REGISTERED NUMBER: 01760582 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

MARCHWOOD MANAGEMENT (CHICHESTER)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A J Birch

Mr C Santander

Mr R Partridge

Mr M Hannant

Ms N de Silva

Mr W G Wyatt

Mr B C Hope

SECRETARY:

Mrs D P Harper

REGISTERED OFFICE:

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

REGISTERED NUMBER:

01760582 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

BANKERS:

HSBC Bank plc

94 East Street

Chichester

West Sussex

PO19 1HD

SOLICITORS:

Anderson Rowntree

Avenue House

Southgate

Chichester

PO19 1ES

CURRENT ASSETS

Debtors

4

5,558

3,485

Cash at bank

90,703

112,773

96,261

116,258

CREDITORS

Amounts falling due within one year

5

18,543

18,463

NET CURRENT ASSETS

77,718

97,795

TOTAL ASSETS LESS CURRENT LIABILITIES

77,718

97,795

PROVISIONS FOR LIABILITIES

6

77,618

97,695

NET ASSETS

100

100

CAPITAL AND RESERVES

Called up share capital

7

100

100

SHAREHOLDERS' FUNDS

100

100

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 25 January 2019 and were signed on its behalf by:

Mr C Santander - Director

1.	STATUTORY INFORMATION

Marchwood Management (Chichester) Limited is a private company, limited by shares, registered in England and

Wales. The company's registered number is 01760582 and its registered office is Appledram Barns, Birdham

Road, Chichester, West Sussex, PO20 7EQ.

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 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.

Service charges

The sole object of the company is to own and manage the leisure facilities and amenity lands at Marchwood,

Chichester. The company owns and manages these assets on behalf of the residents, each of whom is a

shareholder in the company. All costs incurred by the company in managing the assets are recharged to the

shareholders in agreed proportions. The recharges to shareholders represent the company's turnover and thus

turnover each year equals the expenditure on running costs. Turnover and costs are recognised in the period to

which the costs relate.

Excess funds are held on Trust on behalf of the residents, to be used for general and specific expenses of the

estate.

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102

Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The

company has no advanced financial instruments.

Flats administration and flat repairs provision

The company administers the leasehold flats at Marchwood on behalf of the flat owners. This is not part of the

company's principal activity and, as the company recharges all expenses incurred in the flats' administration to the

flat owners and acts only as an agent, receiving no remuneration, there are no costs or income in relation to the

flats' administration to disclose in the company's accounts. It is the responsibility of the tenants of the leasehold

flats to redecorate the interior common parts of the flats every five years. The company has agreed to undertake

this work on behalf of the tenants.

Provision for major repairs

The provision has been established by the directors as a fund out of which to meet future expenditure on major

repairs and capital items. Each resident contributes to the provision as and when calls are made by the directors.

Major items of expenditure will be charged against this provision at the discretion of the directors. This provision

is not allocated to individual shareholders. It is a collective fund held by the company but as 'A' and 'B'

shareholders have contributed to it equally, it can only be used for major expenditure on the shared leisure and

other facilities; it is not available for expenditure on the amenity lands which relate only to the 'A' shareholders.

'A' shareholders' provision for major repairs

The provision has been established by the directors as a fund out of which to meet future expenditure on major

repairs to the amenity lands which relate only to the 'A' shareholders. Each 'A' shareholder resident contributes to

the provision as and when calls are made by the directors. Major items of expenditure on the amenity lands will

be charged against the provision at the discretion of the directors. This provision is not allocated to individual

shareholders.

Painting provision

It is the responsibility of the company to arrange for the painting of the 'A' shareholders' properties on the

Marchwood estate every four or five years. It also supports the A Shareholder leaseholders with exterior

decoration of the blocks of flats. The Painting Provision has been set up to collect an annual contribution towards

the repainting from each of the residents covered by the company's repainting obligations. A separate account is

maintained for the contributions of each resident. Each shareholder's painting provision is held on account solely

for the benefit of that shareholder (or successor) and it cannot be used for any other purpose by the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2017 - 8 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts due from residents

-

883

Prepayments and accrued income

5,558

2,602

5,558

3,485

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts due to ex-residents

1,692

1,692

Amounts due to residents

9,420

9,798

Taxation

34

3

Key deposits

185

185

Accruals and deferred income

7,212

6,785

18,543

18,463

6.	PROVISIONS FOR LIABILITIES

Provision

A Shareholders'

Flat

for Major

Provision for

Painting

Repairs

Repairs

Major Repairs

Provision

Provision

TOTAL

£

£

£

£

£

Balance brought forward

19,185

6,182

58,332

13,996

97,695

Increase in provisions this year

139

-

-

-

139

Contributions from residents

-

4,900

26,082

9,200

40,182

Costs incurred

-

(1,150

)

(47,978

)

(11,270

)

(60,398

)

Balance carried forward

19,324

9,932

36,436

11,926

77,618

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

49

Ordinary 'A'

£1

49

49

51

Ordinary 'B'

£1

51

51

100

100

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

The Report of the Auditors was unqualified.

William Neville (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

9.	ULTIMATE CONTROLLING PARTY

The company is controlled collectively by its shareholders, who are the residents of the Marchwood Estate in

Chichester, West Sussex.

10.	TANGIBLE FIXED ASSETS

The company owns certain communal land and buildings at Marchwood, Chichester. These assets have no value

assigned to them in the company's balance sheet as they were conveyed to the company at nil cost.