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REGISTERED NUMBER: 00871237 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

ROWENA ROAD ESTATE MANAGEMENT LIMITED

ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ROWENA ROAD ESTATE MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A J Wheeler
P N Bishop
S N Harkness



REGISTERED OFFICE: Fort Pitt House
New Road
Rochester
Kent
ME1 1DX



REGISTERED NUMBER: 00871237 (England and Wales)



ACCOUNTANTS: Friend & Grant Ltd
Bryant House
Bryant Road
Strood
Rochester
Kent
ME2 3EW



MANAGING AGENTS: Kent Gateway Block Management
Fort Pitt House
New Road
Rochester
Kent
ME1 1DX

ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 16,730 16,730

CURRENT ASSETS
Debtors 6 5,743 7,194
Cash at bank 26,650 27,487
32,393 34,681
CREDITORS
Amounts falling due within one year 7 11,254 18,968
NET CURRENT ASSETS 21,139 15,713
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,869

32,443

CREDITORS
Amounts falling due after more than one
year

8

17,400

17,400
NET ASSETS 20,469 15,043

CAPITAL AND RESERVES
Called up share capital 9 41 41
Retained earnings 10 20,428 15,002
SHAREHOLDERS' FUNDS 20,469 15,043

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 profit or loss 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.

ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

BALANCE SHEET - continued
31 MARCH 2024


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 9 September 2024 and were signed on its behalf by:





P N Bishop - Director


ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Rowena Road Estate Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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 section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Income
Income represents amounts received from members as contributions towards maintenance.

Depreciation
No depreciation has been charged on the company's freehold property. The director considers such a charge would be immaterial when taking into account the residual value of the reversionary interest in the property owned by the company.

Taxation
The company's activities, in so far as it receives contributions from its members for the maintenance and management of the flats at Danehurst, Rowena Road, are mutual for taxation purposes. The surplus arising on such activities in the year is therefore not taxable.

Account format
The accounts format adopted by the company is not strictly in accordance with the formats required by the Companies Act 2006, as the directors consider that the formats laid down by the Act would not necessarily show a true and fair view of the affairs of the company.

The directors consider that the format adopted for the general reserve account is more suitable for the company's activities and gives a greater explanation of the company's affairs than the Companies Act format.

Sinking fund
The sinking fund is a reserve built up for the purposes of major repairs expenditure required for the communal areas.

ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Service charges
The treatment of the surplus or deficit arising on the service charges collected will be considered by the Board each year. Surplus funds may be retained to offset against future expenditure, allocated to the sinking fund or may be returned to residents. A deficit of funds may be allocated to the sinking fund or recharged to residents.

Bank accounts
Service charge money was held in trust at Lloyds Bank at 18 Week Street, Maidstone, ME14 1RW under the title KGBM re Rowena Road Client, account number 00792706. Service charge money was also held in trust in a reserve account at Lloyds Bank at 18 Week Street, Maidstone, ME14 1RW under the title KGBM re Rowena Road Res Client, account number 08083313. Both accounts are interest bearing accounts.

Section 20B(2)
This notification is given in accordance with Section 20B(2) of the Landlord and Tenant Act 1985. For the service charge period ending 31 March 2024, costs were incurred in the sum of £45,416. In accordance with the terms of your lease, you will be required to contribute towards such means of payment of a service charge.

Management fees
Please note Kent Gateway Block Management Limited also receive additional fees for items such as conveyancing, major works, large insurance claims and key fobs.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 April 2023
and 31 March 2024 16,730
NET BOOK VALUE
At 31 March 2024 16,730
At 31 March 2023 16,730

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 208 591
Other debtors - 498
Prepayments 5,535 6,105
5,743 7,194

ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 12,225 15,823
Service charge paid in advance 1,551 2,565
Surplus/deficit adjustment (4,186 ) (1,394 )
Accruals 1,664 1,974
11,254 18,968

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other longer term loans 17,400 17,400

In order to finance the purchase of freehold property, the company received loans from the Members. These loans are interest free and are not repayable until such time that Members sell their interest in the property. Due to the fact that the loans effectively represent an equity instrument, the loans have not been discounted to net present value.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
41 Ordinary 1 41 41

10. RESERVES

Member's maintenance deposits are allocated to reserves in the year in which they are received.

20242023
£   £   
Members' Funds at 1 April 2023--
General Fund surplus/(deficit) for the year5,4267,080
Transfer of reserve charge to sinking fund(16,000)(12,500)
Expenses taken from sinking fund10,6087,140
2021 year end surplus adjustment-(1,720)
2022 year end surplus adjustment(34)-
Members' Funds at 31 March 2024--


ROWENA ROAD ESTATE MANAGEMENT LIMITED (REGISTERED NUMBER: 00871237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. DIRECTORS INDEMNITY INSURANCE

During the year, the company incurred Directors and Officers indemnity insurance totalling £130 (2023: £211).

The directors are aware that some corporate expenditure paid for by the service charge, including but not limited to Directors & Officers insurance and Annual Returns expenditure may not be allowable under the terms of the lease. The directors consider that the management company cannot be operated properly without this expenditure and therefore the expenditure is both budgeted for and paid every year.

12. SINKING FUND

2024 2023
£    £   
Sinking fund at 1 April 2023 13,552 6,472
Contributions received/(transferred) 16,000 12,500
Expenses paid from sinking fund (10,608 ) (7,140 )
2021 year end surplus adjustment - 1,720
2022 year end surplus adjustment 34 -
Sinking fund at 31 March 2024 18,978 13,552
Members' deposits at 31 March 2024 1,450 1,450
Total members' funds at 31 March 2024 20,428 15,002


13. MEMBERS' DEPOSITS

Members' deposits of £1,450 (2023: £1,450) are payable to members on the closure of the company.