Phoenix Court (New Malden) Management Co - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04820383 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

PHOENIX COURT (NEW MALDEN) MANAGEMENT

COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Hackett

M E Wilcox

G D Finch

SECRETARY:

R D S Heald FRICS

REGISTERED OFFICE:

69 Victoria Road

Surbiton

Surrey

KT6 4NX

REGISTERED NUMBER:

04820383 (England and Wales)

ACCOUNTANTS:

THP Limited

Chartered Accountants

Unit 4 Mulgrave Chambers

26-28 Mulgrave Road

Sutton

Surrey

SM2 6LE

FIXED ASSETS

Tangible assets

4

20,391

20,391

CURRENT ASSETS

Debtors

5

5,058

3,792

Cash at bank

10,764

10,950

15,822

14,742

CREDITORS

Amounts falling due within one year

6

14,474

9,643

NET CURRENT ASSETS

1,348

5,099

TOTAL ASSETS LESS CURRENT LIABILITIES

21,739

25,490

RESERVES

Freehold land fund

7

20,391

20,391

General reserve fund

7

1,348

5,099

21,739

25,490

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 1 September 2023 and were signed on its behalf by:

S Hackett - Director

1.	STATUTORY INFORMATION

Phoenix Court (New Malden) 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.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the maintenance charges receivable in respect of communal expenditure, net of any credits or discounts.

Revenue is recognised in the accounting period in which the services were rendered.

Tangible fixed assets

Freehold land was acquired in 2012. The amount stated in the accounts represents the acquisition cost. Depreciation is not provided.

Taxation

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. No liability to corporation tax arises on the ordinary activities of the company as it is a non-profit making organisation.

Profit and loss account

It is considered that the activities of the company do not give rise to a profit or loss due to its nature as a flat management company. Any surplus or deficit of service charges levied over current expenditure will be retained in the general reserve fund.

General reserve fund

The general reserve has been established to meet the future maintenance costs. Such provision is considered prudent to enable the company to manage the property.

Freehold land fund

The fund was established by the leaseholders for the purpose of purchasing the freehold land of the building.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

land

£

COST

At 1 January 2022

and 31 December 2022

20,391

NET BOOK VALUE

At 31 December 2022

20,391

At 31 December 2021

20,391

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Maintenance charges in arrears

848

1,027

Prepaid expenses

4,210

2,765

5,058

3,792

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Maintenance charges in advance

8,609

6,842

Accrued expenses

5,865

2,801

14,474

9,643

7.

RESERVES

General

reserve

Freehold

fund

land fund

Totals

£

£

£

At 1 January 2022

5,099

20,391

25,490

Deficit for the year

(3,751

)

-

(3,751

)

At 31 December 2022

1,348

20,391

21,739

Any surplus or deficit resulting from the current year's income and expenditure account is retained in the company's general reserve fund. The present level of the fund may prove insufficient, given the uncertainty as to whether and when substantial costs may arise on the property. Any insufficient funds arising will be recharged to the lease holders of the property.

8.	LIMITED BY GUARANTEE

The company is limited by guarantee. The liability of each Member is limited to £1 in case of winding up.