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COMPANY REGISTRATION NUMBER: 02280822
Denholm Court (Witham) Residents Association Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
30 September 2024
Denholm Court (Witham) Residents Association Limited
Company Limited by Guarantee
Financial Statements
Year ended 30 September 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Denholm Court (Witham) Residents Association Limited
Company Limited by Guarantee
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
14,670
14,838
Current assets
Debtors
7
1,361
758
Cash at bank and in hand
560
1,590
-------
-------
1,921
2,348
Creditors: amounts falling due within one year
8
614
416
-------
-------
Net current assets
1,307
1,932
--------
--------
Total assets less current liabilities
15,977
16,770
Creditors: amounts falling due after more than one year
9
13,719
13,719
--------
--------
Net assets
2,258
3,051
--------
--------
Capital and reserves
Profit and loss account
2,258
3,051
-------
-------
Members funds
2,258
3,051
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Denholm Court (Witham) Residents Association Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 18 January 2025 , and are signed on behalf of the board by:
S L Coppin
Director
Company registration number: 02280822
Denholm Court (Witham) Residents Association Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is The Oast House, 15 Denholm Court, Maltings Lane, Witham, Essex, CM8 1XD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss represents the contributions from the members in respect of service charges and ground rents.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Fixtures and Fittings
-
15% reducing balance
No provision has been made for depreciation of freehold property as it is anticipated that any depreciation charge, taking into account the residual value, would be immaterial and in the directors' opinion the current open market value exceeds book value. This is a departure from the Companies Act 2006, but in the opinion of the directors, this departure is necessary to give a true and fair view.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Average number of employees
During the year the average number of employees was 1 (2023 - 1) which consisted of the director only.
5. Company limited by guarantee
The Association is a company limited by guarantee and does not have a share capital. In the event of the company being wound up, the liability of each member is limited to £1.
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
13,719
1,538
4,130
19,387
--------
-------
-------
--------
Depreciation
At 1 October 2023
1,215
3,334
4,549
Charge for the year
49
119
168
--------
-------
-------
--------
At 30 September 2024
1,264
3,453
4,717
--------
-------
-------
--------
Carrying amount
At 30 September 2024
13,719
274
677
14,670
--------
-------
-------
--------
At 30 September 2023
13,719
323
796
14,838
--------
-------
-------
--------
7. Debtors
2024
2023
£
£
Trade debtors
1,361
758
-------
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
400
350
Other creditors
214
66
----
----
614
416
----
----
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
13,719
13,719
--------
--------
On 30 June 2004, the residents of Denholm Court were given notice under the provisions of the Landlord and Tenant Act 1987 Section 5 that the freehold of Denholm Court (Title Number EX 350857) was for sale by the landlords. On 29 October 2004 the freehold was purchased by the lessees of numbers 1-5, 7 and 10-21 for the sum of £13,719. Denholm Court (Witham) Residents Association Ltd remains the owner of the freehold and the £13,719 paid by lessees 1-5, 7 and 10-21 is shown as a long term loan to the company. These lessees no longer pay ground rent. When a lessee disposes of their property, the price they achieve reflects the fact that they are also effectively transferring the loan that they made to the company for the purchase of the freehold.