Company registration number 02113540 (England and Wales)
Mount Pleasant Hill (Hackney) Management Company Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Mount Pleasant Hill (Hackney) Management Company Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Mount Pleasant Hill (Hackney) Management Company Limited
BALANCE SHEET
As At 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,490
2,968
Current assets
Debtors
4
3,654
1,121
Cash at bank and in hand
290,791
216,160
294,445
217,281
Creditors: amounts falling due within one year
5
(12,766)
(8,851)
Net current assets
281,679
208,430
Net assets
283,169
211,398
Reserves
Other reserves
116,371
116,371
Income and expenditure account
166,798
95,027
Members' funds
283,169
211,398
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered 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 14 January 2025 and are signed on its behalf by:
Michael Urwin
Director
Company registration number 02113540 (England and Wales)
Mount Pleasant Hill (Hackney) Management Company Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 April 2024
- 2 -
1
Accounting policies
Company information
Mount Pleasant Hill (Hackney) Management Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 223 Riverside Close, Mount Pleasant Hill, Clapton E5 9SU.
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
Income and expenditure
Income comprises of service charges receivable from the flats, whose common parts the company maintains, and administration costs recovered.
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation provided
Fixtures and fittings
Straight line between 10% and 20%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Mount Pleasant Hill (Hackney) Management Company Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
5
73,817
73,822
Depreciation and impairment
At 1 May 2023
70,854
70,854
Depreciation charged in the year
1,478
1,478
At 30 April 2024
72,332
72,332
Carrying amount
At 30 April 2024
5
1,485
1,490
At 30 April 2023
5
2,963
2,968
Mount Pleasant Hill (Hackney) Management Company Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 April 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
3,654
1,121
5
Creditors: amounts falling due within one year
2024
2023
£
£
Service charges paid in arrears
9,873
6,220
Trade creditors
619
931
Corporation tax
514
Other creditors
200
200
Accruals and deferred income
1,560
1,500
12,766
8,851
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.