REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
Park Flats Residents Company Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
Park Flats Residents Company Limited |
Park Flats Residents Company Limited (Registered number: 13202626) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Park Flats Residents Company Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
50 Osmaston Road |
Derby |
DE1 2HU |
Park Flats Residents Company Limited (Registered number: 13202626) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
The director acknowledges her 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Park Flats Residents Company Limited (Registered number: 13202626) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Park Flats Residents Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit. |
Profit and loss |
The company acts as a trustee of a trust in respect of service charge monies collected for the maintenance of the Park Flats on the north side of New Road, Darley Abbey, Derby. The company's policy is to exclude these funds from the company's accounts as separate service charge accounts are prepared and incorporate a report of factual findings. |
Other income |
Service charge monies are subject to a statutory trust.Trust monies have been introduced from all of the leaseholders so that the company was able to purchase a legal interest in the property being managed by the company. |
Taxation |
Where the company does have transactions in its own right, the tax treatment depends on the nature of the income and expenditure and whether the principle of mutuality applies to non-service charge transactions between a company and its members where the members of the company and the leaseholders are identical. |
The receipt of monies from the leaseholders for the purchase of the property does not give rise to any tax liability in the hands of the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Park Flats Residents Company Limited (Registered number: 13202626) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | RELATED PARTY DISCLOSURES |
All members, which include the directors, have an interest in the transactions by virtue of their leasehold interest in the flats of the property, |
6. | LIMITED BY GUARANTEE |
The company is limited by guarantee and does not have a share capital. The liability of the members of the company to contribute towards the company's assets, if it should be wound up, is limited to £1 each while they are a member, or within one year after they cease to be a member, for payment of debts and liabilities of the company contracted before they cease to be a member, and of the costs, charges, and expenses of winding up the company, and for the adjustment of the right of the contributories amongst themselves. |