REGISTERED NUMBER: |
THE ELMS RESIDENTS COMPANY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 SEPTEMBER 2023 |
REGISTERED NUMBER: |
THE ELMS RESIDENTS COMPANY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 SEPTEMBER 2023 |
THE ELMS RESIDENTS COMPANY LIMITED (REGISTERED NUMBER: 00786786) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 |
THE ELMS RESIDENTS COMPANY LIMITED |
COMPANY INFORMATION |
for the year ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Lygon House |
50 London Road |
Bromley |
Kent |
BR1 3RA |
THE ELMS RESIDENTS COMPANY LIMITED (REGISTERED NUMBER: 00786786) |
BALANCE SHEET |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE ELMS RESIDENTS COMPANY LIMITED (REGISTERED NUMBER: 00786786) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2023 |
1. | STATUTORY INFORMATION |
The Elms Residents Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenditures during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Management do not consider that there is a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period. |
Going concern |
It is the directors' opinion that the company is a going concern for the foreseeable future. |
Turnover |
Turnover represents resident's contributions towards the expenses incurred in the year. |
Tangible fixed assets |
Plant and machinery has been written down to its true carrying value and no further depreciation is to be charged. |
Taxation |
The company is a mutual trading company, so it is only liable for tax on interest received. This is below the de-minimus level. |
Debtors |
Short term debtors are measures at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts, when applicable are shown within borrowings in current liabilities. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
THE ELMS RESIDENTS COMPANY LIMITED (REGISTERED NUMBER: 00786786) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
The secretary, treasurer, chairperson and gardening director do not pay the service charge of £600 (£504 - 2022) each, due to the work carried out on behalf of and for the mutual benefit of all the shareholders. |
The total secretary's, treasurer's, chairperson's and gardening director's service charge cost of £3,000 (£2,016 - 2022) in expenditure is not an actual cost to the company and no cash is paid directly to the directors. |
9. | CASH BALANCE |
The cash balance representing service charge monies received by a residential management company in accordance with the terms of The Scheme are held in a statutory trust under Section 42 of the Landlord and Tenant Act 1987. It is not an asset of the company, however, until the overall correct accounting treatment of residential management companies has been finalised via FRED 50, draft FRC Abstract 1, it remains in the balance sheet. |