Registered number
06041662
The Assoc Management Company Limited
Filleted Accounts
31 December 2024
The Assoc Management Company Limited
Registered number: 06041662
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,508 3,201
Current assets
Debtors 4 27,486 34,792
Cash at bank and in hand 260,670 222,120
288,156 256,912
Creditors: amounts falling due within one year 5 (102,434) (109,138)
Net current assets 185,722 147,774
Total assets less current liabilities 188,230 150,975
Provisions for liabilities (627) -
Net assets 187,603 150,975
Capital and reserves
Called up share capital 100 100
Profit and loss account 187,503 150,875
Shareholders' funds 187,603 150,975
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Chalk
Director
Approved by the board on 22 May 2025
The Assoc Management Company Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 28,834
Additions 1,248
At 31 December 2024 30,082
Depreciation
At 1 January 2024 25,633
Charge for the year 1,941
At 31 December 2024 27,574
Net book value
At 31 December 2024 2,508
At 31 December 2023 3,201
4 Debtors 2024 2023
£ £
Trade debtors 27,146 34,320
Other debtors 340 472
27,486 34,792
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,486 5,175
Taxation and social security costs 82,131 77,270
Directors' loan account 1,730 23,634
Other creditors 10,087 3,059
102,434 109,138
6 First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss. The transition date was 1 January 2023. The financial statements for the year ended 31 December 2023 were prepared under the previous financial reporting framework.
7 Controlling party
In the opinion of the directors Mr A Chalk is the company's controlling party by virtue of his shareholding in the company.
8 Other information
The Assoc Management Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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