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REGISTERED NUMBER: 08958761 (England and Wales)















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: K Stannard
N Monks
D J Raffill





REGISTERED OFFICE: 160 Scotney Gardens
Maidstone
Kent
ME16 0GT





REGISTERED NUMBER: 08958761 (England and Wales)





ACCOUNTANTS: Spurling Cannon
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 4 135,708 113,370
Cash at bank and in hand 66,412 141,282
202,120 254,652
CREDITORS
Amounts falling due within one year 5 (58,809 ) (171,628 )
NET CURRENT ASSETS 143,311 83,024
TOTAL ASSETS LESS CURRENT
LIABILITIES

143,311

83,024

RESERVES
Undistributable 6 143,311 73,809
Income and expenditure account 6 - 9,215
143,311 83,024

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 21 October 2024 and were signed on its behalf by:





K Stannard - Director


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 private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 4,315 4,497
135,708 113,370

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 134 32
Sundry creditors - 2,429
Overpaid service charges 16,358 9,322
Accrued expenses 42,317 29,408
58,809 171,628

6. RESERVES
Income
and
expenditure
account Undistributable Totals
£    £    £   

At 1 April 2023 9,215 73,809 83,024
Deficit for the year (67,229 ) (67,229 )
Movement 67,229 (67,229 ) -
transfer of reserves (9,215 ) 136,731 127,516
At 31 March 2024 - 143,311 143,311

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.