The Tower Residents Management Company Ltd |
Registered number: |
10739723 |
Balance Sheet |
as at 30 April 2024 |
|
Notes |
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|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
1,348 |
|
|
1,348 |
|
Current assets |
Cash at bank and in hand |
|
|
44 |
|
|
44 |
|
|
Net current assets |
|
|
|
44 |
|
|
44 |
|
Total assets less current liabilities |
|
|
|
1,392 |
|
|
1,392 |
|
Creditors: amounts falling due after more than one year |
5 |
|
|
(1,348) |
|
|
(1,348) |
|
|
|
Net assets |
|
|
|
44 |
|
|
44 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
4 |
|
|
4 |
Profit and loss account |
|
|
|
40 |
|
|
40 |
|
Shareholders' funds |
|
|
|
44 |
|
|
44 |
|
|
|
|
|
|
|
|
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. |
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|
|
|
Mr Don Godsell |
Director |
Approved by the board on 18 November 2024 |
|
The Tower Residents Management Company Ltd |
Notes to the Accounts |
for the year ended 30 April 2024 |
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|
1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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The Company only has ground rent income in its own right. All other transactions in the year relate to maintenance of the common parts in accordance with the lease. Income and expenditure arising from these transactions is shown in separate service charge accounts for the 22, 34-36 Upper House Farm, Crickhowell that do not form part of annual accounts of the Company and are not filed at Companies House. All service charge monies received from the residents of 22, 34-36 Upper House Farm, Crickhowell , are held on trust for the residents. |
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Tangible fixed assets |
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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: |
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Freehold of the building |
over 0 years |
|
|
|
|
The residual value of the Freehold of the building is deemed to be equal to, or exceeds, its current carrying value, and therefore the depreciation for the year was £Nil |
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In accordance with FRS102 the freehold of the building has been treated as property plant and equipment. |
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Debtors |
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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. |
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|
Creditors |
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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. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Freehold of the Building |
£ |
|
Cost |
|
At 1 May 2023 |
1,348 |
|
At 30 April 2024 |
1,348 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 April 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2024 |
1,348 |
|
At 30 April 2023 |
1,348 |
|
|
|
|
|
|
|
|
|
|
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Freehold land and buildings: |
2024 |
|
2023 |
£ |
£ |
|
Historical cost |
1,348 |
|
1,348 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
1,348 |
|
1,348 |
|
|
This represents the freehold reversion of the building known as 22, 34-36 Upper House Farm, Crickhowell NP8 1BZ, stated at cost. |
|
4 |
Cash at Bank |
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|
The Limited Company does not have a separate bank account to hold the funds only belonging to The Tower Residents Management Company Ltd, instead these monies are combined with the service charge trust bank balance. |
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5 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Shareholders loans |
1,348 |
|
1,348 |
|
|
|
|
|
|
|
|
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During the year ending 30 April 2019 the company purchased the freehold interest in the 22, 34-36 Upper House Farm. This was financed by individual loans to the company by certain residents. The loans were made interest free and will last indefinitely. |
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6 |
Tech 03/11 |
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In accordance with Tech 03/11, guidance issued by the Institute of Chartered Accountants in England and Wales, the net service charge assets and reserves which are held under trust on behalf of the owners are shown in a separate service charge accounts balance sheet. Thus the assets owned by the company are distinguished from those held on trust for the owners. |
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7 |
Related party transactions |
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The Director of the Company is also a Trustee of the Service Charge account for 22, 34-36 Upper House Farm. The Service Charge accounts relate to the management of the property known as 22, 34-36 Upper House Farm, Crickhowell NP8 1BZ |
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8 |
Ground Rents |
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|
£NIL Ground Rents were colected during the year ending 30th April 2024. |
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9 |
Costs of The Tower Resident Management Company Ltd |
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During the year the Company incurred costs which are associated with the general running of a Limited Company. These costs including the Accountancy fees and Annual Return fee, all of which have been charged to the Service Charge accounts in accordance with the lease. |
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10 |
Other information |
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The Tower Residents Management Company Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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22 Upper House Farm |
|
Crickhowell |
|
Powys |
|
NP8 1BZ |