IRIS Accounts Production v25.1.0.734 02381211 Board of Directors Board of Directors 1.1.24 31.12.24 31.12.24 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh023812112023-12-31023812112024-12-31023812112024-01-012024-12-31023812112022-12-31023812112023-01-012023-12-31023812112023-12-3102381211ns15:EnglandWales2024-01-012024-12-3102381211ns14:PoundSterling2024-01-012024-12-3102381211ns10:Director12024-01-012024-12-3102381211ns10:Director22024-01-012024-12-3102381211ns10:CompanyLimitedByGuarantee2024-01-012024-12-3102381211ns10:SmallEntities2024-01-012024-12-3102381211ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3102381211ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3102381211ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3102381211ns10:FullAccounts2024-01-012024-12-3102381211ns10:Director32024-01-012024-12-3102381211ns10:Director42024-01-012024-12-3102381211ns10:Director52024-01-012024-12-3102381211ns10:Director62024-01-012024-12-3102381211ns10:Director72024-01-012024-12-3102381211ns10:Director82024-01-012024-12-3102381211ns10:Director92024-01-012024-12-3102381211ns10:CompanySecretary12024-01-012024-12-3102381211ns10:RegisteredOffice2024-01-012024-12-3102381211ns5:CurrentFinancialInstruments2024-12-3102381211ns5:CurrentFinancialInstruments2023-12-3102381211ns5:SharePremium2024-12-3102381211ns5:SharePremium2023-12-3102381211ns5:RevaluationReserve2024-12-3102381211ns5:RevaluationReserve2023-12-3102381211ns5:RetainedEarningsAccumulatedLosses2024-12-3102381211ns5:RetainedEarningsAccumulatedLosses2023-12-3102381211ns5:PlantMachinery2024-01-012024-12-3102381211ns5:PlantMachinery2023-12-3102381211ns5:PlantMachinery2024-12-3102381211ns5:PlantMachinery2023-12-3102381211ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3102381211ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31
REGISTERED NUMBER: 02381211 (England and Wales)












Port Pendennis Village Management
Limited

Unaudited Financial Statements

for the Year Ended 31st December 2024






Port Pendennis Village Management
Limited (Registered number: 02381211)






Contents of the Financial Statements
for the Year Ended 31st December 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Port Pendennis Village Management
Limited

Company Information
for the Year Ended 31st December 2024







DIRECTORS: Mrs G B Davies
Mr N J Lewis
Mr A Castle
Mr M J Beach
Mr J W Langford
Mr P Lewis
Mr J M Penty
Dr G K Cook
Mr G J Roberts





SECRETARY: Vickery Holman Ltd





REGISTERED OFFICE: Vickery Holman
Walsingham House
Newham Quay
Truro
Cornwall
TR1 2DP





REGISTERED NUMBER: 02381211 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Port Pendennis Village Management
Limited (Registered number: 02381211)

Statement of Financial Position
31st December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 37,160 8,034

CURRENT ASSETS
Debtors 5 132,256 100,101
Cash at bank 278,441 267,595
410,697 367,696
CREDITORS
Amounts falling due within one year 6 (56,554 ) (42,396 )
NET CURRENT ASSETS 354,143 325,300
TOTAL ASSETS LESS CURRENT
LIABILITIES

391,303

333,334

RESERVES
Schedule 1 retained earnings 336,542 285,115
Schedule 2 retained earnings 7 11,381 10,932
Schedule 3 retained earnings 43,380 37,287
391,303 333,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Port Pendennis Village Management
Limited (Registered number: 02381211)

Statement of Financial Position - continued
31st December 2024


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 and authorised for issue by the Board of Directors and authorised for issue on 21st March 2025 and were signed on its behalf by:




Mrs G B Davies - Director



Mr N J Lewis - Director


Port Pendennis Village Management
Limited (Registered number: 02381211)

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

1. STATUTORY INFORMATION

Port Pendennis Village Management Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number is 02381211. The company's registered office is Walsingham House, Newham Quay, Truro, Cornwall, TR1 2DP. The financial statements cover a single entity.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements have been rounded to the nearest Pound.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents the value of service charges invoiced. The company is not VAT registered so the amounts invoiced exclude VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and equipment - Straight line over 10 years

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Reversionary interest in freehold property
The company owns the freehold known as Port Pendennis Village on which leases of 999 years have been granted. The property was transferred to the company by the developer at no cost. Accordingly the interest in the freehold is not quantified in the balance sheet.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts, discounted at a market rate of interest.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments, discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Port Pendennis Village Management
Limited (Registered number: 02381211)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
equipment
£   
COST
At 1st January 2024 9,184
Additions 32,024
At 31st December 2024 41,208
DEPRECIATION
At 1st January 2024 1,150
Charge for year 2,898
At 31st December 2024 4,048
NET BOOK VALUE
At 31st December 2024 37,160
At 31st December 2023 8,034

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 468 2,544
Vickery Holman client account 105,190 68,603
Prepayments 26,598 28,954
132,256 100,101

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 9,209 5,790
Tax 2,356 3,904
Service charge paid in advance 16,660 19,214
Accrued expenses 28,329 13,488
56,554 42,396

Port Pendennis Village Management
Limited (Registered number: 02381211)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024

7. RESERVES




Schedule 1

Schedule
2

Schedule
3


Total
££££

At 1 January 2024285,11510,93237,287333,334
Surplus before tax52,9524496,09359,494
Corporation tax charge(1,525)--(1,525)
At 31 December 2024336,54211,38143,380391,303

Schedule 1
This reserve represents the day to day income and expenditure of the whole village and monies collected for capital expenditure that will be required at the village in future years.

Schedule 2
This reserve represents the communal areas for the flats within the village.

Schedule 3
This reserve represents the blocks within the village that contain lifts.

8. CAPITAL COMMITMENTS
31.12.24 31.12.23
£    £   
Contracted but not provided for in the
financial statements - 20,096

9. RELATED PARTY DISCLOSURES

The company owns the freehold land on which leases have been granted to 94 homeowners. The company's principal income is the service charge paid by the leaseholders for the management and maintenance of the land and properties. The directors are also leaseholders who pay a service charge to the company. The directors' service charges are calculated using the same basis as that used for all other leaseholders.

10. SERVICE CHARGES

The company has exercised its right under clause 50 of the lease agreements to vary the service charge contributions. These contributions are based on the individual floor area of the subject property, as a percentage of the total floor area of all applicable properties.