REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
SOMERVILLE COURT RESIDENTS ASSOCIATION |
LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
SOMERVILLE COURT RESIDENTS ASSOCIATION |
LIMITED |
SOMERVILLE COURT RESIDENTS ASSOCIATION |
LIMITED (REGISTERED NUMBER: 02502690) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
SOMERVILLE COURT RESIDENTS ASSOCIATION |
LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ossington Chambers |
6-8 Castle Gate |
Newark |
Nottinghamshire |
NG24 1AX |
SOMERVILLE COURT RESIDENTS ASSOCIATION |
LIMITED (REGISTERED NUMBER: 02502690) |
REPORT OF THE DIRECTORS |
for the Year Ended 31st December 2023 |
The directors present their report with the financial statements of the company for the year ended 31st December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
SOMERVILLE COURT RESIDENTS ASSOCIATION |
LIMITED (REGISTERED NUMBER: 02502690) |
INCOME STATEMENT |
for the Year Ended 31st December 2023 |
31/12/23 | 31/12/22 |
£ | £ |
INCOME |
Service charge expenditure |
OPERATING SURPLUS/(DEFICIT) | ( |
) |
Interest receivable and similar income |
SURPLUS/(DEFICIT) BEFORE TAXATION |
( |
) |
Tax on surplus/(deficit) |
SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR |
( |
) |
SOMERVILLE COURT RESIDENTS ASSOCIATION |
LIMITED (REGISTERED NUMBER: 02502690) |
BALANCE SHEET |
31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 4 |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SOMERVILLE COURT RESIDENTS ASSOCIATION |
LIMITED (REGISTERED NUMBER: 02502690) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Somerville Court Residents Association Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Income |
Income comprises Service Charge contributions and Ground Rents receivable, together with associated income. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Long term contracts are stated at net cost less foreseeable losses less any applicable payments on account. The amount recorded as income in respect of long term contracts is ascertained by reference to the value of the work carried out to date. Attributable surplus is recognised as the difference between recorded income and related costs. |
Presentation of the income statement |
The presentation of the Income Statement on page 3 has been modified from the prescribed format for Company accounts in order to provide more information to lessees and other parties who may be interested in the expenditure incurred in the management of the property. Within the Balance Sheet on page 4, the Reserve Funds are held to the credit of the lessees and included within creditors. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | STOCKS |
31/12/23 | 31/12/22 |
£ | £ |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Other debtors |
Bank accounts held | 2,075 | 5,387 |
Service charge deficit | 120 | 776 |
Prepayments |
SOMERVILLE COURT RESIDENTS ASSOCIATION |
LIMITED (REGISTERED NUMBER: 02502690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade creditors |
Reserve fund | 2,944 | 6,466 |
Accrued expenses and deferred |
7. | RESERVES |
Income |
and |
expenditure |
account |
£ |
Surplus for the year |
Transfer to Service Charge Account |
(656 |
) |
At 31st December 2023 |