Wallace Court Management Company Limited 5259339 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is to acquire, hold, manage, maintain, administer and deal with certain land and buildings known as Wallace Court, 276-288 Balham High Road, London SW17 7AX & SW17 7AL Digita Accounts Production Advanced 6.30.9574.0 true true 5259339 2023-11-01 2024-10-31 5259339 2024-10-31 5259339 core:RetainedEarningsAccumulatedLosses 2024-10-31 5259339 core:CurrentFinancialInstruments 2024-10-31 5259339 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 5259339 bus:SmallEntities 2023-11-01 2024-10-31 5259339 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 5259339 bus:FilletedAccounts 2023-11-01 2024-10-31 5259339 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 5259339 bus:RegisteredOffice 2023-11-01 2024-10-31 5259339 bus:CompanySecretary1 2023-11-01 2024-10-31 5259339 bus:Director1 2023-11-01 2024-10-31 5259339 bus:Director2 2023-11-01 2024-10-31 5259339 bus:Director3 2023-11-01 2024-10-31 5259339 bus:CompanyLimitedByGuarantee 2023-11-01 2024-10-31 5259339 bus:Agent1 2023-11-01 2024-10-31 5259339 countries:EnglandWales 2023-11-01 2024-10-31 5259339 2022-11-01 2023-10-31 5259339 2023-10-31 5259339 core:RetainedEarningsAccumulatedLosses 2023-10-31 5259339 core:CurrentFinancialInstruments 2023-10-31 5259339 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 iso4217:GBP xbrli:pure

Registration number: 5259339

Wallace Court Management Company Limited

(A company limited by guarantee)

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Wallace Court Management Company Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Wallace Court Management Company Limited

Company Information

Directors

Andrew Ryder McGill

Penelope Jane McGill

Geraldene Ann Lyon

Company secretary

DMG Property Management Limited

Registered office

Suite 7 Aspect House
Pattenden Lane
Marden
Kent
TN12 9QJ

Bankers

NatWest Maidstone
3 High Street
Maidstone
Kent
ME14 1HJ

Accountants

Manningtons
Victoria House The Moor
Hawkhurst
Cranbrook
Kent
TN18 4NR

 

Wallace Court Management Company Limited

(Registration number: 5259339)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

7,491

11,934

Creditors: Amounts falling due within one year

5

(7,637)

(23,230)

Net liabilities

 

(146)

(11,296)

Reserves

 

Retained earnings

(146)

(11,296)

Deficit

 

(146)

(11,296)

For the financial year ending 31 October 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 February 2025 and signed on its behalf by:
 

.........................................
Geraldene Ann Lyon
Director

 

Wallace Court Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Suite 7 Aspect House
Pattenden Lane
Marden
Kent
TN12 9QJ
England

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 presentation currency of the financial statements is the Pound Sterling (£).

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.

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.

 

Wallace Court Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Service charge arrears

Service charge arrears are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Service charge arrears are recognised at the transaction price, less provision for impairment. A provision for the impairment of service charge arrears 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.

Service charges paid in advance

Service charges paid in advance 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.

Service charges paid in advance are recognised at the transaction price.

3

Staff numbers

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

 

Wallace Court Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Debtors

2024
£

2023
£

Service charge arrears

853

1,463

Prepayments

2,339

2,146

Other debtors

4,299

8,325

7,491

11,934

Other debtors includes a sum of £4,299 (2023 - £7,787) held in the name of the company in a client account of the appointed agent for the leaseholders.

Also included within other debtors are invoice debtors of £Nil (2023 - £538).

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Service charges paid in advance

2,817

3,696

Accruals and deferred income

1,095

17,665

Other creditors

3,725

1,869

7,637

23,230