Company registration number 02185757 (England and Wales)
BEAUFORT COURT MANAGEMENT (WATERSIDE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BEAUFORT COURT MANAGEMENT (WATERSIDE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 7
BEAUFORT COURT MANAGEMENT (WATERSIDE) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,133
18,133
Current assets
Debtors
4
14,333
19,147
Cash at bank and in hand
5
324,854
259,626
339,187
278,773
Creditors: amounts falling due within one year
6
(39,230)
(30,063)
Net current assets
299,957
248,710
Total assets less current liabilities
318,090
266,843
General fund for future expenditure
7
(268,170)
(217,161)
Net assets
49,920
49,682
Capital and reserves
Called up share capital
8
45
45
Profit and loss reserves
49,875
49,637
Total equity
49,920
49,682

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 31 March 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 10 April 2024 and are signed on its behalf by:
R T Cherryman
Director
Company registration number 02185757 (England and Wales)
BEAUFORT COURT MANAGEMENT (WATERSIDE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 March 2022:
Balance at 1 April 2021
45
287,015
287,060
Reserve transfer to General Fund
12
-
(217,161)
(217,161)
As restated
45
69,854
69,899
Year ended 31 March 2022:
Loss and total comprehensive income
-
(20,217)
(20,217)
Balance at 31 March 2022
45
49,637
49,682
Year ended 31 March 2023:
Profit and total comprehensive income
-
238
238
Balance at 31 March 2023
45
49,875
49,920
BEAUFORT COURT MANAGEMENT (WATERSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Beaufort Court Management (Waterside) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alliance Managing Agents Limited, 6 Cochrane House, Admirals Way, London, E14 9UD.

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 format of the profit and loss account has been changed in accordance with the Companies Act 2006 Statutory Instrument 2008/409 to reflect the special nature of the company's business.

 

The business of the company is to manage the common parts of the estate situated at Beaufort Court, London E14 of which the company owns the freehold. The company is non-profit making and any surplus or excess over expenditure for the service charge is taken to the General Fund for future expenditure.

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
Service charge income

Service charge income represents amount receivable from leaseholders for the maintenance and servicing of the common parts of the estate.

 

Service charge income is accounted for on a quarterly basis as service charge expenditure is incurred. Any element of the service that relates to a future period is deferred to that period.

1.3
Tangible fixed assets

Tangible fixed assets relate to freehold land. This is stated at historical cost.

No depreciation is provided on the freehold land as it is considered to have an infinite useful life.

Freehold land
not depreciated
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.

BEAUFORT COURT MANAGEMENT (WATERSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Provisions

Provisions are recognised when the company has a legal or constructive present obligation 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.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.8
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.

BEAUFORT COURT MANAGEMENT (WATERSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
8
11
3
Tangible fixed assets
Freehold land
£
Cost
At 1 April 2022 and 31 March 2023
18,133
Depreciation and impairment
At 1 April 2022 and 31 March 2023
-
0
Carrying amount
At 31 March 2023
18,133
At 31 March 2022
18,133
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charge arrears
1,624
8,592
Other debtors
12,709
10,555
14,333
19,147
5
Cash at bank and in hand

Bank balances are held within client bank accounts operated by Alliance Managing Agents Limited in respect of the service charge. The balances are held on behalf of contributors to the service charge and do not form part of the company's own assets.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Service charge creditors
12,689
10,833
Taxation and social security
5,583
10,449
Other creditors
20,958
8,781
39,230
30,063
BEAUFORT COURT MANAGEMENT (WATERSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
General Fund for future expenditure
2023
2022
£
£
General Fund
268,170
217,161
Movements on General Fund:
£
At 1 April 2022
217,161
General Fund contributions
100,000
Major works expenditure
(41,877)
Interest received
380
Service charge surplus/(deficit)
(7,494)
At 31 March 2023
268,170
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
45
45
45
45
9
Related party transactions

Beaufort Court (Waterside) Limited is a director of Thames Haven (Waterside) Limited. During the year Beaufort Court (Waterside) Limited was charged £64,123 by Thames Haven (Waterside) Limited for estate management charges for the year (2022: £62,943).

10
Ultimate controlling party

In the opinion of the directors, there is no ultimate controlling party.

11
Annual Declaration

Alliance Managing Agents Ltd are regulated by the RICS and ARMA. Commissions may be received from our bulk utility scheme, bankers and insurance,

12
Prior period adjustment

A prior year adjustment has been made to reallocate the balance for General Fund which in turn affected creditors and retained earnings for prior years. The adjustments had the following effect on the balance sheet and profit and loss:

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2022
£
£
£
General fund for future expenditure
General fund for future works
-
(217,161)
(217,161)
BEAUFORT COURT MANAGEMENT (WATERSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Prior period adjustment
As previously reported
Adjustment
As restated at 31 Mar 2022
£
£
£
(Continued)
- 7 -
Capital and reserves
Profit and loss reserves
266,798
(217,161)
49,637
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2022
£
£
£
Loss for the financial period
(20,217)
-
(20,217)
Reconciliation of changes in equity
1 April
31 March
2021
2022
£
£
Adjustments to prior year
Profit and loss reserves transfer to general fund
-
(217,161)
Equity as previously reported
-
266,843
Equity as adjusted
-
49,682
Analysis of the effect upon equity
Profit and loss reserves
-
(217,161)
Reconciliation of changes in loss for the previous financial period
2022
£
Total adjustments
-
Loss as previously reported
(20,217)
Loss as adjusted
(20,217)
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