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Registration number: 02946917

Poundbury (Manco 1) Limited

Directors Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

image-name

Chartered Accountants

 

Poundbury (Manco 1) Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Independent Assurance Report

3

Income and Expenditure Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 9

 

Poundbury (Manco 1) Limited

Company Information

Directors

Dr S G S Ellis

J D Bowerman Esq

Commander R Lamb

Mrs D Harvey

Mrs H W Barnett

D M Parry Esq

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Poundbury (Manco 1) Limited

Directors' Report
for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

Dr S G S Ellis

J D Bowerman Esq

Commander R Lamb

Mrs D Harvey

Mrs H W Barnett

D M Parry Esq

Principal activity

The principal activity of the company is the management of the first phase of the Poundbury development.

Statement of directors responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has 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.

Approved by the Board on 27 February 2025 and signed on its behalf by:


Dr S G S Ellis
Director

   
     
 

Chartered Accountants' Independent Assurance Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Poundbury (Manco 1) Limited
for the Year Ended 31 December 2024

We have reviewed the financial statements of Poundbury (Manco 1) Limited for the year ended 31 December 2024, which comprise the Income and Expenditure Account, the Balance Sheet and the related notes 1 to 8. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard 102 (Section 1A).

This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 19 February 2025. Our review has been undertaken so that we may state to the company’s directors those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors as a body for our work, for this report or the conclusions we have formed.

Directors’ Responsibility for the Financial Statements
As explained more fully in the Directors’ Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants’ Responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements and ICAEW Technical Release TECH 09/13AAF Assurance review engagements on historical financial statements. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the Assurance Review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
• so as to give a true and fair view of the state of the company’s affairs as at 31 December 2024, and of its surplus/(deficit) for the year then ended;
• in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
• in accordance with the requirements of the Companies Act 2006.






Edwards & Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

28 February 2025

 

Poundbury (Manco 1) Limited

Income and Expenditure Account
for the Year Ended 31 December 2024

Note

2024
£

2023
£

Income

 

86,185

77,160

Expenses

 

(35,691)

(109,058)

Operating surplus/(deficit)

 

50,494

(31,898)

Other interest receivable and similar income

 

3,461

2,534

Surplus/(deficit) before tax

4

53,955

(29,364)

Taxation

 

(658)

(481)

Surplus/(deficit) for the financial year

 

53,297

(29,845)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Poundbury (Manco 1) Limited

(Registration number: 02946917)
Balance Sheet as at 31 December 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

17,813

 

22,373

Current assets

   

 

Debtors

6

2,367

 

30,540

 

Cash at bank and in hand

 

299,333

 

215,310

 

 

301,700

 

245,850

 

Creditors: Amounts falling due within one year

7

(13,773)

 

(15,780)

 

Net current assets

   

287,927

 

230,070

Net assets

   

305,740

 

252,443

Capital and reserves

   

 

Called up share capital

299

 

299

 

Repairs reserve

305,000

 

251,500

 

Income and expenditure account

441

 

644

 

Total equity

   

305,740

 

252,443

For the financial year ending 31 December 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 27 February 2025 and signed on its behalf by:
 

Dr S G S Ellis
Director

   
     
 

Poundbury (Manco 1) Limited

Statement of Changes in Equity
for the Year Ended 31 December 2024

Share capital
£

Repairs reserve
£

Income and expenditure account
£

Total
£

At 1 January 2024

299

251,500

644

252,443

Profit for the year

-

-

53,297

53,297

Transfers

-

53,500

(53,500)

-

At 31 December 2024

299

305,000

441

305,740

Share capital
£

Repairs reserve
£

Income and expenditure account
£

Total
£

At 1 January 2023

299

281,000

989

282,288

Loss for the year

-

-

(29,845)

(29,845)

Transfers

-

(29,500)

29,500

-

At 31 December 2023

299

251,500

644

252,443

 

Poundbury (Manco 1) Limited

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

1

General information

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

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
England

The principal place of business is:
Burraton House
5 Burraton Square
Dorchester
Dorset
DT1 3GR

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.

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.

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 tax on investment income.

The current 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.

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.

 

Poundbury (Manco 1) Limited

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

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:

Satellite TV System Upgrades

5 years straight line basis

Lighting Equipment

8 years straight line basis

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 residents for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0). The average number of directors on the board during the year was 5 (2023 - 5).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation of lighting upgrades

4,560

4,560

Lighting upgrades written off/ (credited)

(29,963)

29,547

5

Tangible assets

Plant and machinery
£

Total
£

Cost

At 1 January 2024

88,477

88,477

At 31 December 2024

88,477

88,477

Depreciation

At 1 January 2024

66,104

66,104

Charge for the year

4,560

4,560

At 31 December 2024

70,664

70,664

Carrying amount

At 31 December 2024

17,813

17,813

At 31 December 2023

22,373

22,373

 

Poundbury (Manco 1) Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,310

1,770

Prepayments

704

2,620

Other debtors

353

26,150

 

2,367

30,540

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

6,668

4,334

Service charges overpaid

3,900

4,295

Accruals

2,547

6,529

Corporation tax

658

622

13,773

15,780

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

298

298

298

298

'A' Shares of £1 each

1

1

1

1

 

299

299

299

299

The 'A' share carries enhanced voting rights as a result of which no resolution can be passed in general meeting of the company unless the holder of this share, or his representative, has voted in favour.