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Registration number: 00950590

West Kingston Residents Association Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

image-name
 

West Kingston Residents Association Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 9

 

West Kingston Residents Association Limited

Company Information

Directors

Mrs L Burgess

Mr C Cooke

Mrs J L Smithers

Mr T Kimber

Mr A N Baritt

Mr N C Mustoe

Mr J A Hickson

Company secretary

Mrs T Down

Registered office

55-57 Sea Lane
Rustington
Littlehampton
West Sussex
BN16 2RQ

Solicitors

Miller Parris
3-9 Cricketers Parade
Broadwater Street West
Worthing
West Sussex
BN14 9DB

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

West Kingston Residents Association Limited

(Registration number: 00950590)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

22,274

10,956

Other financial assets

5

7,548

6,209

 

29,822

17,165

Current assets

 

Debtors

6

10,501

14,030

Cash at bank and in hand

 

126,700

69,820

 

137,201

83,850

Creditors: Amounts falling due within one year

7

(12,816)

(1,503)

Net current assets

 

124,385

82,347

Net assets

 

154,207

99,512

Capital and reserves

 

Other reserves

67,750

67,750

Profit and loss account

86,457

31,762

Shareholders' funds

 

154,207

99,512

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income and expenditure account.

Approved and authorised by the Board on 8 September 2023 and signed on its behalf by:
 

.........................................
Mr N C Mustoe
Director

.........................................
Mr J A Hickson
Director

 

West Kingston Residents Association Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Road reserve
£

Subscriptions from Residents
£

Profit and loss account
£

Total
£

At 1 April 2022

60,000

7,750

31,762

99,512

Surplus for the year

-

-

54,695

54,695

Total comprehensive income

-

-

54,695

54,695

At 31 March 2023

60,000

7,750

86,457

154,207

Road reserve
£

Subscriptions from Residents
£

Profit and loss account
£

Total
£

At 1 April 2021

60,000

7,750

2,680

70,430

Surplus for the year

-

-

29,082

29,082

Total comprehensive income

-

-

29,082

29,082

At 31 March 2022

60,000

7,750

31,762

99,512

 

West Kingston Residents Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
55-57 Sea Lane
Rustington
Littlehampton
West Sussex
BN16 2RQ
England

These financial statements were authorised for issue by the Board on 8 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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.

Income represents the value of contributions and estate charges receivable by the company together with additional fees for planning and development consent.

 

West Kingston Residents Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Estate road

Not depreciated

Gates, notices and fencing

straight line - 10%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

West Kingston Residents Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 7).

 

West Kingston Residents Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Gates, notices and fencing
£

Security bollards and barriers
 £

Estate roads
 £

Total
£

Cost or valuation

At 1 April 2022

20,485

-

3,982

24,467

Additions

-

13,149

-

13,149

At 31 March 2023

20,485

13,149

3,982

37,616

Depreciation

At 1 April 2022

13,511

-

-

13,511

Charge for the year

1,103

728

-

1,831

At 31 March 2023

14,614

728

-

15,342

Carrying amount

At 31 March 2023

5,871

12,421

3,982

22,274

At 31 March 2022

6,974

-

3,982

10,956

 

West Kingston Residents Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

6,209

6,209

Additions

1,339

1,339

At 31 March 2023

7,548

7,548

Impairment

Carrying amount

At 31 March 2023

7,548

7,548

6

Debtors

Current

2023
£

2022
£

Trade debtors

10,501

12,035

Prepayments

-

1,995

 

10,501

14,030

 

West Kingston Residents Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

4,589

467

Taxation and social security

251

9

Accruals and deferred income

661

661

Other creditors

7,315

366

12,816

1,503