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Registration number: 02209183

Priory Quay Management Company Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Priory Quay Management Company Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Priory Quay Management Company Ltd

Company Information

Chairman

Deborah Howard

Directors

Sally Greenhalgh

Neil Kennedy

Frances Newbery

Spencer Lock

Graham Errington

Simon Letts

Dr James White

Company secretary

Kate Tuckett

Registered office

15 Glyn Place, East Melbury
Shaftesbury
Dorset
SP7 0DP

Accountants

Dorset FD Limited
A member firm of the ICAEW
Unit 35
Great Cranford Street
Poundbury
Dorchester
Dorset
DT1 3SQ

 

Priory Quay Management Company Ltd

(Registration number: 02209183)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

6

6,552

5,574

Cash at bank and in hand

 

234,947

272,293

 

241,499

277,867

Creditors: Amounts falling due within one year

7

(15,649)

(7,644)

Net assets

 

225,850

270,223

Capital and reserves

 

Called up share capital

8

37

37

Major projects reserve

135,000

110,000

Revenue reserve

90,813

160,186

Shareholders' funds

 

225,850

270,223

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income and Expenditure Account.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Simon Letts
Director

 

Priory Quay Management Company Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
15 Glyn Place, East Melbury
Shaftesbury
Dorset
SP7 0DP
England and Wales

These financial statements were authorised for issue by the Board on 30 July 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Priory Quay Management Company Ltd

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Furniture, fittings and equipment

10% - 33% per annum straight line

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 customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Priory Quay Management Company Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

 

Priory Quay Management Company Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

1,839

1,839

At 31 March 2024

1,839

1,839

Depreciation

At 1 April 2023

1,839

1,839

At 31 March 2024

1,839

1,839

Carrying amount

At 31 March 2024

-

-

5

Stocks

2024
£

2023
£

6

Debtors

Current

2024
£

2023
£

Prepayments

6,552

5,431

Other debtors

-

143

 

6,552

5,574

7

Creditors

Creditors: amounts falling due within one year

 

Priory Quay Management Company Ltd

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

2024
£

2023
£

Due within one year

Trade creditors

1,560

1,259

Taxation and social security

1,755

3,247

Accruals and deferred income

2,000

1,908

Other creditors

10,334

1,230

15,649

7,644

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 Shares of £1 each

37

37

37

37

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Major projects reserve
£

Revenue reserve
£

Transfers (to) / from reserves

25,000

(25,000)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Major projects reserve
£

Revenue reserve
£

Transfers (to) / from reserves

(50,000)

50,000