REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PHOENIX COURT (NEW MALDEN) MANAGEMENT |
COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PHOENIX COURT (NEW MALDEN) MANAGEMENT |
COMPANY LIMITED |
PHOENIX COURT (NEW MALDEN) MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 04820383) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PHOENIX COURT (NEW MALDEN) MANAGEMENT |
COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 4 Mulgrave Chambers |
26-28 Mulgrave Road |
Sutton |
Surrey |
SM2 6LE |
PHOENIX COURT (NEW MALDEN) MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 04820383) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Freehold land fund | 7 |
General reserve fund | 7 | ( |
) |
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 surplus or deficit 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. |
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 |
PHOENIX COURT (NEW MALDEN) MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 04820383) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Phoenix Court (New Malden) Management Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts. |
The company's general reserve fund is in deficit, following major works undertaken in the current and previous years. The board of directors confirm that this matter is being addressed to the lessees by recharging the general reserve fund deficit over the next few years to in order to return the general reserve fund to a positive position. |
The directors, having considered all the information available, is confident that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the director is satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements. |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the maintenance charges receivable in respect of communal expenditure, net of any credits or discounts. |
Revenue is recognised in the accounting period in which the services were rendered. |
Tangible fixed assets |
Freehold land was acquired in 2012. The amount stated in the accounts represents the acquisition cost. Depreciation is not provided. |
Taxation |
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. No liability to corporation tax arises on the ordinary activities of the company as it is a non-profit making organisation. |
Profit and loss account |
It is considered that the activities of the company do not give rise to a profit or loss due to its nature as a flat management company. Any surplus or deficit of service charges levied over current expenditure will be retained in the general reserve fund. |
General reserve fund |
The general reserve has been established to meet the future maintenance costs. Such provision is considered prudent to enable the company to manage the property. |
Freehold land fund |
The fund was established by the leaseholders for the purpose of purchasing the freehold land of the building. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PHOENIX COURT (NEW MALDEN) MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 04820383) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
land |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Maintenance charges in arrears |
Prepaid expenses |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Maintenance charges in advance |
Accrued expenses |
7. | RESERVES |
General |
reserve | Freehold |
fund | land fund | Totals |
£ | £ | £ |
At 1 January 2023 | 21,739 |
Deficit for the year | ( |
) | - | ( |
) |
At 31 December 2023 | ( |
) | 6,746 |
Any surplus or deficit resulting from the current year's income and expenditure account is retained in the company's general reserve fund. The present level of the fund may prove insufficient, given the uncertainty as to whether and when substantial costs may arise on the property. Any insufficient funds arising will be recharged to the lease holders of the property. |
8. | LIMITED BY GUARANTEE |
The company is limited by guarantee. The liability of each Member is limited to £1 in case of winding up. |