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Registration number: 02375998

Carlton Mansions Management Company Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Carlton Mansions Management Company Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Carlton Mansions Management Company Limited

(Registration number: 02375998)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

39,135

39,860

Current assets

 

Debtors

5

29,483

15,305

Cash at bank and in hand

 

86,452

116,842

 

115,935

132,147

Creditors: Amounts falling due within one year

6

(17,602)

(48,403)

Net current assets

 

98,333

83,744

Net assets

 

137,468

123,604

Reserves

 

Profit and loss account

137,468

123,604

Surplus

 

137,468

123,604

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 


Michael Anthony Roberts
Director

 

Carlton Mansions Management Company Limited

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

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Hillsdon House
High Street
Sidmouth
Devon
EX10 8LD

Principal activity

The principal activity of the company is that of a flat management company.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

 

Carlton Mansions Management Company Limited

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

2

Accounting policies (continued)

Expenditure

Although acting on behalf of the tenants, the company enters into contracts in its own name, and bears the risks relating to those contracts. As such, the company records revenue as principal.

Cash at Bank

Bank accounts held directly in the name of the company together with the client bank account held in the name of the managing agent, Harrison-Lavers & Potburys Ltd on behalf of the company in trust at HSBC Bank plc under the Landlord and Tenant Act 1987, have been treated as assets of the company in the financial statements.

Revenue recognition

Turnover represents service charges due from the tenants in the period.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Asset class

Depreciation method and rate

Freehold Property (excluding land)

2% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Carlton Mansions Management Company Limited

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

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2023

54,357

54,357

At 31 December 2023

54,357

54,357

Depreciation

At 1 January 2023

14,497

14,497

Charge for the year

725

725

At 31 December 2023

15,222

15,222

Carrying amount

At 31 December 2023

39,135

39,135

At 31 December 2022

39,860

39,860

Included within the net book value of land and buildings above is £39,135 (2022 - £39,860) in respect of freehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

19,068

11,526

Prepayments

10,415

3,779

29,483

15,305

 

Carlton Mansions Management Company Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

471

638

Taxation and social security

115

-

Accruals and deferred income

5,501

24,169

Other creditors

11,515

23,596

17,602

48,403

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.