Registered number
03403064
Brenchley Gardens Management Association Limited
Filleted Accounts
31 March 2023
Brenchley Gardens Management Association Limited
Registered number: 03403064
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 716 1,074
Current assets
Debtors 5 4,747 4,328
Cash at bank and in hand 315,287 394,956
320,034 399,284
Creditors: amounts falling due within one year 6 (96,856) (147,332)
Net current assets 223,178 251,952
Net assets 223,894 253,026
Capital and reserves
Reserve Fund 8 94,119 94,119
Profit and loss account 9 129,775 158,907
223,894 253,026
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E McGowan L Erdman
Director Director
Approved by the board on 27 August 2024
Brenchley Gardens Management Association Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Income represents the total management and maintenance allowance receivable from the local authority together with a void allowance, excluding VAT, during the year and is derived from the provision of services falling within the society's ordinary activities. Other income such as Community Hall hire and Shed rental is credited to the income and expenditure account in the period in which they are receivable.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance basis
Fixtures, fittings, tools and equipment 25% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Judgements and key sources of estimation uncertainty
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements.
Recoverable amount of debtors
The company makes an estimate of recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of the debtors and historical experience.
2 Audit information
The audit report is qualified.
Senior statutory auditor: A Dave
Firm: Alexander Dave
Date of audit report: 28 August 2024
The qualification in the audit report was as follows :
We were unable to obatin sifficient and appropriate evidence to the existence of bank balance totalling £98,438, included in the balance sheet. Consequently, we were unable to determine if any adjustments to this amount was necessary.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 16,660
At 31 March 2023 16,660
Depreciation
At 1 April 2022 15,586
Charge for the year 358
At 31 March 2023 15,944
Net book value
At 31 March 2023 716
At 31 March 2022 1,074
5 Debtors 2023 2022
£ £
Trade debtors 4,747 212
Other debtors - 4,116
4,747 4,328
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 7,010 6,437
Taxation and social security costs (2,304) 7,388
Other creditors 92,150 133,507
96,856 147,332
7 Reserves 2023 2022
£ £
At 1 April 2022 94,119 94,119
Movement for the year - -
At 31 March 2023 94,119 94,119
The Committee of Management have set aside funds in connection with the continued repair and maintenance which includes sums to fulfil the Committee of Management’s aim to ensure that housing stock continues to meet the Decent Homes Standards.
8 Reserve Fund 2023 2022
£ £
At 1 April 2022 94,119 94119
Movement for the year - -
At 31 March 2023 94,119 94,119
The reserve fund is a long term fund, held to maintain the health of the organisation.
9 Profit and loss account 2023 2022
£ £
At 1 April 2022 158,907 136,467
Prior year adjustments
158,907 136,467
(Loss)/profit for the year (29,132) 22,440
At 31 March 2023 129,775 158,907
10 Related party transactions
All the directors are tenants and are regarded as related parties under the provisions of FRS 8. However, since tenancy agreements and other property management policies are consistent with other tenant occupation arrangements, no disclosures are considered necessary.
11 Controlling party
The controlling party are the residents living on the Brenchley Gardens Estate.
12 Other information
Brenchley Gardens Management Association Limited is a private company limited by gurantee and incorporated in England. Its registered office is:
163 Brenchley Gardens
Forest Hill
London
SE23 3RF
Brenchley Gardens Management Association Limited 03403064 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts April 2024 E McGowan No description of principal activity 03403064 2021-04-01 2022-03-31 03403064 core:WithinOneYear 2022-03-31 03403064 core:RetainedEarningsAccumulatedLosses 2022-03-31 03403064 2022-04-01 2023-03-31 03403064 bus:CompanyLimitedByGuarantee 2022-04-01 2023-03-31 03403064 bus:Audited 2022-04-01 2023-03-31 03403064 bus:Director40 2022-04-01 2023-03-31 03403064 1 2022-04-01 2023-03-31 03403064 2 2022-04-01 2023-03-31 03403064 core:PlantMachinery 2022-04-01 2023-03-31 03403064 countries:England 2022-04-01 2023-03-31 03403064 bus:FRS102 2022-04-01 2023-03-31 03403064 bus:FilletedAccounts 2022-04-01 2023-03-31 03403064 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03403064 2023-03-31 03403064 core:WithinOneYear 2023-03-31 03403064 core:RetainedEarningsAccumulatedLosses 2023-03-31 03403064 core:PlantMachinery 2023-03-31 03403064 2022-03-31 03403064 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure