Company registration number 02610680 (England and Wales)
CLARENDON COURT RESIDENTS ASSOCIATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
CLARENDON COURT RESIDENTS ASSOCIATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CLARENDON COURT RESIDENTS ASSOCIATION LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
5
30,418
30,418
Current assets
Debtors
6
1,664
1,438
Cash at bank and in hand
152,784
159,287
154,448
160,725
Creditors: amounts falling due within one year
7
(15,680)
(15,192)
Net current assets
138,768
145,533
Total assets less current liabilities
169,186
175,951
Capital and reserves
Called up share capital
2,600
2,600
Other reserves
8
122,248
122,248
Income and expenditure account
9
44,338
51,103
Total equity
169,186
175,951
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 24 June 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 18 March 2024 and are signed on its behalf by:
I Moore
A Badiani
Director
Director
Company Registration No. 02610680
CLARENDON COURT RESIDENTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 JUNE 2023
- 2 -
1
Accounting policies
Company information
Clarendon Court Residents Association Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 Crown Rise, Watford, Hertfordshire, WD25 0NE.
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.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.2
Service charges
The service charges and surplus before taxation are attributable to the principal activities of the company.
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:
Plant and machinery
25% straight line
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 income or expenditure.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income and expenditure account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
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.
CLARENDON COURT RESIDENTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
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, 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 receipts 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Property in use by the company
No depreciation has been provided on land and buildings as it is the company's policy to maintain the property by a programme of repair and refurbishment such that the residual value of the property is at least equal to the book value. Having regard to this, in the opinion of the directors, any depreciation required by the Companies Act 2006 would not be material.
CLARENDON COURT RESIDENTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 JUNE 2023
- 4 -
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
3
3
None of the directors receive any remuneration from the company.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 25 June 2022 and 24 June 2023
26,182
Depreciation and impairment
At 25 June 2022 and 24 June 2023
26,182
Carrying amount
At 24 June 2023
At 24 June 2022
5
Investment property
2023
£
Fair value
At 25 June 2022 and 24 June 2023
30,418
CLARENDON COURT RESIDENTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 JUNE 2023
5
Investment property
(Continued)
- 5 -
The investment property is the freehold of the property known as Clarendon Court, Eastbury Avenue, Northwood. The freehold was valued at an open market value of £30,418 (2022: £30,418) which is equivalent to cost, for existing use on 15 July 1999 by the directors of the company. The directors consider this valuation to still be valid.
The reserve fund comprises the freehold of Clarendon Court.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,664
1,438
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
334
334
Other creditors
15,346
14,858
15,680
15,192
8
Other reserves
Clarendon Court Freehold Fund
Sinking Fund
Total
£
£
£
At 24 June 2022
30,418
91,830
122,248
Other movements
-
-
-
At 24 June 2023
30,418
91,830
122,248
CLARENDON COURT RESIDENTS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 JUNE 2023
- 6 -
9
Income and expenditure account
2023
2022
£
£
At the beginning of the year
51,103
42,768
Surplus for the year
(6,765)
8,335
At the end of the year
44,338
51,103