Port Pendennis Village Management Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02381211 (England and Wales)

Port Pendennis Village Management

Limited

Financial Statements

for the Year Ended 31st December 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs G B Davies

Mr N J Lewis

Mr A Castle

Mr M J Beach

Mr J W Langford

Mr P Lewis

Mr J M Penty

Dr G K Cook

SECRETARY:

Vickery Holman Ltd

REGISTERED OFFICE:

Vickery Holman

Walsingham House

Newham Quay

Truro

Cornwall

TR1 2DP

REGISTERED NUMBER:

02381211 (England and Wales)

AUDITORS:

Hodgsons

Chartered Accountants and Statutory Auditors

48 Arwenack Street

Falmouth

Cornwall

TR11 3JH

FIXED ASSETS

Tangible assets

4

8,952

-

CURRENT ASSETS

Debtors

5

89,198

152,131

Cash at bank

263,181

262,631

352,379

414,762

CREDITORS

Amounts falling due within one year

6

(42,908

)

(30,229

)

NET CURRENT ASSETS

309,471

384,533

TOTAL ASSETS LESS CURRENT LIABILITIES

318,423

384,533

RESERVES

Schedule 1 retained earnings

275,679

347,286

Schedule 2 retained earnings

7

8,201

8,385

Schedule 3 retained earnings

34,543

28,862

318,423

384,533

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 and authorised for issue by the Board of Directors and authorised for issue on 30th March 2023 and were signed on its behalf by:

Mrs G B Davies - Director

Mr N J Lewis - Director

1.	STATUTORY INFORMATION

Port Pendennis Village Management Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number is 02381211. The company's registered office is Walsingham House, Newham Quay, Truro, Cornwall, TR1 2DP. The financial statements cover a single entity.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements have been rounded to the nearest Pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents the value of service charges invoiced. The company is not VAT registered so the amounts invoiced exclude VAT.

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 equipment

-

Straight line over 10 years

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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 statement of financial position date.

Reversionary interest in freehold property

The company owns the freehold known as Port Pendennis Village on which leases of 999 years have been granted. The property was transferred to the company by the developer at no cost. Accordingly the interest in the freehold is not quantified in the balance sheet.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts, discounted at a market rate of interest.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments, discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

equipment

£

COST

Additions

9,184

At 31st December 2022

9,184

DEPRECIATION

Charge for year

232

At 31st December 2022

232

NET BOOK VALUE

At 31st December 2022

8,952

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

123

841

Vickery Holman client account

63,610

128,726

Prepayments

25,465

22,564

89,198

152,131

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

8,124

5,474

Tax

112

8

Service charge paid in advance

12,278

7,768

Accrued expenses

22,394

16,979

42,908

30,229

7.

RESERVES

Schedul e 1

Schedule 2

Schedule 3

Total

£

£

£

£

At 1 January 2022 (as restated)

347,286

8,385

28,862

384,53 3

(Deficit)/Surplus before tax

(71,502

)

(184

)

5,681

(66,00 5

)

Corporation tax charge

(105

)

-

-

(105

)

At 31 December 2022

275,679

8,201

34,543

18,423

Schedule 1

This reserve represents the day to day income and expenditure of the whole village and monies collected for capital expenditure that will be required at the village in future years.

Schedule 2

This reserve represents the communal areas for the flats within the village.

Schedule 3

This reserve represents the blocks within the village that contain lifts.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Hodgson BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Hodgsons

9.	RELATED PARTY DISCLOSURES

The company owns the freehold land on which leases have been granted to 94 homeowners. The company's principal income is the service charge paid by the leaseholders for the management and maintenance of the land and properties. The directors are also leaseholders who pay a service charge to the company. The directors' service charges are calculated using the same basis as that used for all other leaseholders.

10.	SERVICE CHARGES

The company has exercised its right under clause 50 of the lease agreements to vary the service charge contributions. These contributions are based on the individual floor area of the subject property, as a percentage of the total floor area of all applicable properties.