Company registration number 02860943 (England and Wales)
KINGS PARK MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KINGS PARK MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
KINGS PARK MANAGEMENT COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
24 MARCH 2024
24 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Property and equipment
4
160,338
145,782
Current assets
Trade and other receivables
5
16,707
22,435
Cash at bank
326,862
254,741
343,569
277,176
Current liabilities
6
(27,000)
(25,869)
Net current assets
316,569
251,307
Total assets less current liabilities
476,907
397,089
Reserves
Fixed reserves
8
316,204
316,204
Revenue reserves
9
160,703
80,885
Members' funds
476,907
397,089

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 24 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
Mr K  Mancer-Bailey
Director
Company Registration No. 02860943
KINGS PARK MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024
- 2 -
1
Accounting policies
Company information

Kings Park Management Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Shannon Way, Pevensey Bay Road, Eastbourne, East Sussex, BN23 6UA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The effects of the Covid 19 virus are not likely to have any impact on the company finances, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income and expenditure

Income

a) Monies are collected by the company as ultimate owner of the site in the form of maintenance and ground rent. It is not considered that these monies are held in trust in accordance with section 42 Landlord and Tenant Act 1987.

 

b) Property owners are charged separately for Electricity usage. Water fees are collected separately dependent upon individual usage. Sewerage is collected at charges levied by the company to include provisions for maintenance.

 

c) Income is recognised in the financial statements in the period in which it is due.

 

Expenses include VAT where applicable as the company is not VAT registered.

1.4
Property and equipment

Property and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Fixtures and equipment - 20% straight line basis

Motor vehicles     - 20% straight line basis

 

Assets costing less than £1,000 are not capitalised.

Land and buildings freehold are not depreciated as in the opinion of the directors the market value is considerably in excess of cost.

KINGS PARK MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
1
Accounting policies (Continued)
- 3 -
1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

KINGS PARK MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
1
Accounting policies (Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The company has obtained exemption from the Revenue Commissioners in respect of corporation tax, it being a company not carrying on a business for the purposes of making a profit. Corporation tax is payable on any interest income and rental income.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9

Funds

Land and building fund

The sum of £134,204 has been set aside to represent the cost of the original land and buildings.

 

Electricity and emergency fund

The sum of £182,000 is set aside to represent monies accumulated over the years for electricity and emergency needs. Represented by 182 sites at £1,000 each.

 

Substantial reserves are deemed necessary to be held particularly for electricity to cover costs that would be necessary to reinstall services in the event of power failure.

 

Electricity Upgrade Fund

A new fund established to fund the renewal of the estate electricity cabling as set out in note 9.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

KINGS PARK MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 5 -
3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Property and equipment
Land and buildings
Fixtures and equipment
Total
£
£
£
Cost
At 25 March 2023
134,204
68,093
202,297
Additions
-
0
21,979
21,979
At 24 March 2024
134,204
90,072
224,276
Depreciation and impairment
At 25 March 2023
-
0
56,204
56,204
Depreciation charged in the year
-
0
7,734
7,734
At 24 March 2024
-
0
63,938
63,938
Carrying amount
At 24 March 2024
134,204
26,134
160,338
At 24 March 2023
134,204
11,578
145,782
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Service charges due
9,694
16,392
Other receivables - (prepaid expenditure)
7,013
6,043
16,707
22,435
KINGS PARK MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 6 -
6
Current liabilities
2024
2023
£
£
Trade payables
17,161
17,882
Corporation tax
551
179
Other taxation and social security
390
612
Other payables
8,898
7,196
27,000
25,869
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

8
Fixed reserves
Land and buildings fund
£
Balance at 24 March 2023
134,204
Transfers
-
Balance at 24 March 2024
134,204
Electricity and emergency fund
Balance at 24 March 2023
182,000
Transfer
-
Balance at 24 March 2024
182,000
Total
316,204
KINGS PARK MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 7 -
9
Revenue funds
Opening balance
Incoming
Outgoing
Transfers Reserves
Transfers Capital
Closing Balance
General and maintenance
68,515
175,644
164,312
32,286
-
112,133
Water
-
83,304
81,887
(1,417)
-
-
Electricity
-
109,507
78,638
(30,869)
-
-
Electricity Upgrade
12,370
36,200
-
-
48,570
80,885
404,655
324,837
-
-
160,703
Notes

1.The surplus on the water fund is transferred to the General Fund as a contribution towards water maintenance.

 

2.The surplus on the electricity fund is transferred to the General Fund as a contribution towards electrical maintenance.

KINGS PARK MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 8 -
10
Financial commitments, guarantees and contingent liabilities

In June 2019 the company appointed outside contractors to prepare a report to design, plan and cost the renewal of all the electric cabling to the Kings Park Estate. This project is estimated to cost in excess of £500,000, to be done in phases over the next few years. Residents are contributing at £200 per annum from 25 March 2020.

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