Styche Hall Management Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02121421 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

STYCHE HALL MANAGEMENT COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs D M Brown

N J D Jackson

D B Klein

Ms S L Morutto

REGISTERED OFFICE:

41 Cheshire Street

Market Drayton

Shropshire

TF9 1PH

REGISTERED NUMBER:

02121421 (England and Wales)

ACCOUNTANTS:

Barringtons Limited

41 Cheshire Street

Market Drayton

Shropshire

TF9 1PH

FIXED ASSETS

Tangible assets

4

557

696

CURRENT ASSETS

Debtors

5

1,613

1,667

Cash at bank

47,754

43,979

49,367

45,646

CREDITORS

Amounts falling due within one year

6

756

720

NET CURRENT ASSETS

48,611

44,926

TOTAL ASSETS LESS CURRENT LIABILITIES

49,168

45,622

RESERVES

Short-term maintenance reserve

7

5,162

5,006

Long-term maintenance reserve

7

38,091

33,501

Short-term expenses reserve

7

5,915

7,115

MEMBERS' FUNDS

49,168

45,622

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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 25 September 2022 and were signed on its behalf by:

Ms S L Morutto - Director

N J D Jackson - Director

1.	STATUTORY INFORMATION

Styche Hall Management Company Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

To assist in the residents' understanding of the financial position, the financial statements have been prepared on the basis that the company is acting as principal and so all assets and liabilities, and income and expenses have been included on that basis.

Turnover

Turnover represents contributions from the occupants of Styche Hall towards the upkeep of the property.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Taxation

The company is a mutual organisation and is therefore not subject to corporation tax on contributions from members.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2021

and 31 March 2022

2,360

DEPRECIATION

At 1 April 2021

1,664

Charge for year

139

At 31 March 2022

1,803

NET BOOK VALUE

At 31 March 2022

557

At 31 March 2021

696

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

1,613

1,667

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other creditors

756

720

7.

RESERVES

Income

and

Short-term

Long-term

Short-term

expenditure

maintenance

maintenance

expenses

account

reserve

reserve

reserve

Totals

£

£

£

£

£

At 1 April 2021

-

5,006

33,501

7,115

45,622

Surplus for the year

3,546

3,546

Reserves movement in year

(3,546

)

156

4,590

(1,200

)

-

At 31 March 2022

-

5,162

38,091

5,915

49,168

The directors meeting regularly to review budgets for future expenditure and reserve for such costs over time

accordingly.

The short-term maintenance reserve relates to specific but smaller items that are expected to be incurred within the next 12 months or so. At 31st March 2022 the reserve of £5,162 related primarily to the repairs to the metal stairway, maintaining the driveway, tree maintenance within the grounds, and reinstatement survey for insurance. No further funds are expected to be accrued in the following financial year.

The long-term maintenance reserve relates to large items of expenditure that need to be accrued for over a period of time. At 31st March 2022 the reserve of £38,091 related primarily to the costs of replacing lead on the roof and re-pointing the external walls. No further funds are expected to be accrued in the following financial year.

The short-term expenses reserve is kept at a level to cover general expenditure for around six to nine months, and also annual expenses such as buildings insurance and accountancy fees. This is considered prudent by the directors to allow for uncertainties such as cash-flow shortages and unexpected or urgent expenditure. This reserve is reviewed to ensure that it is not excessive. The closing balance at 31st March 2022 of £5,915 also includes the net balance of non-cash items such as fixed assets, debtors and creditors..