2023-04-012024-03-312024-03-31false02791358Sandgate Court (Penrith) Management Company 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Sandgate Court (Penrith) Management Company Limited

Registered Number
02791358
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Sandgate Court (Penrith) Management Company Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Jacqueline Braithwaite
Norman John Crump
Kim Gould
Hannah Sophie Williams

Company Secretary

Alan Storey

Registered Address

Lsl Estate Management Ltd Pacific House Business Centre
Parkhouse
Cumbria
CA3 0LJ

Registered Number

02791358 (England and Wales)
Sandgate Court (Penrith) Management Company Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets394111
94111
Current assets
Debtors52,178-
Cash at bank and on hand55,60552,663
57,78352,663
Creditors amounts falling due within one year6(2,391)(10,407)
Net current assets (liabilities)55,39242,256
Total assets less current liabilities55,48642,367
Net assets55,48642,367
Capital and reserves
Called up share capital2020
Other reserves40,79029,322
Profit and loss account14,67613,025
Shareholders' funds55,48642,367
The financial statements were approved and authorised for issue by the Board of Directors on 19 September 2024, and are signed on its behalf by:
Norman John Crump
Director
Registered Company No. 02791358
Sandgate Court (Penrith) Management Company Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
Turnover represents amounts received for maintenance of a building. Amounts are received monthly to cover annual maintenance costs.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment15
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 April 232,2932,293
At 31 March 242,2932,293
Depreciation and impairment
At 01 April 232,1822,182
Charge for year1717
At 31 March 242,1992,199
Net book value
At 31 March 249494
At 31 March 23111111
4.Impairment of tangible fixed assets
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.
5.Debtors: amounts due within one year

2024

2023

££
Prepayments and accrued income2,178-
Total2,178-
6.Creditors: amounts due within one year

2024

2023

££
Other creditors1,4245,200
Accrued liabilities and deferred income9675,207
Total2,39110,407
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Further information regarding the company's financial position
Sinking Fund - has been established to provide funds to meet the costs of major repairs to the properties. General Reserve - has been established to meet the cost of large, non-regular repair and maintenance work.