REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ROWENA ROAD ESTATE MANAGEMENT LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bryant House |
Bryant Road |
Strood |
Rochester |
Kent |
ME2 3EW |
MANAGING AGENTS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
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 |
Service charge paid in advance |
Surplus/deficit adjustment | (4,186 | ) | (1,394 | ) |
Accruals |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other longer term loans |
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: | £ | £ |
Ordinary | 1 | 41 | 41 |
10. | RESERVES |
Member's maintenance deposits are allocated to reserves in the year in which they are received. |
2024 | 2023 |
£ | £ |
Members' Funds at 1 April 2023 | - | - |
General Fund surplus/(deficit) for the year | 5,426 | 7,080 |
Transfer of reserve charge to sinking fund | (16,000 | ) | (12,500 | ) |
Expenses taken from sinking fund | 10,608 | 7,140 |
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. |