Company Registration Number 03515476 (England and Wales)
UNION WHARF SOUTH MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
UNION WHARF SOUTH MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
UNION WHARF SOUTH MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
1
1
Current assets
Debtors
7
578
1,251
Cash at bank and in hand
8
31,724
33,160
32,302
34,411
Creditors: amounts falling due within one year
9
(9,738)
(9,924)
Net current assets
22,564
24,487
Net assets
22,565
24,488
Capital and reserves
Called up share capital
10
17
17
General reserve
11
22,548
24,471
Total reserves
22,565
24,488
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 5 March 2024 and are signed on its behalf by:
Jennifer Stevenson
Director
Company Registration No. 03515476
UNION WHARF SOUTH MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Union Wharf South Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21, The Point, Rockingham Road, Market Harborough, Leicestershire, England, LE16 7NU.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents contributions by lessees and others, by way of service and similar charges, towards running costs incurred by the company in fulfilment of its obligations to insure and manage the properties on their behalf.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fire equipment
25% on reducing balance
Freehold land is not depreciated.
The cost of minor additions to fixed assets, defined as those costing less than £250 each, is expensed in the year in which it is incurred.
1.4
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 current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
UNION WHARF SOUTH MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include service charges in arrears 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.
Basic financial liabilities
Basic financial liabilities, including accrued expenses are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where they are 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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Directors' remuneration
No remuneration was paid to the directors.
5
Taxation
Due to the mutual nature of the company's activities it is exempt from Corporation Tax on any surplus that it may generate in the financial year.
UNION WHARF SOUTH MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
6
Tangible fixed assets
Freehold land
Fire equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1
232
233
Depreciation and impairment
At 1 January 2023 and 31 December 2023
232
232
Carrying amount
At 31 December 2023
1
1
At 31 December 2022
1
1
Freehold land represents the land at Union Wharf, Market Harborough on which the seventeen long leasehold flats that it manages were built. It is recorded at its original cost of £1 and is not depreciated.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges in arrears
578
1,132
Other debtors
119
578
1,251
8
Cash at bank and in hand
2023
2022
£
£
Lloyds Bank current account
18,771
20,306
Market Harborough Building Society
12,953
12,854
31,724
33,160
9
Creditors: amounts falling due within one year
2023
2022
£
£
Service charges received in advance
1,952
1,820
Accrued expenses
7,786
8,104
9,738
9,924
UNION WHARF SOUTH MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
17
17
17
17
Each of the seventeen leaseholders owns one share in the company.
11
General reserve
2023
2022
£
£
At the beginning of the year
24,471
11,553
(Deficit)/surplus for the year
(1,923)
12,918
At the end of the year
22,548
24,471
£22,547 (2022 - £24,470) of the general reserve, which represents the accumulated excess of service charges and similar income over expenditure to the balance sheet date, is held on statutory trust and does not legally belong to the company. This reserve is required in order to ensure that there are funds available to meet expenses as they fall due including the cost of large, non-regular repair and maintenance work.
12
Related party transactions
The turnover of the company includes contributions of £35,365 (2022 - £32,465) from shareholders who are also the leaseholders of the seventeen properties that the company manages. The aggregate contributions made by the persons who were directors of the company in the year amount to £6,385 (2022 - £5,865).