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Company No: 05692876 (England and Wales)

POLTAIR VALE (39-50) MANAGEMENT COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 24 March 2024
Pages for filing with the registrar

POLTAIR VALE (39-50) MANAGEMENT COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 24 March 2024

Contents

POLTAIR VALE (39-50) MANAGEMENT COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 24 March 2024
POLTAIR VALE (39-50) MANAGEMENT COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 24 March 2024
Note 2024 2023
£ £
Current assets
Debtors 3 5,921 5,061
Cash at bank and in hand 19,664 19,296
25,585 24,357
Creditors: amounts falling due within one year 4 ( 8,531) ( 4,074)
Net current assets 17,054 20,283
Total assets less current liabilities 17,054 20,283
Net assets 17,054 20,283
Capital and reserves
Called-up share capital 0 0
Other reserves 7,812 7,112
Profit and loss account 9,242 13,171
Total shareholders' funds 17,054 20,283

For the financial year ending 24 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 financial statements of Poltair Vale (39-50) Management Company Limited (registered number: 05692876) were approved and authorised for issue by the Board of Directors on 27 November 2024. They were signed on its behalf by:

Miss K L Hutchings
Director
POLTAIR VALE (39-50) MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 24 March 2024
POLTAIR VALE (39-50) MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 24 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Poltair Vale (39-50) Management Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bishop Fleming Chy Nyverow, Newham Road, Truro, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Debtors

2024 2023
£ £
Trade debtors 1,223 3,942
Prepayments 4,698 1,119
5,921 5,061

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 5,229 943
Accruals 1,706 1,949
Other creditors 1,596 1,182
8,531 4,074