Palace Court (Dorchester) Management Company Limited 02066042 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is The principal activity of the company continued to be that of the provision of property management services. The company owns the freehold reversion of Palace Court, Dorchester, Dorset subject to 999 year leases on 14 leasehold properties. Digita Accounts Production Advanced 6.30.9574.0 true 02066042 2023-01-01 2023-12-31 02066042 2023-12-31 02066042 core:RetainedEarningsAccumulatedLosses 2023-12-31 02066042 core:RevaluationReserve 2023-12-31 02066042 core:ShareCapital 2023-12-31 02066042 core:CurrentFinancialInstruments 2023-12-31 02066042 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02066042 core:FurnitureFittingsToolsEquipment 2023-12-31 02066042 core:LandBuildings 2023-12-31 02066042 bus:SmallEntities 2023-01-01 2023-12-31 02066042 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02066042 bus:FullAccounts 2023-01-01 2023-12-31 02066042 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02066042 bus:RegisteredOffice 2023-01-01 2023-12-31 02066042 bus:CompanySecretary1 2023-01-01 2023-12-31 02066042 bus:Director1 2023-01-01 2023-12-31 02066042 bus:Director7 2023-01-01 2023-12-31 02066042 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02066042 bus:Agent1 2023-01-01 2023-12-31 02066042 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02066042 core:RevaluationReserve 2023-01-01 2023-12-31 02066042 core:ShareCapital 2023-01-01 2023-12-31 02066042 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 02066042 countries:EnglandWales 2023-01-01 2023-12-31 02066042 2022-12-31 02066042 core:RetainedEarningsAccumulatedLosses 2022-12-31 02066042 core:RevaluationReserve 2022-12-31 02066042 core:ShareCapital 2022-12-31 02066042 core:FurnitureFittingsToolsEquipment 2022-12-31 02066042 core:LandBuildings 2022-12-31 02066042 2022-01-01 2022-12-31 02066042 2022-12-31 02066042 core:RetainedEarningsAccumulatedLosses 2022-12-31 02066042 core:RevaluationReserve 2022-12-31 02066042 core:ShareCapital 2022-12-31 02066042 core:CurrentFinancialInstruments 2022-12-31 02066042 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02066042 core:FurnitureFittingsToolsEquipment 2022-12-31 02066042 core:LandBuildings 2022-12-31 02066042 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02066042 core:RevaluationReserve 2022-01-01 2022-12-31 02066042 core:ShareCapital 2022-01-01 2022-12-31 02066042 2021-12-31 02066042 core:RetainedEarningsAccumulatedLosses 2021-12-31 02066042 core:RevaluationReserve 2021-12-31 02066042 core:ShareCapital 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 02066042

Palace Court (Dorchester) Management Company Limited

Annual Report and Unaudited Financial Statements Year Ended 31 December 2023

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Chartered Accountants

 

Palace Court (Dorchester) Management Company Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 9

 

Palace Court (Dorchester) Management Company Limited

Company Information

Directors

Miss B M Steele

J J Evans

Company secretary

Coco Property Group Limited

Registered office

18a High West Street
Dorchester
Dorset
DT1 1UW

Accountants

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

 

Palace Court (Dorchester) Management Company 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:

Miss B M Steele

J J Evans

Principal activity

The principal activity of the company continued to be that of the provision of property management services.

The company owns the freehold reversion of Palace Court, Dorchester, Dorset subject to 999 year leases on 14 leasehold properties.

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 6 August 2024 and signed on its behalf by:


Coco Property Group Limited
Company secretary

   
     
 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Palace Court (Dorchester) Management Company Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Palace Court (Dorchester) Management Company Limited for the year ended 31 December 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Palace Court (Dorchester) Management Company Limited, as a body, in accordance with the terms of our engagement letter dated 24 February 2020. Our work has been undertaken solely to prepare for your approval the accounts of Palace Court (Dorchester) Management Company Limited and state those matters that we have agreed to state to the Board of Directors of Palace Court (Dorchester) Management Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palace Court (Dorchester) Management Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Palace Court (Dorchester) Management Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Palace Court (Dorchester) Management Company Limited. You consider that Palace Court (Dorchester) Management Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Palace Court (Dorchester) Management Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






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

22 August 2024

 

Palace Court (Dorchester) Management Company Limited

Profit and Loss Account
for the Year Ended 31 December 2023

2023
  £

2022
  £

Turnover

13,300

13,160

Administrative expenses

(19,000)

(13,284)

Operating loss

(5,700)

(124)

Loss before tax

(5,700)

(124)

Taxation

-

-

Loss for the financial year

(5,700)

(124)

The above results were derived from continuing operations.

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

 

Palace Court (Dorchester) Management Company Limited

(Registration number: 02066042)
Balance Sheet as at 31 December 2023

Note

2023
 

2022
 

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

2

 

2

Current assets

   

 

Debtors

5

502

 

457

 

Cash at bank and in hand

 

17,760

 

23,451

 

 

18,262

 

23,908

 

Creditors: Amounts falling due within one year

6

(13,466)

 

(13,412)

 

Net current assets

   

4,796

 

10,496

Net assets

   

4,798

 

10,498

Capital and reserves

   

 

Called up share capital

14

 

14

 

Depreciation fund

4,784

 

10,484

 

Profit and loss account

-

 

-

 

   

4,798

 

10,498

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 6 August 2024 and signed on its behalf by:
 


Miss B M Steele
Director

 

Palace Court (Dorchester) Management Company Limited

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

Share capital
£

Depreciation fund
£

Profit and loss account
£

Total
£

At 1 January 2023

14

10,484

-

10,498

Loss for the year

-

-

(5,700)

(5,700)

Total comprehensive income

-

-

(5,700)

(5,700)

Transfers

-

(5,700)

5,700

-

At 31 December 2023

14

4,784

-

4,798

Share capital
£

Depreciation fund
£

Profit and loss account
£

Total
£

At 1 January 2022

14

10,608

-

10,622

Loss for the year

-

-

(124)

(124)

Total comprehensive income

-

-

(124)

(124)

Transfers

-

(124)

124

-

At 31 December 2022

14

10,484

-

10,498

 

Palace Court (Dorchester) Management Company 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:
18a High West Street
Dorchester
Dorset
DT1 1UW
England

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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.

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.

The freehold reversion of Palace Court (Dorchester) Management Company Limited was acquired at nil cost, so is not shown on the balance sheet.

Depreciation

Fixed assets are recorded at cost. Other than freehold land and buildings the tangible assets are stated at cost less depreciation. Depreciation is provided on a straight line basis so that the assets are written down to the residual values over their expected life. The rates applied are as follows:

Asset class

Depreciation method and rate

Fire alarm system
 

20% per annum on cost

No depreciation is provided in respect of the freehold interest in the 14 properties at Palace Court, Dorchester as it's residual value will be at least equal to it's cost.

 

Palace Court (Dorchester) Management Company Limited

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

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Fire alarm system
 £

Total
£

Cost

At 1 January 2023

1

7,507

7,508

At 31 December 2023

1

7,507

7,508

Depreciation

At 1 January 2023

-

7,506

7,506

At 31 December 2023

-

7,506

7,506

Carrying amount

At 31 December 2023

1

1

2

At 31 December 2022

1

1

2

5

Debtors

Current

2023
£

2022
£

Prepayments

502

457

 

Palace Court (Dorchester) Management Company Limited

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

6

Creditors

2023
£

2022
£

Due within one year

Amounts received in advance from lessees

12,360

11,410

Accruals and other creditors

1,106

2,002

13,466

13,412