REGISTERED NUMBER: |
CHARLESTON COURT PROPERTY CO. LTD |
PROPERTY MANAGEMENT |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
REGISTERED NUMBER: |
CHARLESTON COURT PROPERTY CO. LTD |
PROPERTY MANAGEMENT |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
CHARLESTON COURT PROPERTY CO. LTD (REGISTERED NUMBER: 02946516) |
PROPERTY MANAGEMENT |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CHARLESTON COURT PROPERTY CO. LTD |
PROPERTY MANAGEMENT |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
424 Margate Road |
Westwood |
Ramsgate |
Kent |
CT12 6SJ |
CHARLESTON COURT PROPERTY CO. LTD (REGISTERED NUMBER: 02946516) |
PROPERTY MANAGEMENT |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
SHAREHOLDERS' FUNDS |
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 |
CHARLESTON COURT PROPERTY CO. LTD (REGISTERED NUMBER: 02946516) |
PROPERTY MANAGEMENT |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Charleston Court Property Co. Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents service charges and associated income. |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
Sinking fund |
A sinking fund has been established to finance long term maintenance works which arise from time to time. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
CHARLESTON COURT PROPERTY CO. LTD (REGISTERED NUMBER: 02946516) |
PROPERTY MANAGEMENT |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts due from members |
Sundry debtors |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation |
Sundry creditors |
Contributions in advance | 78,761 | 74,575 |
Accruals and deferred income |
Sinking funds |
CHARLESTON COURT PROPERTY CO. LTD (REGISTERED NUMBER: 02946516) |
PROPERTY MANAGEMENT |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
CONTRIBUTIONS IN ADVANCE |
Contributions in advance is calculated by allocating the Service Charge contributions evenly over the period to which they relate. For 2023, as the expenditure for the year has resulted in a net underspend of £23,483 (this incudes the underspend of £22,840 carried forward into this year) this amount has been adjusted for in the above figure. The Directors do not propose to repay this amount but to retain this to offset against future rising costs. |
SINKING FUNDS |
2023 | 2022 |
£ | £ |
Balance brought forward | 65,075 | 63,915 |
Charge for the year | 74,800 | 74,800 |
Interest | 678 | 10 |
140,553 | 138,725 |
Transfer to profit and loss account | (80,940 | ) | (73,648 | ) |
Tax on interest | (135 | ) | (2 | ) |
59,478 | 65,075 |
The sinking fund is established under leases issued by the freeholder and is held by the company on trust for the owners. |
Interest arising on the sinking fund is assessable to tax at the rate applicable to trusts. |
Expenditure on maintenance etc. is charged to the profit and loss account as incurred and funded by transfer from the sinking fund in the year of expenditure. |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
During the year the Company reimbursed £Nil and £1,440 to Mr R Allen and Mr L & Mrs H Forrester respectively for costs incurred on behalf of the Company. Mr L & Mrs H Forrester are directors of the Company. Mr R Allen has resigned as a director of the company during the year. |
Last year the Company reimbursed £664 and £2,062 to Mr R Allen and Mr L & Mrs H Forrester respectively for costs incurred on behalf of the company. |