Poundbury (Manco 3) Limited - Period Ending 2020-12-31

Poundbury (Manco 3) Limited

Contents

Company Information	1
Accountants' Independent Assurance Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 7

Poundbury (Manco 3) Limited

Company Information

Directors

Mr P A L Lacey Mr G H Douglas Mrs P R Thorniley Mr G Taylor Mr J D Bowerman Dr A C Wyatt

Company secretary

Mrs P R Thorniley

Registered office

Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

Accountants

Edwards & Keeping Chartered Accountants Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

Chartered Accountants' Independent Assurance Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Poundbury (Manco 3) Limited
for the Year Ended 31 December 2020

We have reviewed the financial statements of Poundbury (Manco 3) Limited for the year ended 31 December 2020, which comprise the Income and Expenditure Account, the Balance Sheet and the related notes 1 to 8. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard 102 (Section 1A).

This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 31 January 2021. Our review has been undertaken so that we may state to the company’s directors those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors as a body for our work, for this report or the conclusions we have formed.

Directors’ Responsibility for the Financial Statements
As explained more fully in the Directors’ Responsibilities Statement set out on page , the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants’ Responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements and ICAEW Technical Release TECH 09/13AAF Assurance review engagements on historical financial statements. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the Assurance Review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
• so as to give a true and fair view of the state of the company’s affairs as at 31 December 2020, and of its surplus for the year then ended;
• in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
• in accordance with the requirements of the Companies Act 2006.

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

8 March 2021

Poundbury (Manco 3) Limited

(Registration number: 04969598)
Balance Sheet as at 31 December 2020

	Note	2020		2019
		£	£	£	£
Fixed assets
Tangible assets	5		76		252
Current assets
Debtors	6	9,171		5,662
Cash at bank and in hand		346,467		307,922
		355,638		313,584
Creditors: Amounts falling due within one year	7	(17,788)		(9,417)
Net current assets			337,850		304,167
Net assets			337,926		304,419
Capital and reserves
Called up share capital	8	806		798
Repairs reserve		325,000		290,000
Profit and loss account		12,120		13,621
Shareholders' funds			337,926		304,419

For the financial year ending 31 December 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 March 2021 and signed on its behalf by:
 

Mr G Taylor Director

Poundbury (Manco 3) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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 Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax and rebates.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax on investment income only.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively
enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position 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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Plant and Machinery - 5 years

Poundbury (Manco 3) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2020

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from residents for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2019 - 0). The average number of directors on the board during the year, was 5 (2019 - 5).

4	Profit before tax

Arrived at after charging

	2020 £	2019 £
Depreciation expense	176	3,776

Poundbury (Manco 3) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2020

5	Tangible assets

	Plant and machinery £	Total £
Cost
At 1 January 2020	46,132	46,132
At 31 December 2020	46,132	46,132
Depreciation
At 1 January 2020	45,880	45,880
Charge for the year	176	176
At 31 December 2020	46,056	46,056
Carrying amount
At 31 December 2020	76	76
At 31 December 2019	252	252

6

Debtors

	2020 £	2019 £
Trade debtors	408	78
Prepayments and accrued income	4,601	430
Other debtors	4,162	5,154
	9,171	5,662

Poundbury (Manco 3) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2020

7

Creditors

		2020 £	2019 £
Due within one year
Trade creditors		9,505	622
Corporation Tax		258	782
Accruals and deferred income		8,025	8,013
		17,788	9,417

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	805	805	797	797
'A' share of £1 each	1	1	1	1
	806	806	798	798

8 additional ordinary shares were allotted during the year at par.

The 'A' share carries enhanced voting rights as a result of which no resolution can be passed in general meeting of the company unless the holder of this share, or his representative, has voted in favour.