Company registration number 04901527 (England and Wales)
Riversmead (Fradley Area 2) Management
Unaudited financial statements
For the year ended 31 December 2023
Riversmead (Fradley Area 2) Management
Contents
Page
Balance sheet
2
Notes to the financial statements
3 - 5
Riversmead (Fradley Area 2) Management
Accountants' report to the director on the preparation of the unaudited statutory financial statements of Riversmead (Fradley Area 2) Management for the year ended 31 December 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Riversmead (Fradley Area 2) Management 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 Riversmead (Fradley Area 2) Management, 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 Riversmead (Fradley Area 2) Management and state those matters that we have agreed to state to the board of directors of Riversmead (Fradley Area 2) Management, 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 Riversmead (Fradley Area 2) Management and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Riversmead (Fradley Area 2) Management 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 deficit of Riversmead (Fradley Area 2) Management. You consider that Riversmead (Fradley Area 2) Management 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 Riversmead (Fradley Area 2) Management. 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.
DJH Walsall Limited
3rd Floor
International House
Hatherton Street
Walsall
WS4 2LA
27 August 2024
Riversmead (Fradley Area 2) Management
Balance sheet
As at 31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
836
1,107
Cash at bank and in hand
3,362
4,803
4,198
5,910
Creditors: amounts falling due within one year
5
(1,158)
(1,135)
Net current assets
3,040
4,775
Reserves
Income and expenditure account
3,040
4,775
Members' funds
3,040
4,775
The director of the company has elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 August 2024
Simon Pargeter
Director
Company registration number 04901527 (England and Wales)
Riversmead (Fradley Area 2) Management
Notes to the financial statements
For the year ended 31 December 2023
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1
Accounting policies
Company information
Riversmead (Fradley Area 2) Management is a private company limited by guarantee incorporated in England and Wales. The registered office is 11, Denyer Court, Fradley, Lichfield, Staffordshire, WS13 8TQ.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Riversmead (Fradley Area 2) Management
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
Riversmead (Fradley Area 2) Management
Notes to the financial statements (continued)
For the year ended 31 December 2023
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4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
778
955
Corporation tax recoverable
36
Other debtors
58
116
836
1,107
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,158
1,135
6
Members' liability
In accordance with the Memorandum and Articles of Association a member's liability is limited to £25 in the event of the winding up of the company.