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Registration number: 02946917

Poundbury (Manco 1) Limited

Directors Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

image-name

Chartered Accountants

 

Poundbury (Manco 1) Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Independent Assurance Report

3

Income and Expenditure Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 9

 

Poundbury (Manco 1) Limited

Company Information

Directors

Dr S G S Ellis

J D Bowerman Esq

Commander R Lamb

Mrs D Harvey

Mrs H W Barnett

D M Parry Esq

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Poundbury (Manco 1) Limited

Directors' Report
for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Dr S G S Ellis

J D Bowerman Esq

Commander R Lamb

Mrs D Harvey (appointed 5 October 2023)

Mrs H W Barnett

D M Parry Esq

Principal activity

The principal activity of the company is the management of the first phase of the Poundbury development.

Statement of directors responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 8 February 2024 and signed on its behalf by:




Dr S G S Ellis
Director

 

Chartered Accountants' Independent Assurance Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Poundbury (Manco 1) Limited
for the Year Ended 31 December 2023

We have reviewed the financial statements of Poundbury (Manco 1) Limited for the year ended 31 December 2023, which comprise the Income and Expenditure Account, the Balance Sheet and the related notes 1 to 8. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard 102 (Section 1A).

This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 28 January 2020. Our review has been undertaken so that we may state to the company’s directors those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors as a body for our work, for this report or the conclusions we have formed.

Directors’ Responsibility for the Financial Statements
As explained more fully in the Directors’ Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants’ Responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements and ICAEW Technical Release TECH 09/13AAF Assurance review engagements on historical financial statements. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the Assurance Review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
• so as to give a true and fair view of the state of the company’s affairs as at 31 December 2023, and of its surplus/(deficit) for the year then ended;
• in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
• in accordance with the requirements of the Companies Act 2006.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

8 February 2024

 

Poundbury (Manco 1) Limited

Income and Expenditure Account
for the Year Ended 31 December 2023

Note

2023
  £

2022
  £

Income

 

77,160

77,785

Expenses

 

(109,058)

(50,026)

Operating (deficit)/surplus

 

(31,898)

27,759

Other interest receivable and similar income

 

2,534

739

(Deficit)/surplus before tax

4

(29,364)

28,498

Taxation

 

(481)

(140)

(Deficit)/surplus for the financial year

 

(29,845)

28,358

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Poundbury (Manco 1) Limited

(Registration number: 02946917)
Balance Sheet as at 31 December 2023

Note

2023
 

2022
 

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

22,373

 

82,475

Current assets

   

 

Debtors

6

30,540

 

10,578

 

Cash at bank and in hand

 

215,310

 

202,894

 

 

245,850

 

213,472

 

Creditors: Amounts falling due within one year

7

(15,780)

 

(13,659)

 

Net current assets

   

230,070

 

199,813

Net assets

   

252,443

 

282,288

Capital and reserves

   

 

Called up share capital

8

299

 

299

 

Repairs reserve

251,500

 

281,000

 

Income and expenditure account

644

 

989

 

Total equity

   

252,443

 

282,288

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 



Dr S G S Ellis
Director

 

Poundbury (Manco 1) Limited

Statement of Changes in Equity
for the Year Ended 31 December 2023

Share capital
£

Repairs reserve
£

Income and expenditure account
£

Total
£

At 1 January 2023

299

281,000

989

282,288

Deficit for the year

-

-

(29,845)

(29,845)

Total comprehensive income

-

-

(29,845)

(29,845)

Transfers

-

(29,500)

29,500

-

At 31 December 2023

299

251,500

644

252,443

Share capital
£

Repairs reserve
£

Income and expenditure account
£

Total
£

At 1 January 2022

299

253,000

631

253,930

Surplus for the year

-

-

28,358

28,358

Total comprehensive income

-

-

28,358

28,358

Transfers

-

28,000

(28,000)

-

At 31 December 2022

299

281,000

989

282,288

 

Poundbury (Manco 1) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
England

The principal place of business is:
Burraton House
5 Burraton Square
Dorchester
Dorset
DT1 3GR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax on investment income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Poundbury (Manco 1) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Satellite TV System Upgrades

5 years straight line basis

Lighting Equipment

8 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from residents for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0). The average number of directors on the board during the year was 5 (2022 - 5).

4

Deficit/surplus before tax

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation of tangible fixed assets

4,560

143

Amounts written off of lighting upgrades

29,547

-

5

Tangible assets

Plant and machinery
£

Total
£

Cost

At 1 January 2023

144,019

144,019

Disposals

(55,542)

(55,542)

At 31 December 2023

88,477

88,477

Depreciation

At 1 January 2023

61,544

61,544

Charge for the year

4,560

4,560

At 31 December 2023

66,104

66,104

Carrying amount

At 31 December 2023

22,373

22,373

At 31 December 2022

82,475

82,475

 

Poundbury (Manco 1) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Trade debtors

1,770

3,650

Prepayments

2,620

6,622

Other debtors

26,150

306

 

30,540

10,578

7

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

4,334

303

Service charges overpaid

4,015

3,205

Amounts received in advance

280

-

Accruals

6,529

10,011

Corporation tax

622

140

15,780

13,659

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

298

298

298

298

'A' Shares of £1 each

1

1

1

1

 

299

299

299

299

The 'A' share carries enhanced voting rights as a result of which no resolution can be passed in general meeting of the company unless the holder of this share, or his representative, has voted in favour.