REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
BANKERS: |
94 East Street |
Chichester |
West Sussex |
PO19 1HD |
SOLICITORS: |
Avenue House |
Southgate |
Chichester |
PO19 1ES |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Marchwood Management (Chichester) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01760582 and its registered office is Appledram Barns, Birdham Road, Chichester, West Sussex, PO20 7EQ. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Service charges |
The sole object of the company is to own and manage the leisure facilities and amenity lands at Marchwood, Chichester. The company owns and manages these assets on behalf of the residents, each of whom is a shareholder in the company. All costs incurred by the company in managing the assets are recharged to the shareholders in agreed proportions. The recharges to shareholders represent the company's turnover and thus turnover each year equals the expenditure on running costs. Turnover and costs are recognised in the period to which the costs relate. |
Excess funds are held on Trust on behalf of the residents, to be used for general and specific expenses of the estate. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and Machinery - 8.33% on cost |
Financial instruments |
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments. |
Flats administration and flat repairs provision |
The company administers the leasehold flats at Marchwood on behalf of the flat owners. This is not part of the company's principal activity and, as the company recharges all expenses incurred in the flats' administration to the flat owners and acts only as an agent, receiving no remuneration, there are no costs or income in relation to the flats' administration to disclose in the company's financial statements. It is the responsibility of the tenants of the leasehold flats to redecorate the interior common parts of the flats every five years. The company has agreed to undertake this work on behalf of the tenants. |
Provision for major repairs |
The provision has been established by the directors as a fund out of which to meet future expenditure on major repairs and capital items. Each resident contributes to the provision as and when calls are made by the directors. Major items of expenditure will be charged against this provision at the discretion of the directors. This provision is not allocated to individual shareholders. It is a collective fund held by the company but as 'A' and 'B' shareholders have contributed to it equally, it can only be used for major expenditure on the shared leisure and other facilities; it is not available for expenditure on the amenity lands which relate only to the 'A' shareholders. |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
'A' shareholders' provision for major repairs |
The provision has been established by the directors as a fund out of which to meet future expenditure on major repairs to the amenity lands which relate only to the 'A' shareholders. Each 'A' shareholder resident contributes to the provision as and when calls are made by the directors. Major items of expenditure on the amenity lands will be charged against the provision at the discretion of the directors. This provision is not allocated to individual shareholders. |
Painting provision |
It is the responsibility of the company to arrange for the painting of the 'A' shareholders' properties on the Marchwood estate every four or five years. It also supports the 'A' shareholder leaseholders with exterior decoration of the blocks of flats. The Painting Provision has been set up to collect an annual contribution towards the repainting from each of the residents covered by the company's repainting obligations. A separate provision is maintained for the contributions of each resident. Each shareholder's painting provision is held on account solely for the benefit of that shareholder (or successor) and it cannot be used for any other purpose by the company. |
Fixed asset depreciation provision |
The provision has been established to set aside funds from the 'Provision for major repairs' used to purchase capital items. The depreciation of capital items in future periods will be covered by transfers from this provision. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company owns certain communal land and buildings at Marchwood, Chichester. These assets have no value assigned to them in the company's balance sheet as they were conveyed to the company at nil cost. |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts due from residents | 557 | 16 |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts due to residents | 11,217 | 9,859 |
Taxation |
Key deposits | 185 | 185 |
Accruals and deferred income |
7. | PROVISIONS FOR LIABILITIES |
Provision | A Shareholders' | Flat |
for Major | Provision for | Painting | Repairs |
Repairs | Major Repairs | Provision | Provision |
£ | £ | £ | £ |
Balance brought forward | 16,689 | 33,452 | 57,658 | 29,890 |
Increase in provisions this year | 1,118 | - | - | - |
Contributions from residents | 6,000 | 6,860 | 29,820 | 6,300 |
Costs incurred | (2,172 | ) | (11,000 | ) | (147 | (17,207 | ) |
Balance carried forward | 21,635 | 29,312 | 87,331 | 18,983 |
Flat | Fixed Asset |
Roof Repairs | Depreciation |
Provision | Provision | TOTAL |
£ | £ | £ |
Balance brought forward | 26,760 | 16,851 | 181,300 |
Increase in provisions this year | - | - | 1,118 |
Contributions from residents | 8,920 | - | 57,900 |
Costs incurred | (95 | ) | (1,455 | ) | (32,076 |
Balance carried forward | 35,585 | 15,396 | 208,242 |
MARCHWOOD MANAGEMENT (CHICHESTER) |
LIMITED (REGISTERED NUMBER: 01760582) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary 'A' | £1 | 49 | 49 |
Ordinary 'B' | £1 | 51 | 51 |
100 | 100 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES |
The directors are aware of some defective repair works to certain property which will require remedial works. The directors are of the opinion that this potential liability is covered by the company's insurance. |
11. | ULTIMATE CONTROLLING PARTY |
The company is controlled collectively by its shareholders, who are the residents of the Marchwood Estate in Chichester, West Sussex. |