Company registration number 02519090 (England and Wales)
KIRKLEY HOUSE (LOWESTOFT) MANAGEMENT COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
KIRKLEY HOUSE (LOWESTOFT) MANAGEMENT COMPANY LTD
COMPANY INFORMATION
Directors
Mrs M Willmott
Mr G Spring
Leonard Wagner
Secretary
Mr G Spring
Company number
02519090
Registered office
Kirkley House
Kirkley Cliff Road
Lowestoft
Suffolk
NR33 0DE
Accountants
Waveney Accountants Limited
T/as Newman & Co
Chartered Accountants
17 Surrey Street
Lowestoft
Suffolk
NR32 1LW
Business address
Kirkley House
Kirkley Cliff Road
Lowestoft
Suffolk
NR33 0DE
KIRKLEY HOUSE (LOWESTOFT) MANAGEMENT COMPANY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KIRKLEY HOUSE (LOWESTOFT) MANAGEMENT COMPANY LTD
BALANCE SHEET
AS AT
5 APRIL 2023
05 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
19,008
10,681
Creditors: amounts falling due within one year
5
(2,707)
(2,411)
Net current assets
16,301
8,270
Capital and reserves
Called up share capital
11
11
Accumulated reserves
16,290
8,259
Shareholders' funds
16,301
8,270

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Mr G Spring
Director
Company Registration No. 02519090
KIRKLEY HOUSE (LOWESTOFT) MANAGEMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 2 -
1
Accounting policies
Company information

Kirkley House (Lowestoft) Management Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kirkley House, Kirkley Cliff Road, Lowestoft, Suffolk, NR33 0DE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents contributions due from the shareholders, to cover the communal costs of the group of properties owned by them.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
- not provided

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

KIRKLEY HOUSE (LOWESTOFT) MANAGEMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
KIRKLEY HOUSE (LOWESTOFT) MANAGEMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 4 -
4
Tangible fixed assets
Land and buildings
£
Cost
At 6 April 2022 and 5 April 2023
5,098
Depreciation and impairment
At 6 April 2022 and 5 April 2023
5,098
Carrying amount
At 5 April 2023
-
0
At 5 April 2022
-
0

Land & buildings represents the original leasehold cost of Kirkley House.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,734
1,438
Other creditors
973
973
2,707
2,411
6
Capital commitments

The company has the following programme of key maintenance work with estimated costs:

- Carpeting - £4,000

- Front door replacement £1,600

- Garden makeover £3,000

 

As at 5th April 2023, no commitment has been entered into with regard to this work.

7
Control

As a result of the division of the shareholding, being one per flat, no person has overall control of the company.

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