Registered number
05107141
The Reach Property Management Company Limited
Filleted Accounts
31 December 2023
The Reach Property Management Company Limited
Registered number: 05107141
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £ £ £
Current assets
Debtors 3 393,353 1,564,623
Cash at bank and in hand 1,863,120 1,026,157
2,256,473 2,590,780
Creditors: amounts falling due within one year 4 (466,099) (243,684)
Net current assets 1,790,374 2,347,096
Net assets 1,790,374 2,347,096
Capital and reserves
General reserve 5 309,065 89,273
BSF Cladding reserve 6 1,366,199 271,953
Non-eligible remediation reserve 9 - 1,985,870
Fire door reserve 7 112,110 -
Roof repair reserve 8 3,000 -
Shareholders' funds 1,790,374 2,347,096
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P R Giles
Director
Approved by the board on 28 June 2024
The Reach Property Management Company Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
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).
Turnover
The turnover and result before taxation is attributable to one activity, the supply of services to the flats at The Reach, 39 Leeds Street, Liverpool 3 and interest on any funds held on behalf of leaseholders.
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.
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.
Taxation
The company's main activities are mutual activities and any surplus arising therefrom is not chargeable to Corporation tax. Any non-mutual income eg. Interest received is subject to Corporation Tax at the current rate and charge of 19% has been provided in these accounts.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Debtors 2023 2022
£ £
Service charge arrears 174,139 1,374,843
Prepayments 204,698 176,194
Other debtors 14,516 13,586
393,353 1,564,623
4 Creditors: amounts falling due within one year 2023 2022
£ £
Service charges received in advance 217,497 1,906
Accruals 246,040 43,346
Trade creditors - 198,205
Taxation and social security costs 2,562 227
466,099 243,684
5 General reserve 2023 2022
£ £
At 1 January 2023 89,273 83,307
Budgeted contributions 44,143 5,000
Further contributions - 1,689,087
Interest received net of Corporation Tax 9,589 966
Transfer to non-eligible remediation reserve 242,675 (1,689,087)
Net deficit (104,110) -
Adjustment for prior year legal & professional costs 27,495 -
At 31 December 2023 309,065 89,273
6 BSF Cladding reserve 2023 2022
£ £
At 1 January 2023 271,953 472,025
BSF funding received 1,344,166 -
BSF Costs incurred (222,790) (200,072)
Interest received net of Corporation Tax 365 -
Adjustment for prior year legal & professional costs (27,495)
At 31 December 2023 1,366,199 271,953
7 Fire door reserve 2023 2022
£ £
Leaseholder contributions 112,110 -
112,110 -
8 Roof repair reserve 2023 2022
£ £
Budgeted contribution 3,000 -
3,000 -
9 Non-eligible remediation reserve 2023 2022
£ £
Non-eligible reserve brought forward 1,985,870 296,783
Transfer to/from general reserves (242,675) 1,689,087
2022 Contributions refunded (1,743,195)
- 1,985,870
The balance at the year end includes funds held and service charge debtors.
10 Other information
The Reach Property Management Company Limited is a private company and incorporated in England. Its registered office is:
116 Duke Street
Liverpool
L1 5JW
11 Share capital
The company is Limited by guarantee and does not have a share capital. Each member will contribute an amount not exceeding £1 should the company be wound up.
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