Colbran (Portslade) Management Company L - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01620689 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

COLBRAN (PORTSLADE) MANAGEMENT COMPANY

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C A Cadby

C A Braines

L Effamy

C L Boaks

SECRETARY:

C A Cadby

REGISTERED OFFICE:

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

REGISTERED NUMBER:

01620689 (England and Wales)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

CURRENT ASSETS

Debtors

5

2,971

2,951

Cash at bank

6,661

5,775

9,632

8,726

CREDITORS

Amounts falling due within one year

6

708

672

NET CURRENT ASSETS

8,924

8,054

TOTAL ASSETS LESS CURRENT LIABILITIES

8,924

8,054

RESERVES

Income and expenditure account

8,924

8,054

8,924

8,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 27 August 2022 and were signed on its behalf by:

C A Cadby - Director

1.	STATUTORY INFORMATION

Colbran (Portslade) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Revenue is measured at fair value of the consideration receivable.

Revenue from service charge contributions is recognised when demanded from the tenants.

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 etc

-

20% on reducing balance

Taxation

Taxation for the year comprises current and deferred 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 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.

Trust status of the maintenance reserve account

In accordance with Inland Revenue interpretation and subsequent legal advice, the Maintenance Reserve Account is considered to be an accumulation trust. The consequences of this trust status are:

(a) Any taxable income receivable by the Maintenance Reserve Account is liable to income tax at the rate applicable to trusts.

(b) The Maintenance Reserve Account is represented by all assets less all liabilities disclosed in the Company's balance sheet ("The Maintenance Reserve Net Assets").

The Company is not the beneficial owner of the Maintenance Reserve Net Assets, but holds the Maintenance Reserve Net Assets as trustees of the Maintenance Reserve Account.

(c) All income and expenditure disclosed in the Company's income and expenditure account is received/paid by the Company not on its own account, but as trustee for the Maintenance Reserve Account.

(d) The Maintenance Reserve Account is not distributable to the members.

The company's accounting policy is to treat the Maintenance Reserve Net Assets and the income and expenditure as belonging to the Company, with the Maintenance Reserve Account as part of members funds.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Garden

equipment

£

COST

At 1 January 2021

and 31 December 2021

716

DEPRECIATION

At 1 January 2021

and 31 December 2021

716

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Maintenance contributions in arrears

511

806

Other debtors

2,460

2,145

2,971

2,951

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other creditors

708

672

7.	LIMITED BY GUARANTEE

The company is limited by guarantee and has no share capital. The liability of each member is limited to £1.