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Registered number:
2775229
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MAENPORTH ESTATE COMPANY LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2022
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MAENPORTH ESTATE COMPANY LIMITED
REGISTERED NUMBER:
2775229
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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)
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The notes on pages 3 to 7 form part of these financial statements.
Page 1
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MAENPORTH ESTATE COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2022
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Comprehensive income for the year
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Total comprehensive income for the year
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Transfer to/from profit and loss account
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Transfer to/from sinking fund reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Transfer to/from profit and loss account
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Transfer to/from sinking fund reserve
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The notes on pages 3 to 7 form part of these financial statements.
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Page 2
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MAENPORTH ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Maenporth Estate Company Limited is a private limited liability company incorporated in England and Wales.
The registered number is: 2775229.
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
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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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:
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.
Page 3
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MAENPORTH ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
ACCOUNTING POLICIES (continued)
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
Page 4
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MAENPORTH ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
ACCOUNTING POLICIES (continued)
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TANGIBLE FIXED ASSETS (CONTINUED)
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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:
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33%, 20% and 17% straight line
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
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.
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The average monthly number of employees, including directors, during the year was
15
(2021:
17
)
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Page 5
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MAENPORTH ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Charge for the year on owned assets
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Investments in subsidiary companies
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Page 6
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MAENPORTH ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Amounts owed by group undertakings
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Prepayments and accrued income
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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ALLOTTED, CALLED UP AND FULLY PAID
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2
(2021:
2
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Ordinary
shares of £
1.00
each
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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 £2,374 (2021: £3,146). Contributions totalling £223 (2021: £172) were payable to the fund at the reporting date and are included in creditors.
The auditors' report on the financial statements for the year ended 31 March 2022 was unqualified.
The audit report was signed on
16 December 2022
by
Alison Oliver FCA
(Senior statutory auditor) on behalf of
Bishop Fleming LLP
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Page 7
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