REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st March 2024 |
for |
Adam Court Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st March 2024 |
for |
Adam Court Ltd |
Adam Court Ltd (Registered number: 01673484) |
Contents of the Financial Statements |
for the Year Ended 31st March 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Adam Court Ltd |
Company Information |
for the Year Ended 31st March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2 West Street |
Henley On Thames |
Oxfordshire |
RG9 2DU |
Adam Court Ltd (Registered number: 01673484) |
Abridged Balance Sheet |
31st March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 4 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 5 |
SHAREHOLDERS' FUNDS |
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 profit or loss 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Adam Court Ltd (Registered number: 01673484) |
Notes to the Financial Statements |
for the Year Ended 31st March 2024 |
1. | STATUTORY INFORMATION |
Adam Court Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover- general and flat maintenance contributions |
Turnover represents contributions receivable from members to meet the costs of flat maintenance and general maintenance. All amounts receivable in excess of cost are retained as a provision for future expenses. |
Tangible fixed assets |
The company owns the freehold of the complex of flats and houses known as "Adam Court, Henley-on-Thames, Oxfordshire, RG9 2BJ". |
The freehold has a nil carrying amount. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Other provisions |
Long-term general |
maintenance provision | 25,184 | 23,531 |
Long-term flat |
maintenance provision | 26,742 | 30,367 |
Maintenanc |
e Provision |
£ |
Balance at 1st April 2023 |
Gen. maint. surplus/(deficit) | (1,552 | ) |
Flat maint. surplus/(deficit) | (3,207 | ) |
2024 corporation tax | (654 | ) |
Lease premiums | 2,200 |
Bank interest | 1,241 |
Rounding |
Balance at 31st March 2024 |
Adam Court Ltd (Registered number: 01673484) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
4. | PROVISIONS FOR LIABILITIES - continued |
Any general or flat maintenance contributions receivable in excess of the expenditure for the period is transferred from the profit and loss account and retained as a long-term provision for future maintenance costs. This provision is equivalent to a sinking fund. The provision is split into a provision for flat maintenance and a provision for general maintenance. Expenditure in excess of the maintenance contributions receivable in the period is released from the provision by way of a transfer to the profit and loss account. These transfers are shown on the profit and loss as "Surplus/ deficit transfer to/ from long-term general maintenance provision" and "Surplus/ deficit transfer to/ from long-term flat maintenance provision". |
The decrease in the long-term general maintenance provision comes from the general maintenance deficit of £1552.04, less the lease extension premiums receivable of £2,200.00, less the bank interest receivable net of corporation tax payable totalling £1,004.75. |
The increase in the long-term flat maintenance provision comes from the flat maintenance deficit of £3,206.99 less the corporation tax payable on the lease extension premiums of £418. |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 36 | 36 |
6. | RESERVES |
Maintenance |
Surplus |
£ |
Profit for the year |
(Surplus)/ deficit transfer |
to/ from long-term flat |
maintenance provision | 418 |
(Surplus)/ deficit transfer |
to/ from long-term general |
maintenance provision | (3,205 | ) |
At 31st March 2024 |
Excess reserves arising due to the lease extension premiums and bank interest receivable are transferred to the long-term provision for future general maintenance costs. The deficit arising due to the corporation tax payable on the lease extension premiums is transferred from the long-term provision for future flat maintenance costs. The deficit arising due to the corporation tax payable on the bank interest receivable is transferred from the long-term provision for future general maintenance costs. |
7. | LEASE EXTENSIONS |
Lease extensions were offered by Adam Court Ltd to the leasehold residents of Adam Court, Henley-on-Thames, Oxfordshire, RG9 2BJ. The lease extension premium payable was agreed at £2,200 for each extension. This offer expired on 1 April 2024. |
The premiums receivable are deemed to be the net capital gain for the lease extensions and are subject to corporation tax. |