0 0 Sorrento Management Association Limited 01644773 false 2023-06-25 2024-06-24 2024-06-24 The principal activity of the company is the management of the property known as Sorrento, Middle Warberry Road, Torquay for the benefits of its members, all of whom possess a leasehold interest in the property. Digita Accounts Production Advanced 6.30.9574.0 true 01644773 2023-06-25 2024-06-24 01644773 2024-06-24 01644773 core:CurrentFinancialInstruments 2024-06-24 01644773 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-24 01644773 bus:SmallEntities 2023-06-25 2024-06-24 01644773 bus:AuditExemptWithAccountantsReport 2023-06-25 2024-06-24 01644773 bus:FilletedAccounts 2023-06-25 2024-06-24 01644773 bus:SmallCompaniesRegimeForAccounts 2023-06-25 2024-06-24 01644773 bus:RegisteredOffice 2023-06-25 2024-06-24 01644773 bus:Director6 2023-06-25 2024-06-24 01644773 bus:CompanyLimitedByGuarantee 2023-06-25 2024-06-24 01644773 countries:England 2023-06-25 2024-06-24 01644773 2022-06-25 2023-06-24 01644773 2023-06-24 01644773 core:CurrentFinancialInstruments 2023-06-24 01644773 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-24 xbrli:pure iso4217:GBP

Registration number: 01644773

Sorrento Management Association Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 24 June 2024

 

Sorrento Management Association Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 4

 

Sorrento Management Association Limited

(Registration number: 01644773)
Statement of Financial Position as at 24 June 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

48,798

71,259

Cash at bank and in hand

 

50,293

208

 

99,091

71,467

Creditors: Amounts falling due within one year

5

(13,171)

(10,143)

Net assets

 

85,920

61,324

Reserves

 

Other reserves

85,039

60,039

Profit and loss account

881

1,285

Surplus

 

85,920

61,324

For the financial year ending 24 June 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 18 November 2024 and signed on its behalf by:
 


Miss A E Barge
Director

 

Sorrento Management Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 June 2024

1

General information

The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
135 Reddenhill Road
Torquay
Devon
TQ1 3NT

Principal activity

The principal activity of the company is the management of the property known as Sorrento, Middle Warberry Road, Torquay for the benefits of its members, all of whom possess a leasehold interest in the property.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover represents the amount derived from ground rents, service charges and heating charges due from leaseholders.

 

Sorrento Management Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 June 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Debtors

2024
£

2023
£

Trade debtors

915

1,056

Other debtors

45,986

68,550

Prepayments

1,897

1,653

48,798

71,259


 

Other debtors include funds held by the Managing Agents were held in a bank account in the name of the property managing agent on behalf of the company. The total amount held at the year end was £45,986 (2023 - £68,551).

 

Sorrento Management Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 June 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

554

3,900

Accruals and deferred income

6,010

4,802

Other creditors

6,607

1,441

13,171

10,143

6

Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.

Property maintenance fund:
This reserve earmarks retained profits for property maintenance.