Company registration number 06829024 (England and Wales)
ELIZABETH HOUSE (CHORLEYWOOD) MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ELIZABETH HOUSE (CHORLEYWOOD) MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ELIZABETH HOUSE (CHORLEYWOOD) MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1
1
Current assets
Debtors
4
822
1,816
Cash at bank and in hand
40,463
37,250
41,285
39,066
Creditors: amounts falling due within one year
5
(1,211)
(1,873)
Net current assets
40,074
37,193
Net assets
40,075
37,194
Capital and reserves
Called up share capital
5
5
Sinking fund
39,859
33,283
Profit and loss reserves
6
211
3,906
Total equity
40,075
37,194
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 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 12 August 2024 and are signed on its behalf by:
Ronald Catchick
Hugh Howes
Director
Director
Company Registration No. 06829024
ELIZABETH HOUSE (CHORLEYWOOD) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Elizabeth House (Chorleywood) Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elizabeth House, Station Approach, Chorleywood, Hertfordshire, WD3 5NE.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents service charge income receivable from its members.
1.3
Tangible fixed assets
No depreciation is provided in respect of freehold land.
Land and buildings Freehold
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.
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.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance is not discounted.
1.5
Provision for Cyclical Maintenance (Sinking fund)
The Association has provided for future cyclical maintenance in the accounts to represent the amount of maintenance that is estimated will be required in the future to maintain the freehold property and the interests of the members.
ELIZABETH HOUSE (CHORLEYWOOD) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
36,092
Depreciation and impairment
At 1 April 2023 and 31 March 2024
36,091
Carrying amount
At 31 March 2024
1
At 31 March 2023
1
The company has agreed to waive the requirement for all leaseholders to pay ground rent and therefore consider that the freehold has only a nominal value. The carrying value of the freehold has therefore been written down to £1.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
822
1,816
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
68
28
Other creditors
1,143
1,845
1,211
1,873
ELIZABETH HOUSE (CHORLEYWOOD) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
6
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
3,906
2,219
Profit for the year
2,881
9,111
Transfer to reserves
(6,576)
(7,424)
At the end of the year
211
3,906
7
Parent company
The company is controlled by its directors.