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Registered number: 13588378









LADY GODLEY CLOSE MANAGEMENT COMPANY LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
LADY GODLEY CLOSE MANAGEMENT COMPANY LTD
REGISTERED NUMBER: 13588378

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
-
645

Cash at bank and in hand
 5 
-
1

  
-
646

Creditors: amounts falling due within one year
 6 
(1,058)
(834)

Net current liabilities
  
 
 
(1,058)
 
 
(188)

Total assets less current liabilities
  
(1,058)
(188)

  

Net liabilities
  
(1,058)
(188)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,059)
(189)

  
(1,058)
(188)

Page 1

 
LADY GODLEY CLOSE MANAGEMENT COMPANY LTD
REGISTERED NUMBER: 13588378
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

For the year ended 31 August 2023 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 on 14 August 2024.




................................................
Steven Pidgley
Director

The notes on pages 3 to 6 form part of these financial statements.
Page 2

 
LADY GODLEY CLOSE MANAGEMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Lady Godley Close Management Company Ltd is a private company limited by shares, incorporated in England and Wales. The principal activity throughout the year was that of property management.

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.

 
2.2

Going concern

The accounts have been prepared on a going concern basis. This assumes the continuing support of its director, which he has pledged for the foreseeable future.

 
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:

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

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.5

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.

Page 3

 
LADY GODLEY CLOSE MANAGEMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 4

 
LADY GODLEY CLOSE MANAGEMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).




4.


Debtors

2023
2022
£
£


Other debtors
-
645

-
645



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
-
1

-
1



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to joint ventures
177
-

Other creditors
11
12

Accruals and deferred income
870
822

1,058
834


Page 5

 
LADY GODLEY CLOSE MANAGEMENT COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
-
1




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


8.


Related party transactions

Newcourt Homes Ltd is a company in which director, Steven Pidgley, is a director and shareholder.
During the year transactions totalling £177 (2022 - £Nil) were made with this company. At the end of the year £177 (2022 - £Nil) was due to Newcourt Homes Ltd.


9.


Controlling party

The Company is controlled by the director, Steven Pidgley, by virtue of his shareholding as described in the director's report.
 
Page 6