Flowkit Residents Association (1989) Ltd 02298195 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is residents' property management. Digita Accounts Production Advanced 6.30.9574.0 true 02298195 2022-03-01 2023-02-28 02298195 2023-02-28 02298195 bus:Director1 2023-02-28 02298195 bus:Director7 2023-02-28 02298195 bus:Director8 2023-02-28 02298195 bus:OrdinaryShareClass1 2023-02-28 02298195 core:CapitalRedemptionReserve 2023-02-28 02298195 core:RetainedEarningsAccumulatedLosses 2023-02-28 02298195 core:ShareCapital 2023-02-28 02298195 core:CurrentFinancialInstruments 2023-02-28 02298195 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 02298195 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 02298195 bus:SmallEntities 2022-03-01 2023-02-28 02298195 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 02298195 bus:FullAccounts 2022-03-01 2023-02-28 02298195 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 02298195 bus:RegisteredOffice 2022-03-01 2023-02-28 02298195 bus:Director1 2022-03-01 2023-02-28 02298195 bus:Director2 2022-03-01 2023-02-28 02298195 bus:Director4 2022-03-01 2023-02-28 02298195 bus:Director5 2022-03-01 2023-02-28 02298195 bus:Director6 2022-03-01 2023-02-28 02298195 bus:Director7 2022-03-01 2023-02-28 02298195 bus:Director8 2022-03-01 2023-02-28 02298195 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 02298195 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 02298195 bus:Agent1 2022-03-01 2023-02-28 02298195 core:CapitalRedemptionReserve 2022-03-01 2023-02-28 02298195 core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 02298195 core:ShareCapital 2022-03-01 2023-02-28 02298195 core:LandBuildings 2022-03-01 2023-02-28 02298195 countries:EnglandWales 2022-03-01 2023-02-28 02298195 2022-02-28 02298195 core:CapitalRedemptionReserve 2022-02-28 02298195 core:RetainedEarningsAccumulatedLosses 2022-02-28 02298195 core:ShareCapital 2022-02-28 02298195 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 02298195 2021-03-01 2022-02-28 02298195 2022-02-28 02298195 bus:OrdinaryShareClass1 2022-02-28 02298195 core:CapitalRedemptionReserve 2022-02-28 02298195 core:RetainedEarningsAccumulatedLosses 2022-02-28 02298195 core:ShareCapital 2022-02-28 02298195 core:CurrentFinancialInstruments 2022-02-28 02298195 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 02298195 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 02298195 core:CapitalRedemptionReserve 2021-03-01 2022-02-28 02298195 core:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 02298195 core:ShareCapital 2021-03-01 2022-02-28 02298195 2021-02-28 02298195 core:CapitalRedemptionReserve 2021-02-28 02298195 core:RetainedEarningsAccumulatedLosses 2021-02-28 02298195 core:ShareCapital 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02298195

Flowkit Residents Association (1989) Ltd

Annual Report and

Unaudited Financial Statements


for the Year Ended 28 February 2023

 

Flowkit Residents Association (1989) Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 10

 

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


Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG
 

Bankers

Santander UK plc
Bridle Road
Bootle
Merseyside
L30 4GB
 

Accountants

WJ James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

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:

Mr E Moore (ceased 13 October 2023)

Mr R W Smart

Mrs V H Prosser

Miss L M Short

Mrs J E I Ross

Ms P L Rogers (appointed 17 October 2022)

The following director was appointed after the year end:

Ms K Maynard (appointed 4 September 2023)

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 Board on 6 November 2023 and signed on its behalf by:
 

.........................................
Mr R W Smart
Director

 

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.

......................................

WJ James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

6 November 2023

 

Flowkit Residents Association (1989) Ltd

Statement of Income and Retained Earnings
for the Year Ended 28 February 2023

Note

2023
£

2022
£

Turnover

 

5,963

5,066

Administrative expenses

 

(7,154)

(9,243)

Operating loss

 

(1,191)

(4,177)

Loss before tax

(1,191)

(4,177)

Loss for the financial year

 

(1,191)

(4,177)

Retained earnings brought forward

 

(3,528)

649

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
£

Loss for the year

(1,191)

(4,177)

Total comprehensive income for the year

(1,191)

(4,177)

 

Flowkit Residents Association (1989) Ltd

(Registration number: 02298195)

Balance Sheet
as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1

1

Current assets

 

Debtors

5

981

1,895

Cash at bank and in hand

 

10,490

11,132

 

11,471

13,027

Creditors: Amounts falling due within one year

6

(1,076)

(794)

Net current assets

 

10,395

12,233

Total assets less current liabilities

 

10,396

12,234

Provisions for liabilities

(15,105)

(15,752)

Net liabilities

 

(4,709)

(3,518)

Capital and reserves

 

Called up share capital

7

9

9

Capital redemption reserve

1

1

Retained earnings

(4,719)

(3,528)

Shareholders' deficit

 

(4,709)

(3,518)

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:

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.

Approved and authorised by the Board on 6 November 2023 and signed on its behalf by:
 

.........................................
Mr R W Smart
Director

 

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
£

At 1 March 2022

9

1

(3,528)

(3,518)

Loss for the year

-

-

(1,191)

(1,191)

At 28 February 2023

9

1

(4,719)

(4,709)



 

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 March 2021

9

1

649

659

Loss for the year

-

-

(4,177)

(4,177)

At 28 February 2022

9

1

(3,528)

(3,518)

 

Flowkit Residents Association (1989) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG
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 Board on 6 November 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 5).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 March 2022

1

1

At 28 February 2023

1

1

Depreciation

Carrying amount

At 28 February 2023

1

1

At 28 February 2022

1

1

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

1,237

Prepayments

981

658

 

981

1,895

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

2

2

Accruals and deferred income

774

492

Other creditors

300

300

1,076

794

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each of £1 each

9

9

9

9