Registered number
03581455
Fairycroft Residents Association Limited
Filleted Accounts
31 December 2023
Fairycroft Residents Association Limited
Registered number: 03581455
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,600 2,600
Current assets
Debtors 4 555 551
Cash at bank and in hand 18,952 16,577
19,507 17,128
Creditors: amounts falling due within one year 5 (1,204) (1,203)
Net current assets 18,303 15,925
Net assets 20,903 18,525
Capital and reserves
Called up share capital 14 14
Sinking fund - flats 6 11,450 9,050
Service charge general reserve 9,439 9,461
Shareholders' funds 20,903 18,525
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr F McDonald
Director
Approved by the board on 11 July 2024
Fairycroft Residents Association Limited
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Land and buildings At cost
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 2,600
At 31 December 2023 2,600
Depreciation
At 31 December 2023 -
Net book value
At 31 December 2023 2,600
At 31 December 2022 2,600
4 Debtors 2023 2022
£ £
Trade debtors 233 273
Other debtors 322 278
555 551
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 4
Other creditors 1,204 1,199
1,204 1,203
6 Sinking fund reserve Balance B/fwd Transfers to/(from) Balance C/fwd
£ £ £
Sinking Fund Account 9,050 2,400 11,450
9,050 2,400 11,450
The sinking fund relates to the Flat numbers 37, 38 and 39 Elm Road and 29 Fairycroft and the
saving for the potential replacement of the communal roof.
7 Controlling party
There is no ultimate controlling party.
8 Other information
Fairycroft Residents Association Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cumberland House
24 - 28 Baxter Avenue
Southend-on-Sea
Essex
SS2 6HZ
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