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COMPANY REGISTRATION NUMBER: 04281742
Astoria Court Management Limited
Financial Statements
31 March 2023
Astoria Court Management Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Directors' report
1
Independent auditor's report to the members
3
Income and expenditure account
7
Statement of financial position
8
Notes to the financial statements
9
Astoria Court Management Limited
Directors' Report
Year ended 31 March 2023
The directors present their report and the financial statements of the company for the year ended 31 March 2023 .
Principal activities
The principal activity of the company during the year was the management of the residential property at Astoria Court, 116 High Street, Purley, CR8 2XT.
Directors
The directors who served the company during the year were as follows:
R. Lad
N. Mohindra
Dividends
Due to the nature of the company's activities, no dividends are payable by the company.
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 November 2023 and signed on behalf of the board by:
R.Lad Director
Registered office:
45 Limpsfield Road
South Croydon
CR2 9LA
Astoria Court Management Limited
Independent Auditor's Report to the Members of Astoria Court Management Limited
Year ended 31 March 2023
Opinion
We have audited the financial statements of Astoria Court Management Limited (the 'company') for the year ended 31 March 2023 which comprise the income and expenditure account, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: -As part of the audit we assess the susceptibility of the financial statements to material misstatement because of fraud or error and we consider how those misstatements might arise. -We ensure that we understand the legal and regulatory framework applicable to the entity and how the entity complies with that framework. -We also consider the effectiveness of the entity's controls and systems and the inherent difficulties in identifying irregularities. -The number and types of transactions and balances by which Astoria Court Management Limited conducts its operations is limited. Our audit included the examination of all of the entity's recorded transactions and balances in the accounting period and a review of after date transactions. We examine the treatment of all of the balances and transactions in the financial statements. It is our belief that the procedures adopted are sufficient to detect any material misstatements that might arise from fraud, error or other irregularities. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
C.M.Cooley
(Senior Statutory Auditor)
For and on behalf of
Cooley & Co
Chartered accountants & statutory auditor
Sampuran House
3a Chislehurst Road
Orpington
Kent
BR6 0DF
27 November 2023
Astoria Court Management Limited
Income and Expenditure Account
Year ended 31 March 2023
2023
2022
Note
£
£
Turnover
106,575
120,090
---------
---------
Gross profit
106,575
120,090
Administrative expenses
74,420
104,086
---------
---------
Operating profit
32,155
16,004
Other interest receivable and similar income
138
8
---------
---------
Profit before taxation
5
32,293
16,012
Tax on profit
--------
--------
Profit for the financial year and total comprehensive income
32,293
16,012
--------
--------
Retained earnings at the start of the year
76,399
60,387
---------
--------
Retained earnings at the end of the year
108,692
76,399
---------
--------
All the activities of the company are from continuing operations.
Astoria Court Management Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
6,216
8,793
Current assets
Debtors
7
27,420
20,152
Cash at bank and in hand
97,603
67,154
---------
--------
125,023
87,306
Creditors: amounts falling due within one year
8
22,262
19,415
---------
--------
Net current assets
102,761
67,891
---------
--------
Total assets less current liabilities
108,977
76,684
---------
--------
Net assets
108,977
76,684
---------
--------
Capital and reserves
Called up share capital
285
285
Profit and loss account
108,692
76,399
---------
--------
Shareholders funds
108,977
76,684
---------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
R. Lad
Director
Company registration number: 04281742
Astoria Court Management Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Limpsfield Road, South Croydon, CR2 9LA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents service charges receivable from tenants. Revenue is recognised in the periods for which service charges are due.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
4. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
960
960
----
----
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
2,577
3,156
-------
-------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
42,275
42,275
--------
--------
Depreciation
At 1 April 2022
33,482
33,482
Charge for the year
2,577
2,577
--------
--------
At 31 March 2023
36,059
36,059
--------
--------
Carrying amount
At 31 March 2023
6,216
6,216
--------
--------
At 31 March 2022
8,793
8,793
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
18,254
11,692
Other debtors
9,166
8,460
--------
--------
27,420
20,152
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,858
548
Other creditors
20,404
18,867
--------
--------
22,262
19,415
--------
--------
9. Related party transactions
The whole of the turnover represents service charges and other charges receivable from the shareholders. Each shareholder holds a lease of a flat in Astoria Court. There were no other related party transactions.