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REGISTERED NUMBER: 01976911 (England and Wales)















Sandown Court Management Company
(Preston) Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Sandown Court Management Company
(Preston) Limited (Registered number: 01976911)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sandown Court Management Company
(Preston) Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: MG Nicholson
A Davies
T Saul





REGISTERED OFFICE: 244 Sandown Court
Avenham Lane
Preston
Lancashire
PR1 3UQ





REGISTERED NUMBER: 01976911 (England and Wales)





ACCOUNTANTS: McMillan & Co LLP
Chartered Accountants
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Sandown Court Management Company
(Preston) Limited (Registered number: 01976911)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment property 5 165,744 165,744

CURRENT ASSETS
Debtors 6 86,911 105,267
Cash at bank and in hand 20,443 27,234
107,354 132,501
CREDITORS
Amounts falling due within one year 7 216,387 224,907
NET CURRENT LIABILITIES (109,033 ) (92,406 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,711

73,338

CREDITORS
Amounts falling due after more than one
year

8

-

(44,144

)

PROVISIONS FOR LIABILITIES 10 (195,920 ) (180,421 )
NET LIABILITIES (139,209 ) (151,227 )

CAPITAL AND RESERVES
Called up share capital 245 245
Retained earnings (139,454 ) (151,472 )
SHAREHOLDERS' FUNDS (139,209 ) (151,227 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 profit or loss 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.

Sandown Court Management Company
(Preston) Limited (Registered number: 01976911)

Balance Sheet - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





MG Nicholson - Director


Sandown Court Management Company
(Preston) Limited (Registered number: 01976911)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Sandown Court Management Company (Preston) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The amounts in the financial statements have been rounded to the nearest £1.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

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

Going concern
The company has net current liabilities of £109,033 (2022: £92,406). This includes £118,000 (2022: £98,000) due to related parties. The company has incurred significant expenses over the last couple of years ensuring that the property is fire safe, and a significant expense was also incurred to repair the roof. These are non-recurring expenses. This activity was funded by the maintenance reserve and additional loans. Although the loans are repayable on demand, the directors are confident that the loans will not be called for repayment until sufficient funds are available.

The financial statements have therefore been prepared on a going concern basis.

Turnover
Turnover represents service charges due in the year, excluding value added tax.

Investment property
In accordance with FRS 102, the company's properties are held for long-term investment and are included in the Balance Sheet at their open market values. Any surplus or deficit on revaluation of such properties is transferred to the profit and loss account. Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from the requirements of the Companies Act, which requires depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.


Sandown Court Management Company
(Preston) Limited (Registered number: 01976911)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 9 ) .

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2023
and 31 December 2023 165,744
NET BOOK VALUE
At 31 December 2023 165,744
At 31 December 2022 165,744

The directors consider the market value of the garages to be equal to their cost.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 76,170 80,708
Prepayments and accrued income 10,741 24,559
86,911 105,267

Sandown Court Management Company
(Preston) Limited (Registered number: 01976911)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 41,291 54,000
Shareholder loans 48,000 48,000
Shareholder loan tax 882 882
Other creditors 38,372 48,505
Directors' current accounts 70,000 50,000
Accruals and deferred income 17,842 23,520
216,387 224,907

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans - 1-2 years - 44,144

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 41,291 98,144

The bank loan is secured by a charge on the garages and land at Sandown Court and a debenture creating a fixed and floating charge over the assets of the company.

10. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Other provisions
Maintenance reserve 195,920 180,421

11. RELATED PARTY DISCLOSURES

Included within creditors due within one year are directors' current account balances of £70,000 (2022: £50,000). These balances are unsecured and repayable on demand. They attract an interest rate of 4.5%.

Also included within creditors due within one year are shareholder loan balances of £48,000 (2022: £48,000). These balances are unsecured and repayable on demand. They attract an interest rate of 4.5%.

12. ULTIMATE CONTROLLING PARTY

In the opinion of the directors the company is controlled by the directors.