Company Registration No. 03708882 (England and Wales)
FAIRSTEAD LODGE FLATS LIMITED
Annual Report And Unaudited Financial Statements
For The Year Ended 30 June 2024
FAIRSTEAD LODGE FLATS LIMITED
Company Information
Directors
S.L. Allen
M.A. Delaney
S.C. Delaney
D.P. Huberman
E.J. Joyner
Company number
03708882
Registered office
7 Johnston Road,
Woodford Green,
Essex,
IG8 0XA
Accountants
Nicholas Hall
7 Johnston Road,
Woodford Green,
Essex,
IG8 0XA
FAIRSTEAD LODGE FLATS LIMITED
Contents
Page
Directors' Report
1
Accountants' Report
2
Income And Expenditure Account
3
Balance Sheet
4 - 5
Statement Of Changes In Equity
6
Notes To The Financial Statements
7 - 9
FAIRSTEAD LODGE FLATS LIMITED
Directors' Report
For The Year Ended 30 June 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of the management of Fairstead Lodge, Snakes Lane, Woodford Green, Essex, IG8 0DJ.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S.L. Allen
M.A. Delaney
S.C. Delaney
D.P. Huberman
E.J. Joyner

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M.A. Delaney
_______________________
M.A. Delaney
Director
23 September 2024
FAIRSTEAD LODGE FLATS LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Fairstead Lodge Flats Limited For The Year Ended 30 June 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fairstead Lodge Flats Limited for the year ended 30 June 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Fairstead Lodge Flats Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fairstead Lodge Flats Limited and state those matters that we have agreed to state to the Board of Directors of Fairstead Lodge Flats Limited, as a body, in this report in accordance with technical guidelines. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fairstead Lodge Flats Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Fairstead Lodge Flats Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fairstead Lodge Flats Limited. You consider that Fairstead Lodge Flats Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Fairstead Lodge Flats Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Nicholas Hall
____________________________
Nicholas Hall
7 Johnston Road,
Woodford Green,
Essex,
IG8 0XA
23 September 2024
FAIRSTEAD LODGE FLATS LIMITED
Profit And Loss Account
For The Year Ended 30 June 2024
- 3 -
2024
2023
£
£
Turnover
31,991
31,709
Administrative Expenses
(34,308)
(11,199)
(Loss)/profit before taxation
(2,317)
20,510
Taxation
-
0
-
0
(Loss)/profit for the financial year
(2,317)
20,510
FAIRSTEAD LODGE FLATS LIMITED
Balance Sheet
As At 30 June 2024
30 June 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
1,938
1,750
Cash At Bank And In Hand
44,339
49,009
46,277
50,759
Creditors: amounts falling due within one year
4
(2,845)
(5,010)
Net current assets
43,432
45,749
Capital and reserves
Called Up Share Capital
5
18
18
Profit And Loss Reserves
43,414
45,731
Total equity
43,432
45,749

In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of filleted financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).

FAIRSTEAD LODGE FLATS LIMITED
Balance Sheet (Continued)
As At 30 June 2024
30 June 2024
- 5 -

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
S.L. Allen
M.A. Delaney
_______________________
_______________________
S.L. Allen
M.A. Delaney
Director
Director
S.C. Delaney
D.P. Huberman
_______________________
_______________________
S.C. Delaney
D.P. Huberman
Director
Director
E.J. Joyner
_______________________
E.J. Joyner
Director
Company Registration No. 03708882
FAIRSTEAD LODGE FLATS LIMITED
Statement Of Changes In Equity
For The Year Ended 30 June 2024
- 6 -
Share Capital
Profit And Loss Reserves
Total
£
£
£
Balance at 1 July 2022
18
25,221
25,239
Year ended 30 June 2023:
Profit And Total Comprehensive Income For The Year
-
20,510
20,510
Balance at 30 June 2023
18
45,731
45,749
Year ended 30 June 2024:
Loss And Total Comprehensive Income For The Year
-
(2,317)
(2,317)
Balance at 30 June 2024
18
43,414
43,432
FAIRSTEAD LODGE FLATS LIMITED
Notes To The Financial Statements
For The Year Ended 30 June 2024
- 7 -
1
Accounting policies
Company information

Fairstead Lodge Flats Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Johnston Road, Woodford Green, Essex, IG8 0XA

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents service charges, contributions to the maintenance reserve receivable and ground rents receivable during the year.

1.3
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

FAIRSTEAD LODGE FLATS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities

Basic financial liabilities, including Creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2023 - 5).

FAIRSTEAD LODGE FLATS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 June 2024
- 9 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other Debtors
1,938
1,750
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other Creditors
2,845
5,010
5
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
18 Ordinary Shares of £1 each
18
18
6
Directors' transactions

 

 

During the year service charges and ground rents demanded from the directors were as follows:-

                                

                                        2024     2023

                                          £     £

Mr E J Joyner                                     1,860     1,860

Mr M A Delaney                                     1,680     1,680

Miss S L Allen                                     1,680     1,680

Mrs S C Delaney                                    1,680     1,680    

Mr D P Huberman                                1,680     1,680

                                

These were demanded on the same terms and conditions as the other tenants.    

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