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REGISTERED NUMBER: 01592053 (England and Wales)















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: A S Armstrong
C A Torrens
I C Shoubridge
T J Mitchell
R G D Allen
K D Pennington





REGISTERED OFFICE: Community Centre
Off Grasmere Way
Leighton Buzzard
Bedfordshire
LU7 2PJ





REGISTERED NUMBER: 01592053 (England and Wales)





AUDITORS: Ad Valorem Audit Services Limited
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 39,016 42,200

CURRENT ASSETS
Debtors 6 1,722 1,633
Cash at bank and in hand 579,266 550,379
580,988 552,012
CREDITORS
Amounts falling due within one year 7 618,001 592,209
NET CURRENT LIABILITIES (37,013 ) (40,197 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,003

2,003

CAPITAL AND RESERVES
Called up share capital 8 3 3
Retained earnings 2,000 2,000
SHAREHOLDERS' FUNDS 2,003 2,003

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2025 and were signed on its behalf by:





I C Shoubridge - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

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 - 1 ).

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 50,754 8,344 59,098
Additions - 912 912
Disposals - (1,569 ) (1,569 )
At 30 September 2024 50,754 7,687 58,441
DEPRECIATION
At 1 October 2023 11,091 5,807 16,898
Charge for year 2,539 1,179 3,718
Eliminated on disposal - (1,191 ) (1,191 )
At 30 September 2024 13,630 5,795 19,425
NET BOOK VALUE
At 30 September 2024 37,124 1,892 39,016
At 30 September 2023 39,663 2,537 42,200

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Prepayments and accrued income 1,722 1,633

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Taxation and social security 4,247 1,726
Other creditors 613,754 590,483
618,001 592,209

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
3 Ordinary £1 3 3

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Kerins FCCA (Senior Statutory Auditor)
for and on behalf of Ad Valorem Audit Services Limited

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.