Company Registration No. 11973962 (England and Wales)
70 SEVERN ROAD MANAGEMENT COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 MAY 2024
PAGES FOR FILING WITH REGISTRAR
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
70 SEVERN ROAD MANAGEMENT COMPANY LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
70 SEVERN ROAD MANAGEMENT COMPANY LTD
COMPANY INFORMATION
- 1 -
Directors
Mr J E Griffin
Miss J Samuel
Mr A Fowler
Mrs E Winters
Company number
11973962
Registered office
Riverside Cottage
Kenn Pier
Clevedon
North Somerset
BS21 6UD
Accountants
TC Group
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
70 SEVERN ROAD MANAGEMENT COMPANY LTD
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25
25
Current assets
Debtors
4
984
698
Cash at bank and in hand
2,157
1,909
3,141
2,607
Creditors: amounts falling due within one year
5
(522)
(300)
Net current assets
2,619
2,307
Total assets less current liabilities
2,644
2,332
Capital and reserves
Called up share capital
5
5
Other reserves
6
2,639
2,327
Total equity
2,644
2,332
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 May 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 period 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.
70 SEVERN ROAD MANAGEMENT COMPANY LTD
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
Mr J E Griffin
Director
Company Registration No. 11973962
The notes on pages 4 to 6 form part of these financial statements
70 SEVERN ROAD MANAGEMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MAY 2024
- 4 -
1
Accounting policies
Company information
70 Severn Road Management Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Riverside Cottage, Kenn Pier, Clevedon, North Somerset, BS21 6UD.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost.
The company holds the freehold title to the property which does not attract depreciation.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
70 SEVERN ROAD MANAGEMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MAY 2024
1
Accounting policies
(Continued)
- 5 -
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors 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.
1.6
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.
1.7
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 period was:
2024
2023
Number
Number
Total
4
4
None of the directors receive remuneration from the company.
70 SEVERN ROAD MANAGEMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MAY 2024
- 6 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2023 and 30 May 2024
25
Depreciation and impairment
At 1 June 2023 and 30 May 2024
Carrying amount
At 30 May 2024
25
At 31 May 2023
25
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
984
698
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
522
300
6
Other reserves
Other reserves relate to the sinking fund of the company.