Company registration number 03609500 (England and Wales)
9 WATTS AVENUE MANAGEMENT COMPANY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9 WATTS AVENUE MANAGEMENT COMPANY LIMITED
COMPANY INFORMATION
Directors
L Castle
M Hindmarsh
M Jeffreys
J Terry
Secretary
T O'Toole
Company number
03609500
Registered office
33 Station Road
Rainham
Gillingham
ME8 7RS
Accountants
Myers Clark
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
9 WATTS AVENUE MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3
Notes to the financial statements
4 - 5
9 WATTS AVENUE MANAGEMENT COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L Castle
M Hindmarsh
M Jeffreys
J Terry
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
L Castle
Director
28 August 2024
9 WATTS AVENUE MANAGEMENT COMPANY LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 9 WATTS AVENUE MANAGEMENT COMPANY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 9 Watts Avenue Management Company Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of 9 Watts Avenue Management Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of 9 Watts Avenue Management Company Limited and state those matters that we have agreed to state to the board of directors of 9 Watts Avenue Management Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 9 Watts Avenue Management Company Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that 9 Watts Avenue Management Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of 9 Watts Avenue Management Company Limited. You consider that 9 Watts Avenue Management Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of 9 Watts Avenue Management Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Myers Clark
29 August 2024
Chartered Accountants
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
9 WATTS AVENUE MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
as restated
Notes
£
£
£
£
Net assets
Members' funds
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
L Castle
Director
Company registration number 03609500 (England and Wales)
9 WATTS AVENUE MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
9 Watts Avenue Management Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 33 Station Road, Rainham, Gillingham, ME8 7RS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Profit and loss account
The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
1.3
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.4
During the year the company has acted as agent for the lessees of the property at Flats 1-7, 9 Watts Avenue, Rochester, Kent, ME1 1RX. The funds in relation to the maintenance of the property are held in trust. As at 31 December 2023 the cash balance held on behalf of the lessees amounted to £13,795.
The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from 9 Watts Avenue Management Company Limited.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9 WATTS AVENUE MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Prior period adjustment
It was resolved that the service charge assets and associated liabilities in relation to the maintenance of the property owned by the company is held in trust and therefore should be reported separately from the statutory accounts.
On this basis, a prior year adjustment has been made to remove the amounts which relate to the service charge fund as follows:
Changes to the balance sheet
As previously reported
Adjustment at 1 Jan 2022
Adjustment at 31 Dec 2022
As restated at 31 Dec 2022
£
£
£
£
Current assets
Debtors due within one year
3,720
(3,030)
(690)
Bank and cash
12,936
(10,259)
(2,677)
-
Creditors due within one year
Other creditors
-
1,013
(1,013)
Net assets
16,656
(12,276)
(4,380)
-
Capital and reserves
General reserves
8,246
(8,761)
515
Profit and loss reserves
8,410
(3,515)
(4,895)
Total equity
16,656
(12,276)
(4,380)
-
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Turnover
10,090
(10,090)
-
Administrative expenses
(5,195)
5,195
Profit for the financial period
4,895
(4,895)
-