Company registration number 00908240 (England and Wales)
ORCHARD COURT RESIDENTS ASSOCIATION (OSTERLEY) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ORCHARD COURT RESIDENTS ASSOCIATION (OSTERLEY) LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
ORCHARD COURT RESIDENTS ASSOCIATION (OSTERLEY) 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.

Principal activities

The principal activity of the company continued to be that of the management of Orchard Court, a block of residential flats. The company does not trade and is operated as a non-profit making organisation.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs R Brar
Mrs P Coates
Mr A Khan
Mrs F Khan
Mr M Kotadia
Mr A Lakhenpaul
Mrs S Lakhenpaul
Mr J Mistry
Mr E Peacock
Ms N Ruparel
Mr P R Menon
Dr Sreeja Veetil
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
Mr M Kotadia
Mr E Peacock
Director
Director
24 September 2024
ORCHARD COURT RESIDENTS ASSOCIATION (OSTERLEY) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,260
3,295
Current assets
Debtors
5
24,450
3,700
Cash at bank and in hand
6,036
7,840
30,486
11,540
Creditors: amounts falling due within one year
6
(24,858)
(3,664)
Net current assets
5,628
7,876
Net assets
8,888
11,171
Capital and reserves
Called up share capital
7
13
13
Other reserves
8,875
11,158
Total equity
8,888
11,171

The directors of the company have elected not to include a copy of the profit and loss 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 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 and delivered 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 24 September 2024 and are signed on its behalf by:
Mr M Kotadia
Mr E Peacock
Director
Director
Company registration number 00908240 (England and Wales)
ORCHARD COURT RESIDENTS ASSOCIATION (OSTERLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Orchard Court Residents Association (Osterley) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Orchard Court, Thornbury Avenue, Isleworth, Middlesex, TW7 4NG.

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
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold property is valued at cost and in the opinion of the directors, the estimated useful life of the tangible fixed asset is 100 years.

Freehold land and buildings
1% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
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.

1.5
Financial instruments
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.

ORCHARD COURT RESIDENTS ASSOCIATION (OSTERLEY) LIMITED
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.

1.6
Taxation

The activities of the company do not constitute a trade for taxation purposes.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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
12
12
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
3,470
Depreciation and impairment
At 1 January 2023
175
Depreciation charged in the year
35
At 31 December 2023
210
Carrying amount
At 31 December 2023
3,260
At 31 December 2022
3,295
ORCHARD COURT RESIDENTS ASSOCIATION (OSTERLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
24,450
3,700
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
24,858
3,664
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
13
13
13
13
8
Roof repair

During the year, a one-off repair was required for the roof. Consequently, property owners were asked to contribute towards the cost of this repair. The income from these contributions is recorded separately in the accounts.

 

At the year-end, some contributions remained unpaid, while others had advanced funds to cover the cost. These amounts are reflected in the accounts under “Other Debtors” for unpaid contributions and “Other Creditors” for advanced funds.

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