Company registration number 02062520 (England and Wales)
Riverside Walk (Hackney) Management Company Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Riverside Walk (Hackney) Management Company Limited
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 4
Riverside Walk (Hackney) Management Company Limited
BALANCE SHEET
As At 31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
2,400
100
Cash at bank and in hand
141,552
138,760
143,952
138,860
Creditors: amounts falling due within one year
4
(2,040)
(2,360)
Net current assets
141,912
136,500
Reserves
Other reserves
102,364
102,364
Income and expenditure account
39,548
34,136
Members' funds
141,912
136,500
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 October 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 8 July 2024 and are signed on its behalf by:
R Keegan
Director
Company registration number 02062520 (England and Wales)
Riverside Walk (Hackney) Management Company Limited
STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 October 2023
- 2 -
Sinking fund reserve
Income and expenditure
Total
£
£
£
Balance at 1 November 2021
92,364
34,074
126,438
Year ended 31 October 2022:
Surplus and total comprehensive income
-
10,062
10,062
Transfers
10,000
10,000
Other movements
-
(10,000)
(10,000)
Balance at 31 October 2022
102,364
34,136
136,500
Year ended 31 October 2023:
Surplus and total comprehensive income
-
5,412
5,412
Balance at 31 October 2023
102,364
39,548
141,912
Riverside Walk (Hackney) Management Company Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 October 2023
- 3 -
1
Accounting policies
Company information
Riverside Walk (Hackney) Management Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 223 Riverside Close, Mount Pleasant Hill, Clapton, London, E5 9SU.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
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.
1.4
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.
Riverside Walk (Hackney) Management Company Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 October 2023
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.5
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
2,400
100
4
Creditors: amounts falling due within one year
2023
2022
£
£
Service charges paid in arrears
600
920
Other creditors
1,440
1,440
2,040
2,360
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.