REGISTERED NUMBER: |
SCOTNEY GARDENS RTM COMPANY LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
SCOTNEY GARDENS RTM COMPANY LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
SCOTNEY GARDENS RTM COMPANY LTD (REGISTERED NUMBER: 08958761) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SCOTNEY GARDENS RTM COMPANY LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
424 Margate Road |
Westwood |
Ramsgate |
Kent |
CT12 6SJ |
SCOTNEY GARDENS RTM COMPANY LTD (REGISTERED NUMBER: 08958761) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Undistributable | 6 |
Income and expenditure account | 6 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SCOTNEY GARDENS RTM COMPANY LTD (REGISTERED NUMBER: 08958761) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Scotney Gardens Rtm Company Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Undistributable reserves |
The company is required to ensure that all the communal areas to the flats are kept in a good repair and order and this requires major works to be carried out every few years. An overall reserve is maintained in order to provide the necessary funds and meet the cost of the required work, this is held in the undistributable reserve fund. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Service charges due | 131,393 | 108,873 |
Prepayments |
SCOTNEY GARDENS RTM COMPANY LTD (REGISTERED NUMBER: 08958761) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
St Peter Street (Maidstone) Flat Management Company |
- |
130,437 |
Corporation Tax |
Sundry creditors |
Overpaid service charges | 16,358 | 9,322 |
Accrued expenses |
6. | RESERVES |
Income |
and |
expenditure |
account | Undistributable | Totals |
£ | £ | £ |
At 1 April 2023 | 83,024 |
Deficit for the year | ( |
) | ( |
) |
Movement | 67,229 | (67,229 | ) | - |
transfer of reserves | (9,215 | ) | 136,731 | 127,516 |
At 31 March 2024 | 143,311 |
7. | CONTINGENT LIABILITIES |
The trade debtors balance held of £131,393 (2023: £108,873) relates to a number of flats within the residence, £119,973 (2023 £94,316) of this relates to historic debt being pursued by the company. |
Litigation proceedings on 31 May 2024 concluded that the historic debts are to be paid by the leaseholder and these are currently being pursued. |
8. | RELATED PARTY DISCLOSURES |
Peco Flat Management are the managing agents appointed by the Directors of Scotney Gardens Rtm Company Ltd Mr P Beirne is the Proprietor of Peco Flat Management and also a leaseholder at Scotney Gardens Rtm Company Ltd and is therefore considered a related party. |
During the year service agreement fees of £76,834 (2023: £68,768) have been paid to Peco Flat Management. |
As leaseholders the Directors and Mr P Beirne are each invoiced for service charges and water rates for their flats. |
9. | TRANSFER OF MANAGEMENT AND RESERVES |
From 1 April 2022 Scotney Gardens RTM Company Ltd overtook all responsibilities relating to the running of 1-230 Scotney Gardens Maidstone Kent ME16 0GW/R/T previously undertaken by St Peter Street (Maidstone) Ltd. |
As of 1 April 2023 the reserves of St Peter Street (Maidstone) Ltd have been transferred to Scotney Gardens RTM Company Ltd to continue operations of flat managment for the leaseholders. |
SCOTNEY GARDENS RTM COMPANY LTD (REGISTERED NUMBER: 08958761) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | COMPANY LIMITED BY GUARANTEE |
The company is limited by guarantee and as such has no share capital. |