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REGISTERED NUMBER: 00871237 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ROWENA ROAD ESTATE MANAGEMENT LIMITED

ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ROWENA ROAD ESTATE MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: A J Wheeler
P N Bishop



REGISTERED OFFICE: Fort Pitt House
New Road
Rochester
Kent
ME1 1DX



REGISTERED NUMBER: 00871237 (England and Wales)



ACCOUNTANTS: Friend & Grant Ltd
Bryant House
Bryant Road
Strood
Rochester
Kent
ME2 3EW



MANAGING AGENTS: Kent Gateway Block Management
Fort Pitt House
New Road
Rochester
Kent
ME1 1DX

ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 16,730 16,730

CURRENT ASSETS
Debtors 6 7,194 7,166
Cash at bank 27,487 12,284
34,681 19,450
CREDITORS
Amounts falling due within one year 7 18,968 10,817
NET CURRENT ASSETS 15,713 8,633
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,443

25,363

CREDITORS
Amounts falling due after more than one
year

8

17,400

17,400
NET ASSETS 15,043 7,963

CAPITAL AND RESERVES
Called up share capital 9 41 41
Retained earnings 10 15,002 7,922
SHAREHOLDERS' FUNDS 15,043 7,963

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 profit or loss 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.

ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

BALANCE SHEET - continued
31 MARCH 2023


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 30 May 2023 and were signed on its behalf by:





P N Bishop - Director


ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Rowena Road Estate Management Limited is a private company, limited by shares , 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. STATEMENT OF COMPLIANCE

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 section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Income
Income represents amounts received from members as contributions towards maintenance.

Depreciation
No depreciation has been charged on the company's freehold property. The director considers such a charge would be immaterial when taking into account the residual value of the reversionary interest in the property owned by the company.

Taxation
The company's activities, in so far as it receives contributions from its members for the maintenance and management of the flats at Danehurst, Rowena Road, are mutual for taxation purposes. The surplus arising on such activities in the year is therefore not taxable.

Account format
The accounts format adopted by the company is not strictly in accordance with the formats required by the Companies Act 2006, as the directors consider that the formats laid down by the Act would not necessarily show a true and fair view of the affairs of the company.

The directors consider that the format adopted for the general reserve account is more suitable for the company's activities and gives a greater explanation of the company's affairs than the Companies Act format.

Sinking fund
The sinking fund is a reserve built up for the purposes of major repairs expenditure required for the communal areas.

Service charges
The treatment of the surplus or deficit arising on the service charges collected will be considered by the Board each year. Surplus funds may be retained to offset against future expenditure, allocated to the sinking fund or may be returned to residents. Any overall surplus on service charge funds will be shown in members' funds, and any deficit will be transferred to the sinking fund.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 April 2022
and 31 March 2023 16,730
NET BOOK VALUE
At 31 March 2023 16,730
At 31 March 2022 16,730

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 591 558
Other debtors 498 1,250
Prepayments 6,105 5,358
7,194 7,166

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 15,823 5,234
Service charge paid in advance 2,565 1,792
Surplus/deficit adjustment (1,394 ) 2,008
Accruals 1,974 1,783
18,968 10,817

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other longer term loans 17,400 17,400

In order to finance the purchase of freehold property, the company received loans from the Members. These loans are interest free and are not repayable until such time that Members sell their interest in the property. Due to the fact that the loans effectively represent an equity instrument, the loans have not been discounted to net present value.

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
41 Ordinary 1 41 41

ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. RESERVES

Member's maintenance deposits are allocated to reserves in the year in which they are received.

20232022
£   £   
Members' Funds at 1 April 2022--
General Fund surplus/(deficit) for the year7,080(7,529)
Transfer of reserve charge to sinking fund(12,500)(10,500)
Expenses taken from sinking fund7,14018,029
2021 year end surplus not adjusted(1,720)-
Members' Funds at 31 March 2023--


11. DIRECTORS INDEMNITY INSURANCE

During the year, the company incurred Directors and Officers indemnity insurance totalling £211 (2022: £327).

12. SINKING FUND

2023 2022
£    £   
Sinking fund at 1 April 2022 6,472 14,001
Contributions received/(transferred) 12,500 10,500
Expenses paid from sinking fund (7,140 ) (18,029 )
2021 year end surplus not adjusted 1,720 -
Sinking fund at 31 March 2023 13,552 6,472
Members' deposits at 31 March 2023 1,450 1,450
Total members' funds at 31 March 2023 15,002 7,922


13. MEMBERS' DEPOSITS

Members' deposits of £1,450 (2022: £1,450) are payable to members on the closure of the company.