Poundbury (Manco 1) Limited - Period Ending 2022-12-31

Poundbury (Manco 1) Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Independent Assurance Report	3
Income and Expenditure Account	4
Balance Sheet	5
Statement of Changes in Equity	6
Notes to the Unaudited Financial Statements	7 to 9

Poundbury (Manco 1) Limited

Company Information

Directors

Dr S G S Ellis J D Bowerman Esq Commander R Lamb Mrs H W Barnett D M Parry Esq

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

Poundbury (Manco 1) Limited

Directors' Report
for the Year Ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors of the company

The directors who held office during the year were as follows:

Dr S G S Ellis

J D Bowerman Esq

S T Hill Esq (ceased 10 May 2022)

Commander R Lamb

Mrs H W Barnett

D M Parry Esq

Principal activity

The principal activity of the company is the management of the first phase of the Poundbury development.

Statement of directors responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;
•	make judgements and accounting estimates that are reasonable and prudent;
•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has 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.

Approved by the Board on 26 January 2023 and signed on its behalf by:

Dr S G S Ellis
Director

Chartered Accountants' Independent Assurance Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Poundbury (Manco 1) Limited
for the Year Ended 31 December 2022

We have reviewed the financial statements of Poundbury (Manco 1) Limited for the year ended 31 December 2022, 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 28 January 2020. 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 2, 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 2022, and of its surplus/(deficit) 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

26 January 2023

Poundbury (Manco 1) Limited

Income and Expenditure Account
for the Year Ended 31 December 2022

	Note	2022   £	2021   £
Income		77,785	61,340
Expenses		(50,026)	(35,039)
Operating surplus		27,759	26,301
Other interest receivable and similar income		739	295
Surplus before tax	4	28,498	26,596
Taxation		(140)	(56)
Surplus for the financial year		28,358	26,540

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Poundbury (Manco 1) Limited

(Registration number: 02946917)
Balance Sheet as at 31 December 2022

	Note	2022		2021
		£	£	£	£
Fixed assets
Tangible assets	5		82,475		82,619
Current assets
Debtors	6	10,578		11,533
Cash at bank and in hand		202,894		172,862
		213,472		184,395
Creditors: Amounts falling due within one year	7	(13,659)		(13,084)
Net current assets			199,813		171,311
Net assets			282,288		253,930
Capital and reserves
Called up share capital	8	299		299
Repairs reserve		281,000		253,000
Income and expenditure account		989		631
Total equity			282,288		253,930

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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.

Approved and authorised by the Board on 26 January 2023 and signed on its behalf by:
 

Dr S G S Ellis
Director

Poundbury (Manco 1) Limited

Statement of Changes in Equity
for the Year Ended 31 December 2022

	Share capital £	Repairs reserve £	Income and expenditure account £	Total £
At 1 January 2022	299	253,000	631	253,930
Surplus for the year	-	-	28,358	28,358
Total comprehensive income	-	-	28,358	28,358
Transfers	-	28,000	(28,000)	-
At 31 December 2022	299	281,000	989	282,288

	Share capital £	Repairs reserve £	Income and expenditure account £	Total £
At 1 January 2021	299	226,000	1,091	227,390
Surplus for the year	-	-	26,540	26,540
Total comprehensive income	-	-	26,540	26,540
Transfers	-	27,000	(27,000)	-
At 31 December 2021	299	253,000	631	253,930

Poundbury (Manco 1) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022

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
United Kingdom

The principal place of business is:
Burraton House
5 Burraton Square
Dorchester
Dorset
DT1 3GR

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities.

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.

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 balance sheet 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.

Poundbury (Manco 1) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022

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:

Satellite TV System Upgrades	5 years straight line basis
Lighting Equipment	8 years straight line basis

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 from suppliers.

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2021 - 0). The average number of directors on the board during the year was 5 (2021 - 5).

4	Surplus before tax

Arrived at after charging/(crediting)

	2022  £	2021  £
Depreciation of tangible fixed assets	143	203

5	Tangible assets

	Plant and machinery £	Total £
Cost
At 1 January 2022	144,019	144,019
At 31 December 2022	144,019	144,019
Depreciation
At 1 January 2022	61,400	61,400
Charge for the year	144	144
At 31 December 2022	61,544	61,544
Carrying amount
At 31 December 2022	82,475	82,475
At 31 December 2021	82,619	82,619

No depreciation has been charged to date, on the 2021 additions due to the work not yet being completed.

Poundbury (Manco 1) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022

6

Debtors

	2022 £	2021 £
Trade debtors	3,650	1,750
Prepayments	6,622	9,783
Other debtors	306	-
	10,578	11,533

7

Creditors

	2022  £	2021  £
Due within one year
Trade creditors	303	2,048
Service charges overpaid	3,205	2,830
Amounts received in advance	-	3,750
Accruals	10,011	4,400
Corporation tax	140	56
	13,659	13,084

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	298	298	298	298
'A' Shares of £1 each	1	1	1	1
	299	299	299	299

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.