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S106 Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

Registration number: 03421904

 

S106 Management Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

S106 Management Ltd

Company Information

Directors

RB Furby

SL Furby

Company secretary

RB Furby

Registered office

18 Newport Street
Tiverton
Devon
EX16 6NL

Accountants

Withers Steele Limited
Chartered Accountants
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
S106 Management Ltd
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of S106 Management Ltd for the year ended 31 August 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of S106 Management Ltd, as a body, in accordance with the terms of our engagement letter dated 16 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of S106 Management Ltd and state those matters that we have agreed to state to the Board of Directors of S106 Management Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S106 Management Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that S106 Management Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of S106 Management Ltd. You consider that S106 Management Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of S106 Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Withers Steele Limited
Chartered Accountants
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

10 December 2024

 

S106 Management Ltd

(Registration number: 03421904)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,606

4,851

Current assets

 

Stocks

5

1,816

12,150

Debtors

6

235,369

466,510

Cash at bank and in hand

 

100,105

87,549

 

337,290

566,209

Creditors: Amounts falling due within one year

7

(154,077)

(276,373)

Net current assets

 

183,213

289,836

Total assets less current liabilities

 

185,819

294,687

Creditors: Amounts falling due after more than one year

7

(7,933)

(18,062)

Provisions for liabilities

(652)

(1,213)

Net assets

 

177,234

275,412

Capital and reserves

 

Called up share capital

4

4

Retained earnings

177,230

275,408

Shareholders' funds

 

177,234

275,412

For the financial year ending 31 August 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 10 December 2024 and signed on its behalf by:
 

 

S106 Management Ltd

(Registration number: 03421904)
Balance Sheet as at 31 August 2024

.........................................
RB Furby
Company secretary and director

 

S106 Management Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales .

The address of its registered office is:
18 Newport Street
Tiverton
Devon
EX16 6NL
England

The principal place of business is:
Higher Duryard House
Pennsylvania Road
Exeter
Devon
EX4 5BQ

These financial statements were authorised for issue by the Board on 10 December 2024.

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

S106 Management Ltd

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% straight line

Other tangible assets

25% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

S106 Management Ltd

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

Trade creditors

Trade creditors 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

 

S106 Management Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

21,980

844

22,824

At 31 August 2024

21,980

844

22,824

Depreciation

At 1 September 2023

17,129

844

17,973

Charge for the year

2,245

-

2,245

At 31 August 2024

19,374

844

20,218

Carrying amount

At 31 August 2024

2,606

-

2,606

At 31 August 2023

4,851

-

4,851

 

S106 Management Ltd

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

5

Stocks

2024
£

2023
£

Other inventories

1,816

12,150

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

72,940

132,308

Amounts owed by related parties

152,737

259,275

Prepayments

 

9,692

7,896

Other debtors

 

-

67,031

   

235,369

466,510

 

S106 Management Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,179

10,060

Trade creditors

 

11,547

21,910

Taxation and social security

 

118,613

214,607

Accruals and deferred income

 

805

26,587

Other creditors

 

12,933

3,209

 

154,077

276,373

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

7,933

18,062

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,933

18,062

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,179

10,060