REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
SOUTHCOTT MANAGEMENT COMPANY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
SOUTHCOTT MANAGEMENT COMPANY LIMITED |
SOUTHCOTT MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 01592053) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SOUTHCOTT MANAGEMENT COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
& Statutory Auditors |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Milton Keynes |
Buckinghamshire |
MK12 5NN |
SOUTHCOTT MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 01592053) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SOUTHCOTT MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 01592053) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Southcott Management Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover represents management fees charged to the Residents' Companies. Turnover is recognised when revenue and associated costs can be measured reliably and future economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable for the services provided in the normal course of business. |
TANGIBLE FIXED ASSETS |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - 5% on cost |
Computer equipment | - 20% on cost |
DEBTORS RECEIVABLE AND CREDITORS PAYABLE |
Debtors and creditors with no stated interest rate and receivable or payable within or after one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - |
SOUTHCOTT MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 01592053) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Computer |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 3 | 3 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
SOUTHCOTT MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 01592053) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | RELATED PARTY DISCLOSURES |
Income of £53,481 (2023: £51,486) arises from management charges made to residents' companies which are also members of the company. |
As at 30 September 2024 funds totalling £218,644 (2023: £202,384) were held by the company on behalf of these residents' companies, being £76,871 (2023: £76,625) for Bideford Green Residents Company Limited, £67,527 (2023: £63,406) for Clovelly Green Residents Company Limited and £74,246 (2023: £62,353) for Studley Green Residents Company Limited. |
The company also holds funds on an implied trust for leaseholders owning properties managed by the company. These amounted to £94,635 (2023: £84,661) for Bideford Court, £32,494 (2023: £27,274) for Dulverton Court, £19,408 (2023: £19,382) for Blocks B&C Grasmere Way and £153,052 (2023: £150,347) for Blocks D-G Grasmere Way. |