: 01760582 (England and Wales)


AUDITORS: Lewis Brownlee (Chichester) Limited
Chartered Accountants
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ


BANKERS: HSBC Bank plc
94 East Street
Chichester
West Sussex
PO19 1HD


SOLICITORS: Glanvilles LLP
Avenue House
Southgate
Chichester
PO19 1ES

MARCHWOOD MANAGEMENT (CHICHESTER)
LIMITED (REGISTERED NUMBER: 01760582)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 15,396 16,851

CURRENT ASSETS
Debtors 5 4,375 2,179
Cash at bank 214,543 183,139
218,918 185,318
CREDITORS
Amounts falling due within one year 6 25,972 20,769
NET CURRENT ASSETS 192,946 164,549
TOTAL ASSETS LESS CURRENT
LIABILITIES

208,342

181,400

PROVISIONS FOR LIABILITIES 7 208,242 181,300
NET ASSETS 100 100

CAPITAL AND RESERVES
Called up share capital 8 100 100
SHAREHOLDERS' FUNDS 100 100

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2024 and were signed on its behalf by:





Ms N de Silva - Director


MARCHWOOD MANAGEMENT (CHICHESTER)
LIMITED (REGISTERED NUMBER: 01760582)

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


1. STATUTORY INFORMATION

Marchwood Management (Chichester) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01760582 and its registered office is Appledram Barns, Birdham Road, Chichester, West Sussex, PO20 7EQ.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Service charges
The sole object of the company is to own and manage the leisure facilities and amenity lands at Marchwood, Chichester. The company owns and manages these assets on behalf of the residents, each of whom is a shareholder in the company. All costs incurred by the company in managing the assets are recharged to the shareholders in agreed proportions. The recharges to shareholders represent the company's turnover and thus turnover each year equals the expenditure on running costs. Turnover and costs are recognised in the period to which the costs relate.

Excess funds are held on Trust on behalf of the residents, to be used for general and specific expenses of the estate.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Machinery - 8.33% on cost

Financial instruments
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Flats administration and flat repairs provision
The company administers the leasehold flats at Marchwood on behalf of the flat owners. This is not part of the company's principal activity and, as the company recharges all expenses incurred in the flats' administration to the flat owners and acts only as an agent, receiving no remuneration, there are no costs or income in relation to the flats' administration to disclose in the company's financial statements. It is the responsibility of the tenants of the leasehold flats to redecorate the interior common parts of the flats every five years. The company has agreed to undertake this work on behalf of the tenants.

Provision for major repairs
The provision has been established by the directors as a fund out of which to meet future expenditure on major repairs and capital items. Each resident contributes to the provision as and when calls are made by the directors. Major items of expenditure will be charged against this provision at the discretion of the directors. This provision is not allocated to individual shareholders. It is a collective fund held by the company but as 'A' and 'B' shareholders have contributed to it equally, it can only be used for major expenditure on the shared leisure and other facilities; it is not available for expenditure on the amenity lands which relate only to the 'A' shareholders.

MARCHWOOD MANAGEMENT (CHICHESTER)
LIMITED (REGISTERED NUMBER: 01760582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

'A' shareholders' provision for major repairs
The provision has been established by the directors as a fund out of which to meet future expenditure on major repairs to the amenity lands which relate only to the 'A' shareholders. Each 'A' shareholder resident contributes to the provision as and when calls are made by the directors. Major items of expenditure on the amenity lands will be charged against the provision at the discretion of the directors. This provision is not allocated to individual shareholders.

Painting provision
It is the responsibility of the company to arrange for the painting of the 'A' shareholders' properties on the Marchwood estate every four or five years. It also supports the 'A' shareholder leaseholders with exterior decoration of the blocks of flats. The Painting Provision has been set up to collect an annual contribution towards the repainting from each of the residents covered by the company's repainting obligations. A separate provision is maintained for the contributions of each resident. Each shareholder's painting provision is held on account solely for the benefit of that shareholder (or successor) and it cannot be used for any other purpose by the company.

Fixed asset depreciation provision
The provision has been established to set aside funds from the 'Provision for major repairs' used to purchase capital items. The depreciation of capital items in future periods will be covered by transfers from this provision.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£
COST
At 1 January 2023
and 31 December 2023 17,457
DEPRECIATION
At 1 January 2023 606
Charge for year 1,455
At 31 December 2023 2,061
NET BOOK VALUE
At 31 December 2023 15,396
At 31 December 2022 16,851

The company owns certain communal land and buildings at Marchwood, Chichester. These assets have no value assigned to them in the company's balance sheet as they were conveyed to the company at nil cost.

MARCHWOOD MANAGEMENT (CHICHESTER)
LIMITED (REGISTERED NUMBER: 01760582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts due from residents 557 16
Other debtors 1,670 -
Prepayments and accrued income 2,148 2,163
4,375 2,179

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts due to residents 11,217 9,859
Taxation 299 -
Key deposits 185 185
Accruals and deferred income 14,271 10,725
25,972 20,769

7. PROVISIONS FOR LIABILITIES

ProvisionA Shareholders'Flat
for MajorProvision forPaintingRepairs
RepairsMajor RepairsProvisionProvision
££££
Balance brought forward16,68933,45257,65829,890
Increase in provisions this year1,118- - -
Contributions from residents6,0006,86029,8206,300
Costs incurred(2,172)(11,000 )(147(17,207)
Balance carried forward21,63529,31287,33118,983

FlatFixed Asset
Roof RepairsDepreciation
ProvisionProvisionTOTAL
£££
Balance brought forward26,76016,851181,300
Increase in provisions this year- - 1,118
Contributions from residents8,920- 57,900
Costs incurred(95)(1,455)(32,076
Balance carried forward35,58515,396208,242


MARCHWOOD MANAGEMENT (CHICHESTER)
LIMITED (REGISTERED NUMBER: 01760582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
49 Ordinary 'A' £1 49 49
51 Ordinary 'B' £1 51 51
100 100

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Brownlee (Chichester) Limited

10. CONTINGENT LIABILITIES

The directors are aware of some defective repair works to certain property which will require remedial works. The directors are of the opinion that this potential liability is covered by the company's insurance.

11. ULTIMATE CONTROLLING PARTY

The company is controlled collectively by its shareholders, who are the residents of the Marchwood Estate in Chichester, West Sussex.