Company registration number 02353651 (England and Wales)
DENESIDE COURT (NO. 2) MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DENESIDE COURT (NO. 2) MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
DENESIDE COURT (NO. 2) MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
40
5,341
Cash at bank and in hand
75,598
40
80,939
Creditors: amounts falling due within one year
4
(80,899)
Net current assets
40
40
Capital and reserves
Called up share capital
40
40
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 25 September 2024
Mr J Pickering
Director
Company registration number 02353651 (England and Wales)
DENESIDE COURT (NO. 2) MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Deneside Court (No. 2) Management Limited is a private company limited by shares incorporated in England and Wales, company number 02353651. The registered office is 204a Heaton Road, Heaton, Newcastle upon Tyne, NE6 5HP.
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.
From 1 January 2023, the financial statements have been prepared on a different basis to that used in prior periods. The income and expenditure passing through the previous years financial statements remains the property of the owners of the Deneside Court development (who are also the shareholders of this company) and is now disclosed in separate service charge accounts, distributed to the members.
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
Going concern
The company has cash resources and has no requirement for external funding. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statementstrue.
The company exists only to collect funds from the leaseholders and pay for communal maintenance costs, it makes neither profit nor loss and has no income in its own right.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
DENESIDE COURT (NO. 2) MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was nil (2021 - nil).
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,014
Other debtors
40
327
40
5,341
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
78,148
Other creditors
2,751
80,899
Included in creditors is an amount of £Nil (2022 - £75,406) which represents service charges available for future expenditure on maintenance.