ACCOUNTS - Final Accounts

BISHOPS WALK (ELY) MANAGEMENT COMPANY LIMITED - Company Information

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Registered number: 03092318

BISHOPS WALK (ELY) MANAGEMENT COMPANY LIMITED

(A Company Limited by Guarantee)

FILLETED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

BISHOPS WALK (ELY) MANAGEMENT COMPANY LIMITED

(A Company Limited by Guarantee)

REGISTERED NUMBER: 03092318

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£


Current assets
Debtors: amounts falling due after more than one year	4	4,785		4,402
Debtors: amounts falling due within one year	4	486		374
Cash at bank and in hand		22,453		20,140
		27,724		24,916
Creditors: amounts falling due within one year	5	(4,803)		(1,371)
Net current assets			22,921		23,545
Total assets less current liabilities			22,921		23,545

Net assets			22,921		23,545

Capital and reserves
Other Reserves	6	22,921	23,545
		22,921	23,545

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J Emms

Director

Date: 29 September 2023

The notes on pages 3 to 6 form part of these financial statements.

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BISHOPS WALK (ELY) MANAGEMENT COMPANY LIMITED

(A Company Limited by Guarantee)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2022

	Exceptional maintenance reserve	Profit and loss account	Total equity
	£	£	£
At 1 January 2021	22,244	-	22,244

Surplus for the year	-	1,301	1,301
Transfer to exceptional maintenance reserve	-	(1,301)	(1,301)
Transfer from the profit and loss account	1,301	-	1,301

At 1 January 2022	23,545	-	23,545

Deficit for the year	-	(624)	(624)
Transfer to exceptional maintenance reserve	-	624	624
Transfer from the profit and loss account	(624)	-	(624)
At 31 December 2022	22,921	-	22,921

The notes on pages 3 to 6 form part of these financial statements.

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BISHOPS WALK (ELY) MANAGEMENT COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

Bishops Walk (Ely) Management Company Limited is a private limited company by guarantee and incorporated in England. The address of its registered office is George Court, Bartholomew's Walk, Ely. Registration number 03092318.
The company's principal activity is that of a property management company

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existance for the foreseeable future.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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BISHOPS WALK (ELY) MANAGEMENT COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Taxation

As the company is a mutual society for its members, corporation tax is only chargeable on profits generated from other sources outside that of the usual activities of property management for its members.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2021 -nil).

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BISHOPS WALK (ELY) MANAGEMENT COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

4.	Debtors
		2022	2021
		£	£

Due after more than one year
Trade debtors	4,785	4,402
	4,785	4,402

					2022	2021
					£	£

Due within one year
Trade debtors	99	-
Prepayments and accrued income	387	374
	486	374

The above trade debtors balance due after more than one year of £4,785 (2021 - £4,402) consists of an aged debt which is secured by way of a restrictive covenant and will be recoverable upon the transfer or sale of the property of the occupant to which it relates.

5.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	2,829	-
Accruals and deferred income	1,974	1,371
	4,803	1,371

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BISHOPS WALK (ELY) MANAGEMENT COMPANY LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Reserves

Other reserves within the balance sheet consist of the exceptional maintenance reserve and the profit and loss account.

Exceptional maintenance reserve

This reserve consists of amounts designated for future expenditure as the company requires, on maintenance and other such costs, for the benefit of the public and its members.

Profit and loss account

This reserve consists of all previously accumulated surpluses and deficits, less any amounts transfered to other reserves. At the balance sheet date, any profit or loss for the period is transfered to the exceptional maintenance reserve.


7.	Company status

The company is a private company limited by guarantee and consequently does not have share capital. There are 51 members in total. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member.

8.	Controlling party

The company is jointly controlled by its members.

9.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 29 September 2023 by Jonathan Moore (Senior Statutory Auditor) on behalf of Whitings LLP.

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