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REGISTERED NUMBER: 13202626 (England and Wales)







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: Mrs J A Mcgregor





REGISTERED OFFICE: 9 Tamar Avenue
Allestree
Derby
Derbyshire
DE22 2GY





REGISTERED NUMBER: 13202626 (England and Wales)





ACCOUNTANTS: Mabe Allen LLP
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 25,000 25,000
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,000

25,000

RESERVES
Income and expenditure account 25,000 25,000
25,000 25,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 10 July 2024 and were signed by:





Mrs J A Mcgregor - Director


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 private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 25,000
NET BOOK VALUE
At 29 February 2024 25,000
At 28 February 2023 25,000

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.