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Company No: 08436324 (England and Wales)

POLESTEDE PLACE MANAGEMENT CO LTD

(A company limited by guarantee)

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

POLESTEDE PLACE MANAGEMENT CO LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

POLESTEDE PLACE MANAGEMENT CO LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
POLESTEDE PLACE MANAGEMENT CO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 49,650 49,668
49,650 49,668
Current assets
Debtors 4 1,751 5,796
Cash at bank and in hand 5 22,179 18,768
23,930 24,564
Creditors: amounts falling due within one year 6 ( 2,540) ( 3,160)
Net current assets 21,390 21,404
Total assets less current liabilities 71,040 71,072
Net assets 71,040 71,072
Reserves
Profit and loss account 71,040 71,072
Total reserves 71,040 71,072

For the financial 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 financial statements of Polestede Place Management Co Ltd (registered number: 08436324) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Thomas Andrew Hounsfield
Director
Sarah Reed
Director

29 July 2024

POLESTEDE PLACE MANAGEMENT CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
POLESTEDE PLACE MANAGEMENT CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Polestede Place Management Co Ltd (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Summerhill House, 1 Sculthorpe Road, Fakenham, NR21 9HA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 49,597 948 50,545
At 31 March 2024 49,597 948 50,545
Accumulated depreciation
At 01 April 2023 0 877 877
Charge for the financial year 0 18 18
At 31 March 2024 0 895 895
Net book value
At 31 March 2024 49,597 53 49,650
At 31 March 2023 49,597 71 49,668

4. Debtors

2024 2023
£ £
Prepayments 1,611 1,575
Other debtors 140 4,221
1,751 5,796

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 22,179 18,768

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 822 1,547
Accruals 1,718 1,613
2,540 3,160

7. Liability of members

The members of the Polestede Place Management Co Ltd have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.