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COMPANY REGISTRATION NUMBER: 05383859
THE MILLRACE MANAGEMENT COMPANY LIMITED
Company Limited by Guarantee
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
THE MILLRACE MANAGEMENT COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
CURRENT ASSETS
Debtors
5
9,181
9,415
Cash at bank and in hand
20,373
17,347
---------
---------
29,554
26,762
---------
---------
CAPITAL, RESERVES AND LIABILITIES
Works fund
2,395
-----
--------
MEMBERS FUNDS
2,395
CREDITORS: amounts falling due within one year
6
29,554
24,367
---------
---------
29,554
26,762
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE MILLRACE MANAGEMENT COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 2 June 2025 , and are signed on behalf of the board by:
Mr C F Gardner
Director
Company registration number: 05383859
THE MILLRACE MANAGEMENT COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 20 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents management charges receivable for services.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Company limited by guarantee
The company is a company limited by guarantee. As such there is no issed or authorised share capital.
5. Debtors
2024
2023
£
£
Prepayments and accrued income
4,107
5,090
Service charge arrears
5,074
4,325
--------
--------
9,181
9,415
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
127
827
Service charges in advance
7,522
1,914
Accruals and deferred income
12,350
12,658
Other creditors
9,555
8,968
---------
---------
29,554
24,367
---------
---------
Other creditors relates to the money held by the company on behalf of the property owners of The Millrace Management Company Limited.
7. Related party transactions
There is no controlling party of the company. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.