Company registration number 01439363 (England and Wales)
ROWENA COURT RESIDENTS CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ROWENA COURT RESIDENTS CO. LIMITED
BALANCE SHEET
AS AT 25 MARCH 2024
25 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,612
9,612
Reserves
Income and expenditure account
9,612
9,612
Members' funds
9,612
9,612

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

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 25 March 2024 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 22 July 2024 and are signed on its behalf by:
AM Jeffrey
Director
Company registration number 01439363 (England and Wales)
ROWENA COURT RESIDENTS CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2024
- 2 -
1
Accounting policies
Company information

Rowena Court Residents Co. Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 50 St Mildreds Road, Westgate On Sea, Kent, CT8 8RF.

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.

Contractual commitments

The company contracts with third parties in its own name for the supply of services to the properties for maintenance of the common parts in accordance with the terms of the leases. At 25 March 2024 the company had not entered into any non-cancellable contractual commitments.

1.2
Income and expenditure

The company has no income or expenditure in its own right. All transactions in the year relate to maintenance of the common parts in accordance with the leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the properties that do not form part of the annual accounts of the company and are not filed at Companies House. All service charge monies received from the residents of the properties are held on trust for the residents.

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:

Freehold land and buildings
Not depreciated

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 surplus or deficit.

1.4
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

ROWENA COURT RESIDENTS CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.

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, 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.

1.7
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

ROWENA COURT RESIDENTS CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

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:

2024
2023
Number
Number
Total
3
3
4
Tangible fixed assets
Total
£
Cost
At 26 March 2023 and 25 March 2024
9,612
Depreciation and impairment
At 26 March 2023 and 25 March 2024
-
0
Carrying amount
At 25 March 2024
9,612
At 25 March 2023
9,612

Land and buildings represents the freehold reversions in respect of Rowena Court, 14 & 16 Sea Road and 1 & 3 St. Mildred's Gardens, Westgate-on-Sea, Kent, stated at cost.

ROWENA COURT RESIDENTS CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2024
- 5 -
5
Members' liability

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation, while they are a member, or within one year afterwards. As at 25 March 2024 there were 24 members (2023:24).

 

2024-03-252023-03-26false22 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityJ W DanielsA M JeffreyN B Rawlingsfalsefalse014393632023-03-262024-03-25014393632024-03-25014393632023-03-2501439363core:RetainedEarningsAccumulatedLosses2024-03-2501439363core:RetainedEarningsAccumulatedLosses2023-03-2501439363bus:Director22023-03-262024-03-2501439363core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-262024-03-25014393632022-03-262023-03-25014393632023-03-2501439363bus:CompanyLimitedByGuarantee2023-03-262024-03-2501439363bus:SmallCompaniesRegimeForAccounts2023-03-262024-03-2501439363bus:FRS1022023-03-262024-03-2501439363bus:AuditExemptWithAccountantsReport2023-03-262024-03-2501439363bus:Director12023-03-262024-03-2501439363bus:Director32023-03-262024-03-2501439363bus:FullAccounts2023-03-262024-03-25xbrli:purexbrli:sharesiso4217:GBP