Coolhurst Property Management Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 29 February 2024
The company is a private company limited by guarantee incorporated in England and Wales. The registered office is Pitch Corner, Manor Lane, Horsham, West Sussex, RH13 6PL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.
These financial statements are presented in sterling and are rounded to the nearest £1.
The following principal accounting policies have been applied:
Subscription income represents amounts receivable from the members during the financial year for the purpose of providing monies to fund anticipated maintenance costs relating to common areas of the former St John's College, Coolhurst, West Sussex, as set out in the company's Memorandum and Articles of Association. The subscription income was derived from the company's principal activity which was carried out entirely in the UK.
Direct costs are the maintenance costs incurred during the financial year.
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Manor Lane and Copperfields reserve
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The directors consider that it is appropriate to make transfers to a designated reserve to reflect the likely future liabilities for maintenance of Manor Lane and Copperfields.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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