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Registration number: 05178690

Morland Grange (Northcote) Management Co

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Morland Grange (Northcote) Management Co

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Morland Grange (Northcote) Management Co

Company Information
__________________________________________________________________________

Directors

Mr A Ahluwalia

Mr M Alibhai

Registered office

14 Grosvenor Road
Northwood
Middlesex
HA6 3HJ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

Morland Grange (Northcote) Management Co

(Registration number: 05178690)
Balance Sheet as at 31 March 2024
__________________________________________________________________________

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

20,000

20,000

Current assets

 

Debtors

4

15,433

19,133

Cash at bank and in hand

 

1,217

11,462

 

16,650

30,595

Creditors: Amounts falling due within one year

5

(14,973)

(30,037)

Net current assets

 

1,677

558

Net assets

 

21,677

20,558

Capital and reserves

 

Revaluation reserve

20,000

20,000

Other reserves

1,677

558

Shareholders' funds

 

21,677

20,558

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 June 2024 and signed on its behalf by:
 

.........................................
Mr A Ahluwalia
Director

 

Morland Grange (Northcote) Management Co

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

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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

Land and buildings

Not depreciated

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.

 

Morland Grange (Northcote) Management Co

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

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Morland Grange (Northcote) Management Co

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

3

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

Revaluations

20,000

20,000

At 31 March 2024

20,000

20,000

Depreciation

Carrying amount

At 31 March 2024

20,000

20,000

At 31 March 2023

20,000

20,000

Included within the net book value of land and buildings above is £20,000 (2023 - £20,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold value of land and buildings was revalued on 1 April 2015. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £20,000 (2023 - £20,000).

4

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

13,833

18,033

Prepayments

 

1,600

1,100

   

15,433

19,133

 

Morland Grange (Northcote) Management Co

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

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

13,885

18,000

Trade creditors

 

288

11,437

Accruals and deferred income

 

800

600

 

14,973

30,037

6

Loans and borrowings