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Registration number: 09316591

Passage Close Management Co Ltd (A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name

Chartered Accountants

 

Passage Close Management Co Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 9

 

Passage Close Management Co Ltd

Company Information

Directors

P Harper

Reverend A P Douglas

Mrs S J Dignan

Company secretary

Coco Property Group Limited

Registered office

18a High West Street
Dorchester
Dorset
DT1 1UW

Accountants

Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Passage Close Management Co Ltd

Directors' Report
for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Ms C J Dixon (ceased 6 November 2023)

P Harper

G S Douglas (ceased 31 May 2023)

S C Watson (ceased 6 November 2023)

R G T Brown (ceased 10 July 2023)

Reverend A P Douglas (appointed 31 May 2023)

Mrs S J Dignan (appointed 30 January 2024)

Principal activity

The principal activity of the company continued to be that of the provision of property management. The company owns the freehold reversion of 1 – 24, 26, 28, 30 (Blocks A & B) Passage Close, Weymouth

Small companies provision statement

This report has 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.

Approved by the Board on 25 October 2024 and signed on its behalf by:




Coco Property Group Limited
Company secretary

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Passage Close Management Co Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Passage Close Management Co Ltd for the year ended 31 March 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Passage Close Management Co Ltd, as a body, in accordance with the terms of our engagement letter dated 3 June 2019. Our work has been undertaken solely to prepare for your approval the accounts of Passage Close Management Co Ltd and state those matters that we have agreed to state to the Board of Directors of Passage Close Management Co Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Passage Close Management Co Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Passage Close Management Co Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Passage Close Management Co Ltd. You consider that Passage Close Management Co Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Passage Close Management Co Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

28 October 2024

 

Passage Close Management Co Ltd

Profit and Loss Account
for the Year Ended 31 March 2024

2024
£

2023
£

Turnover

55,918

38,990

Gross surplus

55,918

38,990

Administrative expenses

(41,569)

(33,027)

Operating surplus

14,349

5,963

Surplus before tax

14,349

5,963

Tax

-

-

Surplus for the financial year

14,349

5,963

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Passage Close Management Co Ltd

(Registration number: 09316591)
Balance Sheet as at 31 March 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

2,719

 

2,719

Current assets

   

 

Debtors

5

7,973

 

7,383

 

Cash at bank and in hand

 

42,871

 

32,411

 

 

50,844

 

39,794

 

Creditors: Amounts falling due within one year

6

(3,201)

 

(6,500)

 

Net current assets

   

47,643

 

33,294

Net assets

   

50,362

 

36,013

Capital and reserves

   

 

Depreciation fund

50,362

 

36,013

 

Profit and loss account

-

 

-

 

   

50,362

 

36,013

For the financial year ending 31 March 2024 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.

Approved and authorised by the Board on 25 October 2024 and signed on its behalf by:
 

Reverend A P Douglas
Director

   
     

 

Passage Close Management Co Ltd

Statement of Changes in Equity
for the Year Ended 31 March 2024

Depreciation fund
£

Profit and loss account
£

Total
£

At 1 April 2023

36,013

-

36,013

Surplus for the year

-

14,349

14,349

Transfers

14,349

(14,349)

-

At 31 March 2024

50,362

-

50,362

Depreciation fund
£

Profit and loss account
£

Total
£

At 1 April 2022

30,050

-

30,050

Surplus for the year

-

5,963

5,963

Transfers

5,963

(5,963)

-

At 31 March 2023

36,013

-

36,013

 

Passage Close Management Co Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

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:
18a High West Street
Dorchester
Dorset
DT1 1UW
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

No depreciation is provided in respect of the freehold as its value will be at least equal to its cost.

 

Passage Close Management Co Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from residents for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0). The average number of directors on the board during the year was 4 (2023 - 5).

4

Tangible assets

Freehold land and buildings
£

Total
£

Cost

At 1 April 2023

2,719

2,719

At 31 March 2024

2,719

2,719

Depreciation

At 1 April 2023

-

-

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

2,719

2,719

At 31 March 2023

2,719

2,719

 

Passage Close Management Co Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

5

Debtors

Current

2024
£

2023
£

Amounts due from lessees

2,737

3,024

Prepayments

5,236

4,359

 

7,973

7,383

6

Creditors

2024
£

2023
£

Due within one year

Amounts received in advance from lessees

2,211

3,107

Accruals

672

3,393

Other creditors

318

-

3,201

6,500