Company No: 02124801 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

The Rt Honourable E A H Viscount Falmouth

SECRETARY

The Rt Honourable E A H Viscount Falmouth

REGISTERED OFFICE	Estate Office
	Tregothnan
	Truro
	TR2 4AN
	United Kingdom

COMPANY NUMBER

02124801 (England and Wales)

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	387		0
Tangible assets	4	66,096		81,145
		66,483		81,145
Current assets
Debtors	5	489,455		504,902
Cash at bank and in hand		0		2,454
		489,455		507,356
Creditors: amounts falling due within one year	6	( 124,211)		( 127,470)
Net current assets		365,244		379,886
Total assets less current liabilities		431,727		461,031
Creditors: amounts falling due after more than one year		0		( 500)
Net assets		431,727		460,531
Capital and reserves
Called-up share capital		10		10
Profit and loss account		431,717		460,521
Total shareholders' funds		431,727		460,531

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Falmouth Estates Management Company Limited (registered number: 02124801) were approved and authorised for issue by the Director on 27 November 2025. They were signed on its behalf by:

The Rt Honourable E A H Viscount Falmouth Director

1. Accounting policies

The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office and principal place of business is:
The Estate Office
Tregothnan
Truro
TR2 4AN

General information and basis of accounting

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102, and the Companies Act 2006. There are no material departures.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of Falmouth Estates Management Company Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

Turnover

Turnover comprises management fees for the provision of staff and other services and is recognised when the services are provided. Turnover is shown net of value added tax and discounts.

Taxation

Current tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Intangible assets

Software costs are stated at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Other intangible assets

4 years straight line

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost, less any residual value over their expected useful economic life, as follows:

Land and buildings	10 years straight line
Plant and machinery	4 years straight line
Vehicles	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	25		25

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2024	34,046		34,046
Additions	404		404
At 31 March 2025	34,450		34,450
Accumulated amortisation
At 01 April 2024	34,046		34,046
Impairment losses	17		17
At 31 March 2025	34,063		34,063
Net book value
At 31 March 2025	387		387
At 31 March 2024	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 April 2024	35,701		433,473		87,146		556,320
Additions	0		16,100		0		16,100
Disposals	( 5,671)		0		0		( 5,671)
At 31 March 2025	30,030		449,573		87,146		566,749
Accumulated depreciation
At 01 April 2024	25,643		404,897		44,635		475,175
Charge for the financial year	349		14,275		10,854		25,478
At 31 March 2025	25,992		419,172		55,489		500,653
Net book value
At 31 March 2025	4,038		30,401		31,657		66,096
At 31 March 2024	10,058		28,576		42,511		81,145

5. Debtors

	2025		2024
	£		£
Trade debtors	464,000		474,930
Prepayments	24,715		26,104
Deferred tax asset	740		0
VAT recoverable	0		3,868
	489,455		504,902

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank overdrafts	12,750		3,697
Trade creditors	19,080		13,482
Accruals	8,367		24,615
Taxation and social security	63,353		63,171
Other creditors	20,661		22,505
	124,211		127,470

7. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	15,147		21,879

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Management charges	172,070		161,327

At the balance sheet date the amount due from owners holding a participating interest in the entity was £274,955 (2024: £72,010).

Transactions with the entity's director

	2025		2024
	£		£
Management charges	1,506,806		1,539,569

At the balance sheet date the amount due from the director was £173,205 (2024: £392,923).