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UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

PETWORTH MANAGEMENT COMPANY LIMITED

PETWORTH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 03397895)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PETWORTH MANAGEMENT COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: T W Cole
J White





SECRETARY: A R Jadzevics





REGISTERED OFFICE: C/o Evans Weir
The Victoria
25 St Pancras
Chichester
West Sussex
PO19 7LT





REGISTERED NUMBER: 03397895 (England and Wales)





ACCOUNTANTS: Evans Weir
The Victoria
25 St Pancras
Chichester
West Sussex
PO19 7LT

PETWORTH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 03397895)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 253,315 149,693

CURRENT ASSETS
Debtors 5 4,148 12,135
Cash at bank and in hand 238,073 318,948
242,221 331,083
CREDITORS
Amounts falling due within one year 6 139,038 164,457
NET CURRENT ASSETS 103,183 166,626
TOTAL ASSETS LESS CURRENT
LIABILITIES

356,498

316,319

RESERVES
Sinking Fund 356,498 316,319
356,498 316,319

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th February 2024 and were signed on its behalf by:





T W Cole - Director


PETWORTH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 03397895)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Petworth Management Company Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows.

Equipment 20% on cost
Sewerage Plant5% on cost

Taxation
Taxation for the year comprises current year tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PETWORTH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 03397895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
Freehold machinery
Land etc Totals
£    £    £   
COST
At 1st January 2023 144,649 47,053 191,702
Additions - 109,763 109,763
Disposals - (13,500 ) (13,500 )
At 31st December 2023 144,649 143,316 287,965
DEPRECIATION
At 1st January 2023 - 42,009 42,009
Charge for year - 6,141 6,141
Eliminated on disposal - (13,500 ) (13,500 )
At 31st December 2023 - 34,650 34,650
NET BOOK VALUE
At 31st December 2023 144,649 108,666 253,315
At 31st December 2022 144,649 5,044 149,693

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,676 10,721
Other debtors 1,472 1,414
4,148 12,135

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 7,856
Taxation and social security 2,441 1,172
Other creditors 136,597 155,429
139,038 164,457

Other creditors shown above include the amount of £14,031 which is held by the company in respect of the Lodge Green Tennis Court maintenance fund. An amount of £20,000 previously included in Other Creditors has been transferred to the Communal Sinking Fund (see Note 8).

PETWORTH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 03397895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

7. SINKING FUND

Black Pond Total
Communal Acquisition
£ £ £
Balance at 31 December 2022 171,670 144,649 316,319
Year end transfer 20,179 0 20,179
Transfer from Other creditors 20,000 0 20,000
Balance at 31 December 2023 211,849 144,649 356,498

The Communal Fund is a reserve built up through annual contributions to pay for significant infrastructure
costs that may arise in the future.