Company registration number 01660897 (England and Wales)
SOMERSTOWN MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
PAGES FOR FILING WITH REGISTRAR
SOMERSTOWN MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
SOMERSTOWN MANAGEMENT COMPANY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOMERSTOWN MANAGEMENT COMPANY LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Somerstown Management Company Limited for the year ended 30 September 2025 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of Somerstown Management Company Limited, as a body, in accordance with the terms of our engagement letter dated 21 August 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Somerstown Management Company Limited and state those matters that we have agreed to state to the b oard of d irectors of Somerstown Management Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Somerstown Management Company Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Somerstown Management Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Somerstown Management Company Limited. You consider that Somerstown Management Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Somerstown Management Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Carpenter Box
6 January 2026
Chartered Accountants
Piper House
4 Dukes Court
Bognor Road
Chichester
West Sussex
PO19 8FX
SOMERSTOWN MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 2 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
5
56,135
33,672
Cash at bank and in hand
308,631
343,682
364,766
377,354
Creditors: amounts falling due within one year
6
(7,056)
(29,547)
Net current assets
357,710
347,807
Capital and reserves
Called up share capital
152
152
Reserves
357,558
347,655
Total equity
357,710
347,807

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 8 December 2025 and are signed on its behalf by:
Ms Ann Bullen
Director
Company Registration No. 01660897
SOMERSTOWN MANAGEMENT COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
Share
capital
- - - Flats reserves - - -
- - Estate reserves - -
Total
Service
Future
Roof
Future
Service
charge
major
maintenance
major
charge
account
maintenance
maintenance
account
£
£
£
£
£
£
£
Balance at 1 October 2023
152
13,534
55,289
122,662
31,720
46,230
269,587
Year ended 30 September 2024:
Transfers to/(from) reserves
-
0
3,997
57,040
60,000
11,000
(2,950)
129,087
Expenditure funded from reserves
-
-
(25,780)
(18,907)
(6,180)
-
(50,867)
Balance at 30 September 2024
152
17,531
86,549
163,755
36,540
43,280
347,807
Year ended 30 September 2025:
Transfers to/(from) reserves
-
0
713
32,700
403,200
9,500
(447)
445,666
Expenditure funded from reserves
-
-
(64,513)
(366,163)
(5,087)
-
(435,763)
Balance at 30 September 2025
152
18,244
54,736
200,792
40,953
42,833
357,710
SOMERSTOWN MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -
1
Accounting policies
Company information

Somerstown Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Southdown House, St Johns Street, Chichester, West Sussex, PO19 1XQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including future cash flow forecasts and the impact of subsequent events true, in making their assessment.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

1.3
Turnover

Turnover represents total contributions receivable from the members to cover expenses incurred by the company in complying with its covenants and obligations to maintain and managed the flats and estate at Somerstown, Chichester.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SOMERSTOWN MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.7
Taxation

The company is liable to c orporation tax on its investment income only.

2
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 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 estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2024 - 0).

4
Service charge bank accounts

Service charge money was held in interest bearing bank accounts as follows:

- Barclays Bank Plc, Chichester in trust, under the title Stride and Son Limited re Somerstown Savings

account number 23609081

SOMERSTOWN MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Service charge arrears
55,699
10,978
Other debtors
436
22,694
56,135
33,672

Due to a timing difference, other debtors as at 30 September 202 5 includes a prepayment for flats' insurance of £nil (202 4 - £22,320).

6
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
1,038
796
Other creditors
6,018
28,751
7,056
29,547
7
Designated reserves

Estate Service Charge Account

The estate service charge account represents the unexpended sums collected in respect of the Somerstown Estate service charge.

Estate Future Major Maintenance Reserve

Sums have been designated for the future major maintenance of the Somerstown Estate, this includes the previous wall and roadway reserve.

Flats Roof Reserve

Sums have been set aside for the repair and replacement of the flats roofs.

Flats Future Major Maintenance Reserve

Sums have been designated for the future major maintenance of the flats, this includes the previous painting fund.

Flat Service Charge Account

The flat service charge account represents the unexpended sums collected in respect of the flats service charge.

8
Control

Each owner of a property within the Somerstown Estate holds one share in the company and the company is controlled by its members.

SOMERSTOWN MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -
9
Related party transactions

The directors are all members of the company and also owners of the properties managed by the company. As such they are required to pay estate charges of £432 (2024 - £396) and, if owners of a flat, a flat service charge of £2,100 (2024 - £1,920) in line with all other owners. No directors had any material outstanding balances at the year end.

Service charge expenditure includes a total of £nil (2024 - £830) payable to MRN Roofing Services, an associated company by virtue of marriage to a director of Stride & Son.

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