Company registration number 01368007 (England and Wales)
FURZEDOWN MANAGEMENT COMPANY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 JUNE 2024
FURZEDOWN MANAGEMENT COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr G Upton
Mrs C M Jones
Secretary
Mr G Upton
Company number
01368007
Registered office
5 Furzedown Court
Milton Road
Harpenden
Herts
AL5 5PD
Accountants
Freeman Baker Associates
The Old Church
48 Verulam Road
St. Albans
Hertfordshire
AL3 4DH
Business address
5 Furzedown Court
Milton Road
Harpenden
Herts
AL5 5PD
FURZEDOWN MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 6
FURZEDOWN MANAGEMENT COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 24 JUNE 2024
- 1 -
The directors present their annual report and financial statements for the year ended 24 June 2024.
Principal activities
The principal activity of the company continued to be the management and maintenance of Furzedown Court, Milton Road, Harpenden, Herts.
The company is non-profit making. The annexed accounts show the income and expenditure for the year and the assets and liabilities of the company at that date. In accordance with the Articles of Association the directors recommend that no dividend be paid for the year.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G Upton
Mrs C M Jones
Mr N L Watson
(Resigned 13 December 2023)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr G Upton
Director
24 November 2024
FURZEDOWN MANAGEMENT COMPANY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FURZEDOWN MANAGEMENT COMPANY LIMITED FOR THE YEAR ENDED 24 JUNE 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Furzedown Management Company Limited for the year ended 24 June 2024 which comprise the profit and loss account, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Furzedown Management Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Furzedown Management Company Limited and state those matters that we have agreed to state to the Board of Directors of Furzedown Management Company Limited, 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 Furzedown Management Company Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Furzedown Management Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Furzedown Management Company Limited. You consider that Furzedown Management Company Limited 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 financial statements of Furzedown Management Company Limited. 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 financial statements.
Freeman Baker Associates
29 November 2024
Accountants
The Old Church
48 Verulam Road
St. Albans
Hertfordshire
AL3 4DH
FURZEDOWN MANAGEMENT COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 24 JUNE 2024
- 3 -
2024
2023
£
£
Turnover
16,535
55,500
Administrative expenses
(17,030)
(55,544)
Other operating income
495
Operating profit/(loss)
-
(44)
Interest receivable and similar income
44
Profit before taxation
Tax on profit
Profit for the financial year
The profit and loss account has been prepared on the basis that all operations are continuing operations.
FURZEDOWN MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT 24 JUNE 2024
24 June 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
126,487
126,487
Current assets
Debtors
4
533
1,361
Cash at bank and in hand
3,167
3,333
3,700
4,694
Creditors: amounts falling due within one year
5
(1,897)
(2,407)
Net current assets
1,803
2,287
Total assets less current liabilities
128,290
128,774
Provisions for liabilities
(1,345)
(1,829)
Net assets
126,945
126,945
Capital and reserves
Called up share capital
6
10
100
Other reserves
126,837
126,837
Profit and loss reserves
98
8
Total equity
126,945
126,945
For the financial year ended 24 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 November 2024 and are signed on its behalf by:
Mr G Upton
Mrs C M Jones
Director
Director
Company registration number 01368007 (England and Wales)
FURZEDOWN MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 JUNE 2024
- 5 -
1
Accounting policies
Company information
Furzedown Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Furzedown Court, Milton Road, Harpenden, Herts, AL5 5PD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents contributions by the property owners towards the management expenses of the company.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
No depreciation is provided in respect of freehold land and buildings.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received.
1.6
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
FURZEDOWN MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 JUNE 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost
At 25 June 2023 and 24 June 2024
126,487
Depreciation and impairment
At 25 June 2023 and 24 June 2024
Carrying amount
At 24 June 2024
126,487
At 24 June 2023
126,487
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
533
1,361
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,897
2,407
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" shares of £1 each
-
90
-
90
Ordinary "B" shares of £1 each
10
10
10
10
10
100
10
100