Registration number:
Flowkit Residents Association (1989) Ltd
Unaudited Financial Statements
for the
Year Ended 28 February 2023
Flowkit Residents Association (1989) Ltd
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Flowkit Residents Association (1989) Ltd
Company Information
Directors |
Mr R W Smart Mrs V H Prosser Miss L M Short Mrs J E I Ross Ms P L Rogers Ms K Maynard |
Registered office |
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Bankers |
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Accountants |
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Flowkit Residents Association (1989) Ltd
Directors' Report
for the Year Ended 28 February 2023
The directors present their report and the financial statements for the year ended 28 February 2023.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Principal activity
The principal activity of the company is residents' property management.
Small companies provision statement
This report has 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.
Approved and authorised by the
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Flowkit Residents Association (1989) Ltd
for the Year Ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Flowkit Residents Association (1989) Ltd for the year ended 28 February 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Flowkit Residents Association (1989) Ltd, as a body, in accordance with the terms of our engagement letter dated 4 September 2023. Our work has been undertaken solely to prepare for your approval the accounts of Flowkit Residents Association (1989) Ltd and state those matters that we have agreed to state to the Board of Directors of Flowkit Residents Association (1989) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Flowkit Residents Association (1989) Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Flowkit Residents Association (1989) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Flowkit Residents Association (1989) Ltd. You consider that Flowkit Residents Association (1989) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Flowkit Residents Association (1989) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
10 Wheat Street
Brecon
Powys
LD3 7DG
Flowkit Residents Association (1989) Ltd
Statement of Income and Retained Earnings
for the Year Ended 28 February 2023
Note |
2023 |
2022 |
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Turnover |
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Administrative expenses |
( |
( |
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Operating loss |
( |
( |
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Loss before tax |
( |
( |
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Loss for the financial year |
( |
( |
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Retained earnings brought forward |
(3,528) |
649 |
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Retained earnings carried forward |
(4,719) |
(3,528) |
Flowkit Residents Association (1989) Ltd
Statement of Comprehensive Income
for the Year Ended 28 February 2023
2023 |
2022 |
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Loss for the year |
( |
( |
Total comprehensive income for the year |
( |
( |
Flowkit Residents Association (1989) Ltd
(Registration number: 02298195)
Balance Sheet
as at 28 February 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Retained earnings |
( |
( |
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Shareholders' deficit |
( |
( |
For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Approved and authorised by the
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Flowkit Residents Association (1989) Ltd
Statement of Changes in Equity
for the Year Ended 28 February 2023
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 March 2022 |
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( |
( |
Loss for the year |
- |
- |
( |
( |
At 28 February 2023 |
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( |
( |
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 March 2021 |
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Loss for the year |
- |
- |
( |
( |
At 28 February 2022 |
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( |
( |
Flowkit Residents Association (1989) Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
5/6 Glamorgan Street
Brecon
POWYS
LD3 7DW
These financial statements were authorised for issue by the
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.
The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest £1.
Revenue recognition
Turnover represents ground rents and service charges receivable for the year.
Tax
The company trades only with its members, and consequently the trading profit is exempt from tax under the principle of mutuality. The tax expense for the period comprises current tax on bank interest received in the year.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost.
Flowkit Residents Association (1989) Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2023
Depreciation
The only fixed asset owned by the company is the freehold of 5/6 Glamorgan Street, Brecon. This is stated at its cost price of £1, and no depreciation is charged..
Asset class |
Depreciation method and rate |
Freehold property |
Nil |
Trade debtors
Trade debtors are amounts due from the tenants of the property for service charges and ground rent. These are stated at the amount receivable.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are stated at the invoice value.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 March 2022 |
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At 28 February 2023 |
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Depreciation |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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Included within the net book value of land and buildings above is £1 (2022 - £1) in respect of freehold land and buildings.
Flowkit Residents Association (1989) Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
- |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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9 |
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9 |