Ludford Court RMC Ltd |
Notes to the Accounts |
for the year ended 31 December 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 |
|
Turnover represents ground rent and service charges (excluding VAT) invoiced to members. |
|
|
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: |
|
|
Freehold buildings |
over 50 years |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
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. |
2 |
Taxation |
|
|
The company's only taxable income is ground rent, other income and bank interest received. Service charges collected is non taxable as they are applied solely for the management and upkeep of the property. Any surplus is carried forward to offset future expenditure. All costs incurred in the year relate to the management and upkeep of the property on which the amount of the service charge is utilised. Taxable income is therefore as follows: £ Ground Rent 1,800 Other Income nil Bank Interest Received 46 |
|
|
3 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 January 2023 |
57,652 |
|
At 31 December 2023 |
57,652 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 December 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
57,652 |
|
At 31 December 2022 |
57,652 |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
923 |
|
293 |
|
Other debtors |
42,046 |
|
- |
|
|
|
|
|
|
42,969 |
|
293 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Taxation and social security costs |
351 |
|
534 |
|
Other creditors |
2,055 |
|
2,590 |
|
Accruals and deferred income |
550 |
|
500 |
|
|
|
|
|
|
2,956 |
|
3,624 |
|
|
|
|
|
|
|
|
|
|
7 |
Controlling party |
|
|
The shareholders of the company are the controlling party. |
|
|
8 |
Other information |
|
|
Ludford Court RMC Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
23 Springwater Drive |
|
Weston |
|
Crewe |
|
Cheshire |
|
CW2 5FW |