Lyncombe Crescent (Torquay) Limited 01213149 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the management of the residential flats at Lyncombe Crescent, Higher Lincombe Road, Torquay, for the benefit of the leaseholders. Digita Accounts Production Advanced 6.30.9574.0 true true 01213149 2023-01-01 2023-12-31 01213149 2023-12-31 01213149 core:CurrentFinancialInstruments 2023-12-31 01213149 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01213149 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 01213149 bus:SmallEntities 2023-01-01 2023-12-31 01213149 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01213149 bus:FilletedAccounts 2023-01-01 2023-12-31 01213149 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01213149 bus:RegisteredOffice 2023-01-01 2023-12-31 01213149 bus:Director3 2023-01-01 2023-12-31 01213149 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01213149 countries:EnglandWales 2023-01-01 2023-12-31 01213149 2022-12-31 01213149 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 01213149 2022-01-01 2022-12-31 01213149 2022-12-31 01213149 core:CurrentFinancialInstruments 2022-12-31 01213149 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01213149 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 01213149

Lyncombe Crescent (Torquay) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Lyncombe Crescent (Torquay) Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Lyncombe Crescent (Torquay) Limited

(Registration number: 01213149)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,875

9,875

Current assets

 

Debtors

5

35,075

21,459

Cash at bank and in hand

 

127,785

237,233

 

162,860

258,692

Creditors: Amounts falling due within one year

6

(42,079)

(28,898)

Net current assets

 

120,781

229,794

Net assets

 

130,656

239,669

Capital and reserves

 

Called up share capital

50

50

Other reserves

130,000

230,000

Profit and loss account

606

9,619

Shareholders' funds

 

130,656

239,669

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 


Mrs K M Hayes
Director

 

Lyncombe Crescent (Torquay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
135 Reddenhill Road
Torquay
Devon
TQ1 3NT

Principal activity

The principal activity of the company is the management of the residential flats at Lyncombe Crescent, Higher Lincombe Road, Torquay, for the benefit of the leaseholders.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Lyncombe Crescent (Torquay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover represents the amount derived from two sources. Maintenance charges rendered half-yearly in advance to all flat owners to cover all common service costs incurred by the company in its management of 'Lyncombe Crescent' for the benefit of the flat owners. Ground rents receivable from flat owners half-yearly in arrears from the company's ownership of the freehold reversion of 'Lyncombe Crescent'.

Tax

The company is a mutual trading company and taxation is only chargeable on income received from outside the membership.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

The company's only fixed asset is the freehold reversionary interest in 'Lyncombe Crescent' Higher Lincombe Road, Torquay, Devon.

Depreciation

No depreciation has been charged as the only asset is considered to be non-depreciable land.

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Lyncombe Crescent (Torquay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2023

9,875

9,875

At 31 December 2023

9,875

9,875

Depreciation

Carrying amount

At 31 December 2023

9,875

9,875

At 31 December 2022

9,875

9,875

Included within the net book value of land and buildings above is £9,875 (2022 - £9,875) in respect of freehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

8,511

6,456

Prepayments

26,564

15,003

35,075

21,459

 

Lyncombe Crescent (Torquay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

938

6,049

Taxation and social security

660

-

Accruals and deferred income

40,481

22,849

42,079

28,898

7

Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.

Other reserves:
This reserve represents a contingency fund created in April 1992 to provide for exceptional expenditure that the directors consider could arise in the future.