Company Registration No. 1317538 (England and Wales)
BUCKINGHAM COURT (HUNSTANTON) MANAGEMENT LIMITED
(LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BUCKINGHAM COURT (HUNSTANTON) MANAGEMENT LIMITED
(LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
BUCKINGHAM COURT (HUNSTANTON) MANAGEMENT LIMITED
(LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,959
6,969
Current assets
Debtors
5
1,033
664
Cash at bank and in hand
61,584
44,929
62,617
45,593
Creditors: amounts falling due within one year
6
(17,150)
(13,464)
Net current assets
45,467
32,129
Total assets less current liabilities
52,426
39,098
Net assets
52,426
39,098
Reserves
Income and expenditure account
52,426
39,098
Company Registration No. 1317538
BUCKINGHAM COURT (HUNSTANTON) MANAGEMENT LIMITED
(LIMITED BY GUARANTEE)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
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 31 December 2023 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 13 September 2024 and are signed on its behalf by:
Mrs Maxine Clewlow
Dr Allen Firth
Director
Director
Company Registration No. 1317538
BUCKINGHAM COURT (HUNSTANTON) MANAGEMENT LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Buckingham Court (Hunstanton) Management Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Rounce & Evans Property Management Limited, 16 Church Street, King's Lynn, Norfolk, PE30 5EB.
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
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings
Not depreciated. This is because a high residual value is expected should the property be sold and therefore any depreciation charged would be immaterial. This is due to the property market in general and the policy adopted by the company of regular maintenance and repair.
Plant and machinery
15% reducing balance basis
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 surplus or deficit.
1.4
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
BUCKINGHAM COURT (HUNSTANTON) MANAGEMENT LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
6,902
2,574
9,476
Depreciation and impairment
At 1 January 2023
2,507
2,507
Depreciation charged in the year
10
10
At 31 December 2023
2,517
2,517
Carrying amount
At 31 December 2023
6,902
57
6,959
At 31 December 2022
6,902
67
6,969
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2
Other debtors
1,033
662
1,033
664
BUCKINGHAM COURT (HUNSTANTON) MANAGEMENT LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Service charges paid in advance
16,590
12,904
Other creditors
560
560
17,150
13,464
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.