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COMPANY REGISTRATION NUMBER: 05498465
King George Court (Chelmsford) Management Company Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 March 2024
King George Court (Chelmsford) Management Company Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Current assets
Debtors
6
553
376
Cash at bank and in hand
45,247
50,011
--------
--------
45,800
50,387
Creditors: amounts falling due within one year
7
5,718
13,793
--------
--------
Net current assets
40,082
36,594
--------
--------
Total assets less current liabilities
40,082
36,594
--------
--------
Capital and reserves
Building maintenance reserve
40,082
36,594
--------
--------
Members funds
40,082
36,594
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 7 August 2024 , and are signed on behalf of the board by:
M Compton
Director
Company registration number: 05498465
King George Court (Chelmsford) Management Company Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Goldlay House, 114 Parkway, Chelmsford, Essex, CM2 7PR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents service charges and ground rent receivable during the year.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Average number of employees
The average number of employees during the year was 3 (2023: 2) which consisted of the directors only.
5. Company limited by guarantee
Every member of the Company undertakes to contribute to the assets of the Company in the event of its being wound up while he is a member or within one year afterwards for payment of the debts and liabilities of the Company contracted before he ceases to be a member and the costs, charges and expenses of winding up and for the adjustment of the rights and contributories among themselves such amount as may be required, not exceeding one pound.
6. Debtors
2024
2023
£
£
Prepayments and accrued income
87
267
Service charges in arrears
466
109
----
----
553
376
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Service charges received in advance
4,423
12,593
Expenses invoiced after the year end
1,295
1,200
-------
--------
5,718
13,793
-------
--------
8. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8. There is considered to be no ultimate controlling party.