ACCOUNTS - Final Accounts preparation

CAPITAL COMMITMENTS

At 31 March 2025 the company had capital commitments as follows:

Registered number: 02775229

MAENPORTH ESTATE COMPANY LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

MAENPORTH ESTATE COMPANY LIMITED

REGISTERED NUMBER:02775229

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		As restated
	2025	2024
Note	£	£

Fixed assets
Tangible assets	4		142,643		103,524
Investments	5		1		1
			142,644		103,525
Current assets
Stocks		1,787		1,787
Debtors: amounts falling due within one year	6	43,199		28,811
Cash at bank and in hand		397,331		444,623
		442,317		475,221
Creditors: amounts falling due within one year	7	(128,117)		(129,989)
Net current assets			314,200		345,232
Total assets less current liabilities			456,844		448,757
Provisions for liabilities
Deferred tax			(915)		(277)
Net assets			455,929		448,480

Capital and reserves
Called up share capital	8	2	2
Long term maintenance reserve		373,003	374,705
Profit and loss account		82,924	73,773
		455,929	448,480

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr D J Nottingham (Chairman)

Director

Date: 20 October 2025

The notes on pages 4 to 10 form part of these financial statements.

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MAENPORTH ESTATE COMPANY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024 (as previously stated)	2	374,705	64,730	439,437
Prior year adjustment - correction of error	-	-	9,043	9,043
At 1 April 2024 (as restated)	2	374,705	73,773	448,480
Comprehensive income for the year
Profit for the year	-	-	7,449	7,449
Total comprehensive income for the year	-	-	7,449	7,449
Transfer to/from long term maintenance reserve	-	-	1,702	1,702
Additional reserve from the current year service charge and interest	-	95,878	-	95,878
Expenditure from reserve	-	(97,580)	-	(97,580)
At 31 March 2025	2	373,003	82,924	455,929

The notes on pages 4 to 10 form part of these financial statements.

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MAENPORTH ESTATE COMPANY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Long term maintenance reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2023	2	341,927	56,954	398,883
Comprehensive income for the year
Profit for the year - as restated	-	-	49,597	49,597
Total comprehensive income for the year	-	-	49,597	49,597
Transfer to/from long term maintenance reserve	-	-	(32,778)	(32,778)
Additional reserve from the current year service charge and interest	-	94,132	-	94,132
Expenditure from reserve	-	(61,354)	-	(61,354)
At 31 March 2024 - as restated	2	374,705	73,773	448,480

The notes on pages 4 to 10 form part of these financial statements.

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MAENPORTH ESTATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	GENERAL INFORMATION

Maenporth Estate Company Limited is a private limited liability company incorporated in England and Wales.
The registered number is: 02775229.
The registered office is: Estate Office, Maenporth Estate, Falmouth, Cornwall, TR11 5HN.
The company is a wholly-owned subsidiary of Maenporth Owners Limited (“MOL”) which owns the freehold of the common land and properties at the Maenporth Estate, Maenporth, Cornwall (“the Estate”). The company acts as the management company for the Estate on behalf of its parent, MOL.
Under the terms of their freehold and leasehold agreements the freehold and long-leasehold owners of the residential properties on the Estate pay an annual, variable service charge to cover site maintenance and running costs. The service charge is determined annually by the board of MOL and the monies due are billed and collected from the owners by the company, which is then responsible for meeting the obligations to provide upkeep of the Estate including services, repairs, maintenance, improvements, insurance, security and general site management.
The amounts paid by owners as service charges are effectively “ring-fenced” and held in trust by the company, on the owners’ behalf, until defrayed for the purposes they were raised.
In addition to income from service charges the company also receives income from other assets and activities owned and operated by the Estate.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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 use British Pounds Sterling as the presentation currency, and are rounded to the nearest £1 throughout.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs.

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MAENPORTH ESTATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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MAENPORTH ESTATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.5

TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2% straight line
Estate improvements	-	5% straight line
Plant and machinery	-	33%, 20%, 17% and 10% straight line
Motor vehicles	-	20% straight line
Assets under construction	-	Not depreciated until brought into use

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.7

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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MAENPORTH ESTATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 12 (2024: 15).

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		MAENPORTH ESTATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

	4.	TANGIBLE FIXED ASSETS

	Freehold property	Estate improvements	Plant and machinery	Motor vehicles	Assets under construction	Total
	£	£	£	£	£	£
COST OR VALUATION
At 1 April 2024	60,000	-	63,557	23,642	52,615	199,814
Additions	-	-	-	-	47,181	47,181
Transfers between classes	-	56,080	-	-	(56,080)	-
At 31 March 2025	60,000	56,080	63,557	23,642	43,716	246,995
DEPRECIATION
At 1 April 2024	24,000	-	48,648	23,642	-	96,290
Charge for the year on owned assets	1,200	2,804	4,058	-	-	8,062
At 31 March 2025	25,200	2,804	52,706	23,642	-	104,352
NET BOOK VALUE
At 31 March 2025	34,800	53,276	10,851	-	43,716	142,643
At 31 March 2024	36,000	-	14,909	-	52,615	103,524

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MAENPORTH ESTATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	COST
	At 1 April 2024	1
	At 31 March 2025	1

DEBTORS

					2025	2024
					£	£


Trade debtors	5,278	11,528
Other debtors	34,937	14,776
Prepayments and accrued income	2,507	2,507
Tax recoverable	477	-
	43,199	28,811

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2025	2024
		£	£

Trade creditors	36,270	8,217
Amounts owed to group undertakings	41,268	41,268
Corporation tax	-	17,107
Other taxation and social security	5,899	6,647
Other creditors	766	759
Accruals and deferred income	43,914	55,991
	128,117	129,989

8.	SHARE CAPITAL
		2025	2024
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

2 (2024: 2) Ordinary shares of £1.00 each	2	2

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MAENPORTH ESTATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	PRIOR YEAR ADJUSTMENT

The accounts have been restated to incorporate the impact of a reconciling bank item that had incorrectly been cleared to the statement of profit or loss in the financial year ending 31 March 2024.
This adjustment has reduced administrative expenses for the prior year by £15,043, reduced turnover for the prior year by £6,000 and increased the cash at bank balance by the net movement.
In addition to the above disclosure where corresponding figures have been changed the words ‘as restated’ have been placed under the year heading on all relevant statements and notes.

	Contracted for but not provided in these financial statements	43,371	-
		43,371	-

11.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,465 (2024: £3,415). Contributions totalling £674 (2024: £634) were payable to the fund at the reporting date and are included in creditors.

12.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 20 October 2025 by Alison Oliver FCA (Senior statutory auditor) on behalf of Bishop Fleming Audit Limited.

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