Company registration number 06800555 (England and Wales)
LYGON PLACE MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
LYGON PLACE MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
LYGON PLACE MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
176,761
184,908
Creditors: amounts falling due within one year
5
(176,751)
(184,898)
Net current assets
10
10
Capital and reserves
Called up share capital
10
10
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 February 2025 and are signed on its behalf by:
E A Shahmoon
Director
Company registration number 06800555 (England and Wales)
LYGON PLACE MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Lygon Place Management Company Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act. The registered office address is given on the company information page and the nature of the company's operations and its principal activities are set out in the Directors' Report.
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 preparation of financial statements in accordance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the companies accounting policies.
1.2
Going concern
The financial statements have been prepared on a going concern basis. Having reviewed the company's cash flow forecasts for the next 12 months and the company's net asset position, the directors consider that the company had substantial headroom to meet its financial obligations and liabilities as they fall for the foreseeable future. Accordingly they have prepared the financial statements on a going concern basis.true
1.3
Turnover
Turnover comprises of service charges levied to cover the expenditure in the year less value added tax. Turnover is recognised on an accruals basis.
1.4
Financial instruments
Basic financial assets
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
Classification of financial liabilities
Financial liabilities and equity are classified according to substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Short term debtors are measured at transaction price, less any impairment.
1.7
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
LYGON PLACE MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
2
Judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made no judgements that could have a material effect on the results or shareholders funds.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
176,761
184,908
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
176,751
184,898
6
Reserves
Profit and loss account
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
Share capital
Called up share capital reserve represents the nominal value of the shares issued.
7
Holding company
There is no ultimate controlling party of the company.