Patwood Management Company (Sutton) Limited 01023947 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is is that of the management of the property at Vine Close and 21 Woodside Road, Sutton, Surrey. The company does not trade with a view to profit Digita Accounts Production Advanced 6.30.9574.0 true true 01023947 2023-01-01 2023-12-31 01023947 2023-12-31 01023947 bus:OrdinaryShareClass1 2023-12-31 01023947 core:RetainedEarningsAccumulatedLosses 2023-12-31 01023947 core:ShareCapital 2023-12-31 01023947 core:CurrentFinancialInstruments 2023-12-31 01023947 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01023947 bus:SmallEntities 2023-01-01 2023-12-31 01023947 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01023947 bus:FullAccounts 2023-01-01 2023-12-31 01023947 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01023947 bus:RegisteredOffice 2023-01-01 2023-12-31 01023947 bus:CompanySecretary1 2023-01-01 2023-12-31 01023947 bus:Director2 2023-01-01 2023-12-31 01023947 bus:Director3 2023-01-01 2023-12-31 01023947 bus:Director4 2023-01-01 2023-12-31 01023947 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 01023947 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01023947 countries:AllCountries 2023-01-01 2023-12-31 01023947 2022-01-01 2022-12-31 01023947 2022-12-31 01023947 bus:OrdinaryShareClass1 2022-12-31 01023947 core:RetainedEarningsAccumulatedLosses 2022-12-31 01023947 core:ShareCapital 2022-12-31 01023947 core:CurrentFinancialInstruments 2022-12-31 01023947 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01023947

Patwood Management Company (Sutton) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Patwood Management Company (Sutton) Limited

Contents

Company Information

1

Statement of financial position

2

Notes to the Unaudited Financial Statements

3 to 6

 

Patwood Management Company (Sutton) Limited

Company Information

Directors

P Bradley

J T Vanner

E F Willmott

Company secretary

CECPM Limited

Registered office

15 Stoneleigh Crescent
Epsom
Surrey
KT19 0RT

Accountants

Service Charge Assurance Limited
Chartered Accountants
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Patwood Management Company (Sutton) Limited

(Registration number: 01023947)
Statement of financial position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Receivables

4

33,603

30,594

Cash at bank

5

19,866

18,553

 

53,469

49,147

Payables: Amounts falling due within one year

6

(27,968)

(28,781)

Net assets

 

25,501

20,366

Equity

 

Called up share capital

7

180

180

General reserve

8

25,321

20,186

Total equity

 

25,501

20,366

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income statement has been taken.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................

P Bradley
Director

 

Patwood Management Company (Sutton) Limited

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

1

General information

Patwood Management Company (Sutton) Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Departures from Companies Act requirements

The financial statements depart from the standard format of the Companies Act 2006 in that turnover has been replaced by service charge income, cost of sales has been replaced by service charge expenditure and profit/(loss) has been replaced by surplus/(deficit). This departure, as permitted by s396 of the Companies Act 2006, has arisen because the directors consider that this presentation is more appropriate given the nature of the company's activity. The result for the year is unaffected by the accounting treatment adopted.

 

Patwood Management Company (Sutton) Limited

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

2

Accounting policies (continued)

Judgements

There are no critical judgements made by the directors in the process of applying the company’s accounting policies which have the most significant effect on the amounts recognised in the financial statements.

Revenue recognition

Service charges collected are held on trust for the purpose of meeting the relevant costs in relation to the property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987.
Service charge income represents variable service charges receivable from the lessees for the year.

Taxation

The company acts as a trustee in respect of funds held to manage the property at Vine close and 21 Woodside Road, Sutton, Surrey. In consequence, service charge income and service charge expenditure items are neither taxable nor allowable for corporation tax purposes and therefore there is no liability to UK corporation tax.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and are subject to an insignificant risk of change in value.

Receivables

Service charge arrears are amounts due at the financial year end from the lessees.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Patwood Management Company (Sutton) Limited

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

4

Receivables

2023
£

2022
£

Service charge arrears

4,047

2,351

Service charge arrears (in respect of advance demands)

24,661

23,968

Prepayments & accrued income

4,895

4,275

33,603

30,594

5

Cash and cash equivalents

2023
£

2022
£

Cash at bank - Metro Bank Plc

19,866

18,553

Service charge monies are held in trust at Metro Bank Plc under the title CECPM Limited Client Account Patwood Management.

6

Payables

2023
£

2022
£

Due within one year

Accrued expenses

2,481

4,254

Deferred income - advance service charge demands

25,487

24,527

27,968

28,781

7

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £10 each

18

180

18

180

         

The company has one class of share capital which carries no right to fixed income.

 

Patwood Management Company (Sutton) Limited

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

8

Reserves

General reserve

£

At 1 January 2023

20,186

Surplus for the year

5,135

At 31 December 2023

25,321

General reserve

The general reserve represents cumulative surpluses and deficits.

9

Related party transactions

There were no related party transactions to disclose.