Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 2 September 2024 1 April 2023 31 March 2024 31 March 2024 01840616 Mr A F Akerman Mr S C Palmer H Saunders Mr G A Morgan Ms S L Jackson Jms Property Consultancy Ltd iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01840616 2023-03-31 01840616 2024-03-31 01840616 2023-04-01 2024-03-31 01840616 frs-core:CurrentFinancialInstruments 2024-03-31 01840616 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 01840616 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01840616 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 01840616 frs-core:PlantMachinery 2024-03-31 01840616 frs-core:PlantMachinery 2023-04-01 2024-03-31 01840616 frs-core:PlantMachinery 2023-03-31 01840616 frs-core:RevaluationReserve 2024-03-31 01840616 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 01840616 frs-bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 01840616 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 01840616 frs-bus:SmallEntities 2023-04-01 2024-03-31 01840616 frs-bus:Audited 2023-04-01 2024-03-31 01840616 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01840616 frs-core:DeferredTaxation 2023-03-31 01840616 frs-core:DeferredTaxation 2024-03-31 01840616 frs-bus:Director1 2023-04-01 2024-03-31 01840616 frs-bus:Director2 2023-04-01 2024-03-31 01840616 frs-bus:Director3 2023-04-01 2024-03-31 01840616 frs-bus:Director4 2023-04-01 2024-03-31 01840616 frs-bus:Director5 2023-04-01 2024-03-31 01840616 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 01840616 frs-countries:EnglandWales 2023-04-01 2024-03-31 01840616 2022-03-31 01840616 2023-03-31 01840616 2022-04-01 2023-03-31 01840616 frs-core:CurrentFinancialInstruments 2023-03-31 01840616 frs-core:RevaluationReserve 2023-03-31 01840616 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 01840616
Baltic Wharf Management Company Limited
Financial Statements
For The Year Ended 31 March 2024
William Price & Co
Chartered Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01840616
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 165,021 171,316
165,021 171,316
CURRENT ASSETS
Debtors 5 - 1,440
Cash at bank and in hand 32,628 18,106
32,628 19,546
Creditors: Amounts Falling Due Within One Year 6 (58,671 ) (50,938 )
NET CURRENT ASSETS (LIABILITIES) (26,043 ) (31,392 )
TOTAL ASSETS LESS CURRENT LIABILITIES 138,978 139,924
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (39,585 ) (39,585 )
NET ASSETS 99,393 100,339
RESERVES
Revaluation reserve 100,059 105,397
Income and Expenditure Account (666 ) (5,058 )
MEMBERS' FUNDS 99,393 100,339
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
Mr A F Akerman
Director
2 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Baltic Wharf Management Company Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 01840616 . The registered office is 26 Meredith Court, Canada Way, Bristol, BS1 6XX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Service Charge Accounts
Service charge monies collected by the company are held in trust for the purpose of meeting the relevant costs in relation to Baltic Wharf properties in accordance with the provisions of Section 42 of the Landlord and Tenant Act 1987.
The key accounting policies used in the preparation of the accounts are:
-A residential management company (RMC) always acts as principal when entering into transactions with third party suppliers.
-Transactions entered into with third party suppliers for the purpose of maintaining the property should be recognised in the profit and loss account of the RMC. Furthermore, the RMC should concurrently recognise income from drawing on the service charge cash received from members; and
-The cash balance arising from the service charges received from contributing members is held in statutory trust under section 42 of the Landlord and Tenant Act 1987. It is not an asset of the company and should not be recognised in the statutory accounts. Instead it is proposed that the RMC make detailed disclosures regarding the amount of cash and other balances held in trust.
Consequently, the income from and the balances relating to the services charges collected from residents are not included in the company accounts.  This information is dealt with as a separate statement of account which does not form part of the annual accounts of the company.
2.2. Turnover
The company's turnover represents the amount drawn in the year from the service charge cash received from members. In addition, the company receives fee income and rental for a part of the office space at 26 Meredith Court.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over 99 years based on the revalued amount
Plant & Machinery over 10 years
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2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable surplus. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable surplus will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable surplus will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in surplus or deficit, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 April 2023 250,000 24,995 274,995
As at 31 March 2024 250,000 24,995 274,995
Depreciation
As at 1 April 2023 78,684 24,995 103,679
Provided during the period 6,295 - 6,295
As at 31 March 2024 84,979 24,995 109,974
Net Book Value
As at 31 March 2024 165,021 - 165,021
As at 1 April 2023 171,316 - 171,316
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5. Debtors
2024 2023
£ £
Due within one year
Other debtors - 1,440
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 1,030 308
Other creditors 52,591 50,630
Accruals and deferred income 5,050 -
58,671 50,938
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 39,585 39,585
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 39,585 39,585
Balance at 31 March 2024 39,585 39,585
9. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
10. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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11. Cash and other balances held in trust on behalf of residents
This information is shown in the Service Charge Accounts and is replicated below:
Balances held in Trust accounts with Lloyds Bank £339,931 (2023 £306,300)
Service Charge debtors £58 (2023 £1,925)
Other debtors £4,144 (2023 £1,400)
Creditors £33,574 (2023 £32,982)
Total funds held in Service charge Accounts £310,559 (2023 £276,643)
Total funds held by Baltic Wharf Management Company Ltd £52,591 (2023 £50,630)
Total Service Charge Contingency Fund £327,273.
12. Audit Information
The auditors report on the account of Baltic Wharf Management Company Limited for the year ended 31 March 2024 was unqualified
The auditor's report was signed by David Alan Oakensen FCA (Senior Statutory Auditor) for and on behalf of William Price & Co Ltd , Statutory Auditor
William Price & Co Ltd
Westbury Court
Church Road
Westbury on Trym, Bristol
BS9 3EF
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