Brenchley Gardens Management Association Limited |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
25% reducing balance basis |
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Fixtures, fittings, tools and equipment |
25% reducing balance basis |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Judgements and key sources of estimation uncertainty |
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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. |
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Recoverable amount of debtors |
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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 |
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The audit report is qualified. |
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Senior statutory auditor: |
A Dave |
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Firm: |
Alexander Dave |
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Date of audit report: |
28 August 2024 |
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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 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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3 |
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4 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 April 2022 |
16,660 |
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At 31 March 2023 |
16,660 |
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Depreciation |
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At 1 April 2022 |
15,586 |
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Charge for the year |
358 |
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At 31 March 2023 |
15,944 |
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Net book value |
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At 31 March 2023 |
716 |
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At 31 March 2022 |
1,074 |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
4,747 |
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212 |
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Other debtors |
- |
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4,116 |
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4,747 |
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4,328 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
7,010 |
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6,437 |
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Taxation and social security costs |
(2,304) |
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7,388 |
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Other creditors |
92,150 |
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133,507 |
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96,856 |
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147,332 |
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7 |
Reserves |
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2023 |
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2022 |
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£ |
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£ |
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At 1 April 2022 |
94,119 |
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94,119 |
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Movement for the year |
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- |
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- |
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At 31 March 2023 |
94,119 |
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94,119 |
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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. |
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8 |
Reserve Fund |
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2023 |
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2022 |
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£ |
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£ |
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At 1 April 2022 |
94,119 |
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94119 |
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Movement for the year |
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- |
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- |
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At 31 March 2023 |
94,119 |
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94,119 |
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The reserve fund is a long term fund, held to maintain the health of the organisation. |
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9 |
Profit and loss account |
2023 |
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2022 |
£ |
£ |
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At 1 April 2022 |
158,907 |
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136,467 |
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Prior year adjustments |
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158,907 |
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136,467 |
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(Loss)/profit for the year |
(29,132) |
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22,440 |
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At 31 March 2023 |
129,775 |
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158,907 |
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10 |
Related party transactions |
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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. |
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11 |
Controlling party |
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The controlling party are the residents living on the Brenchley Gardens Estate. |
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12 |
Other information |
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Brenchley Gardens Management Association Limited is a private company limited by gurantee and incorporated in England. Its registered office is: |
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163 Brenchley Gardens |
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Forest Hill |
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London |
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SE23 3RF |