12 Victoria Square (Newcastle) Management Company Limited 31/08/2023 iXBRL

12 Victoria Square (Newcastle) Management Company Limited 31/08/2023 iXBRL

12 VICTORIA SQUARE (NEWCASTLE) MANAGEMENT COMPANY LIMITED - Company Information

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5 01/09/2022 31/08/2023 2023-08-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-09-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05205473 2022-09-01 2023-08-31 05205473 2023-08-31 05205473 2022-08-31 05205473 2021-09-01 2022-08-31 05205473 2022-08-31 05205473 2021-08-31 05205473 bus:Director1 2022-09-01 2023-08-31 05205473 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 05205473 core:WithinOneYear 2023-08-31 05205473 core:WithinOneYear 2022-08-31 05205473 core:ShareCapital 2023-08-31 05205473 core:ShareCapital 2022-08-31 05205473 core:LandBuildings core:OwnedOrFreeholdAssets 2022-08-31 05205473 core:LandBuildings core:OwnedOrFreeholdAssets 2022-08-31 05205473 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 05205473 bus:SmallEntities 2022-09-01 2023-08-31 05205473 bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 05205473 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 05205473 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 05205473 bus:FullAccounts 2022-09-01 2023-08-31
Company registration number: 05205473
12 Victoria Square (Newcastle) Management Company Limited
Pages for filing with Registrar
31 August 2023
12 Victoria Square (Newcastle) Management Company Limited
Contents
Statement of financial position
Notes to the financial statements
12 Victoria Square (Newcastle) Management Company Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 14,719 10,847
_______ _______
14,719 10,847
Current assets
Cash at bank and in hand 760 4,077
_______ _______
760 4,077
Creditors: amounts falling due
within one year 6 ( 15,474) ( 14,919)
_______ _______
Net current liabilities ( 14,714) ( 10,842)
_______ _______
Total assets less current liabilities 5 5
_______ _______
Net assets 5 5
_______ _______
Capital and reserves
Called up share capital 5 5
_______ _______
Shareholders funds 5 5
_______ _______
For the year ending 31 August 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 May 2024 , and are signed on behalf of the board by:
Amanda Leigh Johnson
Director
Company registration number: 05205473
12 Victoria Square (Newcastle) Management Company Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 64 The Grove, Gosforth, Newcastle upon Tyne, NE3 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the contributions made by the residents to fund company expenses for the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 September 2022 10,847 10,847
Additions 3,872 3,872
_______ _______
At 31 August 2023 14,719 14,719
_______ _______
Depreciation
At 1 September 2022 and 31 August 2023 - -
_______ _______
Carrying amount
At 31 August 2023 14,719 14,719
_______ _______
At 31 August 2022 10,847 10,847
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 15,474 14,919
_______ _______
7. Directors advances, credits and guarantees
Within other creditors due within one year are amounts due to the directors of £14,418 (2021: £13, 936). These are provided interest free and repayable on demand.