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COMPANY REGISTRATION NUMBER: 02162914
BRIGHTON MARINA RESIDENTIAL MANAGEMENT COMPANY LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2024
BRIGHTON MARINA RESIDENTIAL MANAGEMENT COMPANY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
BRIGHTON MARINA RESIDENTIAL MANAGEMENT COMPANY LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mrs G P Bennett
Mr A J Knight
Ms K A Sullivan
Registered office
Brighton Marina
Brighton
East Sussex
BN2 5UF
Auditor
UHY Hacker Young (S.E.) Limited
Chartered accountants & statutory auditor
168 Church Road
Hove
East Sussex
BN3 2DL
BRIGHTON MARINA RESIDENTIAL MANAGEMENT COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
4
4
4
Current assets
Debtors
5
926,113
869,489
Cash at bank and in hand
225,816
487,273
-------------
-------------
1,151,929
1,356,762
Creditors: amounts falling due within one year
6
586,473
757,230
-------------
-------------
Net current assets
565,456
599,532
----------
----------
Total assets less current liabilities
565,460
599,536
Creditors: amounts falling due after more than one year
7
564,470
598,546
----------
----------
Net assets
990
990
----------
----------
Capital and reserves
Called up share capital
8
990
990
----
----
Shareholders funds
990
990
----
----
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 14 May 2025 , and are signed on behalf of the board by:
Mrs G P Bennett
Mr A J Knight
Director
Director
Company registration number: 02162914
BRIGHTON MARINA RESIDENTIAL MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brighton Marina, Brighton, East Sussex, BN2 5UF.
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
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. The financial statements have been prepared under the historical cost convention. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies). The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The following principal accounting policies have been applied:
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from the other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised. If the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents amounts invoiced to tenants in respect of service charges under the tenancy agreement.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
4. Investments
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
4
----
Impairment
At 1 January 2024 and 31 December 2024
----
Carrying amount
At 31 December 2024
4
----
At 31 December 2023
4
----
5. Debtors
2024
2023
£
£
Trade debtors
140,764
92,051
Amounts owed by group undertakings
47,632
3,313
Prepayments and accrued income
150,531
132,373
Reserve accounts held on Trust
564,470
598,546
Other debtors
22,716
43,206
----------
----------
926,113
869,489
----------
----------
Included within Reserve accounts held on trust is an amount of £564,470 (2023: £598,546), which is due after more than one year.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
119,231
133,303
Amounts owed to group undertakings
170,144
210,232
Accruals and deferred income
258,306
365,765
Corporation tax
29
864
Social security and other taxes
37,965
42,337
Other creditors
798
4,729
----------
----------
586,473
757,230
----------
----------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
564,470
598,546
----------
----------
FUTURE EXPENDITURE FUND
2024 2023
£ £
Balance at 1 January 2024 598,546 518,701
Interest net of administration expenses 3,127 (2,877)
Net funds utilised in the year (37,203) 82,722
---------- ----------
Balance at 31 December 2024 564,470 598,546
---------- ----------
Under the terms of certain leases, the company may collect contributions for future expenditure. This is held by the company until the expenditure is undertaken by the company.
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
2
2
2
2
Ordinary B shares of £ 1 each
988
988
988
988
----
----
----
----
990
990
990
990
----
----
----
----
9. Summary audit opinion
The auditor's report dated 21 May 2025 was unqualified .
The senior statutory auditor was David Guest FCA , for and on behalf of UHY Hacker Young (S.E.) Limited .
10. Related party transactions
The company paid/(received) finance from Brighton Marina Residential Trust in the sum of £44,805 (2023: (£76,186)).
11. Controlling party
The company's controlling party is Brighton Marina Village Estate Company Partnership LLP. The ultimate controlling parties are RA Goodall and ICG Longbow Development (Brighton) Ltd by virtue of their shareholding in Brighton Marina Group Ltd.