REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
BANKERS: |
94 East Street |
Chichester |
West Sussex |
PO19 1HD |
SOLICITORS: |
Avenue House |
Southgate |
Chichester |
PO19 1ES |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Marchwood Management (Chichester) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01760582 and its registered office is Appledram Barns, Birdham Road, Chichester, West Sussex, PO20 7EQ. |
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. |
As stated below, the company's sole object is to manage the Marchwood estate, in the main, as agent. The company is therefore reliant on the continuing support of the estate's residents/shareholders in their settlement of requested service charges. Furthermore, the continuing agreement, from the residents/shareholders, of cost allocations and responsibilities for certain expenditure is fundamental for the company to maintain its operations and ultimate continuing existence. |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the company were unable to realise its assets and settle its liabilities as a going concern in the normal course of business. Such adjustments could be material. |
Service charges (turnover) |
The sole object of the company is to own and manage the leisure facilities and amenity lands at Marchwood, Chichester. The company owns and manages these assets on behalf of the residents, each of whom is a shareholder in the company. The company also acts as agent, on behalf of the residents, for other costs incurred on the estate and collects service charges from residents to settle that expenditure. All costs incurred by the company in managing the assets are recharged to the shareholders in agreed proportions. The recharges to residents/shareholders are presented as the company's turnover, but it is only acting as an agent, and thus turnover each year equals the expenditure on running costs. Turnover and costs are recognised in the period to which the costs relate. These practices of the company have not changed in recent years. Additional funds are held on trust on behalf of the residents, to be used for general and specific expenses of the estate and are shown as provisions for liabilities. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and Machinery - 8.33% on cost |
Financial instruments |
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments. |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
The company is subject to trust taxation on its investment income. |
Provisions for liabilities |
Provisions for liabilities are the funds, held in trust, of service charges collected allocated to future expenditure. The provisions are not an estimate of the full future potential costs required for the estate under accounting standards. |
Flats administration and flat repairs provision |
The company administers the leasehold flats at Marchwood on behalf of the flat owners. This is not part of the company's principal activity and, as the company recharges all expenses incurred in the flats' administration to the flat owners and acts purely as an agent, receiving no remuneration, there are no costs or income in relation to the flats' administration recorded or disclosed in the company's financial statements. It is the responsibility of the tenants of the leasehold flats to redecorate the interior common parts of the flats every five years. |
Provision for major repairs |
The provision has been established by the directors as a fund out of which to meet future expenditure on major repairs and capital items. Each resident contributes to the provision as and when calls are made by the directors. Major items of expenditure will be charged against this provision at the discretion of the directors. This provision is not allocated to individual shareholders. It is a collective fund held by the company but as 'A' and 'B' shareholders have contributed to it equally, it can only be used for major expenditure on the shared leisure and other facilities; it is not available for expenditure on the amenity lands which relate only to the 'A' shareholders. |
'A' shareholders' provision for major repairs |
The provision has been established by the directors as a fund out of which to meet future expenditure on major repairs to the amenity lands which relate only to the 'A' shareholders. Each 'A' shareholder resident contributes to the provision as and when calls are made by the directors. Major items of expenditure on the amenity lands will be charged against the provision at the discretion of the directors. This provision is not allocated to individual shareholders. |
Painting provision |
It is the responsibility of the company to arrange for the external painting of the 'A' shareholders' properties on the Marchwood estate every four or five years. The painting provision has been set up to collect an annual contribution towards the repainting from each of the residents covered by the repainting obligations. A separate provision is maintained for the contributions of each resident. Each shareholder's painting provision is held on account solely for the benefit of that shareholder (or successor) and it cannot be used for any other purpose by the company, unless permitted by that shareholder (or successor). |
Fixed asset depreciation provision |
The provision has been established to set aside funds from the provision for major repairs used to purchase capital items. The depreciation of capital items in future periods will be covered by transfers from this provision. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
The company owns certain communal land and buildings at Marchwood, Chichester. These assets have no value assigned to them in the company's balance sheet as they were conveyed to the company at nil cost. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts due from residents | 3,259 | 557 |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts due to residents | 2,511 | 11,217 |
Taxation |
Key deposits |
Accruals and deferred income |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
7. | PROVISIONS FOR LIABILITIES |
Provision | 'A' Shareholders' | Flat |
for Major | Provision for | Painting | Repairs |
Repairs | Major Repairs | Provision | Provision |
£ | £ | £ | £ |
Balance brought forward | 21,635 | 29,312 | 87,331 | 18,983 |
Increase in provisions this year | 4,284 | - | - | - |
Contributions from residents | 8,500 | 6,860 | 45,444 | 5,347 |
Costs incurred | - | (10,990 | ) | (68,149 | (16,576 | ) |
Balance carried forward | 34,419 | 25,182 | 64,626 | 7,754 |
Flat | Fixed Asset |
Roof Repairs | Depreciation |
Provision | Provision | TOTAL |
£ | £ | £ |
Balance brought forward | 35,585 | 15,396 | 208,242 |
Increase in provisions this year | - | - | 4,284 |
Contributions from residents | 78,269 | - | 144,420 |
Costs incurred | (109,792 | ) | (1,454 | ) | (206,961 |
Balance carried forward | 4,062 | 13,942 | 149,985 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary 'A' | £1 | 49 | 49 |
Ordinary 'B' | £1 | 51 | 51 |
100 | 100 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES |
The directors are aware of some defective repair works to certain flats that will require remedial works. The matter is under process with the company's insurers. |
11. | ULTIMATE CONTROLLING PARTY |
The company is controlled collectively by its shareholders, who are the residents of the Marchwood estate in Chichester, West Sussex. |