Flintpine Residents Association Limited |
Registered number: |
01817728 |
Balance Sheet |
as at 23 June 2024 |
|
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
7,458 |
|
|
7,458 |
|
|
|
|
|
|
|
|
Current assets |
Debtors |
4 |
|
|
2,810 |
|
|
642 |
Cash at bank and in hand |
|
|
|
77,112 |
|
|
50,942 |
|
|
|
|
79,922 |
|
|
51,584 |
|
Creditors: amounts falling due within one year |
5 |
|
|
(79,922) |
|
|
(51,584) |
|
Net current assets |
|
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
Net assets |
|
|
|
7,458 |
|
|
7,458 |
|
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
7,216 |
|
|
7,216 |
Profit and loss account |
|
|
|
242 |
|
|
242 |
|
Shareholders' funds |
|
|
|
7,458 |
|
|
7,458 |
|
|
|
|
|
|
|
|
|
|
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. |
|
|
|
|
D P Parrish |
Director |
Approved by the board on 17 September 2024 |
|
Flintpine Residents Association Limited |
Notes to the Accounts |
for the year ended 23 June 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
For a more informative disclosure of the transactions and balances, the accounts have adopted a more detailed format than in previous years. The comparatives figures disclosed for the previous year have been changed to reflect the format for the current year. |
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|
Ownership of assets and transactions |
|
The company owns the freehold reversionary interest in land and buildings at The Gateway, 2 Wilderton Road West, Poole, and manages the property on behalf of the leaseholders on a non-profit basis. The lessees are the shareholders of the company. Although the company is owned entirely by the lessees of the property, currently it is generally considered that the collection of service charges (but not ground rent), service charge expenses, the attributable cash at bank, receivables and payables, including maintenance reserve fund and current and future financial commitments legally belong to the lessees not the company and the company only acts as an agent for the lessees. To reflect this the service charges and expenses have been matched out in the profit and loss account. Assets, mainly bank balances, and liabilities shown in the balance sheet belong to the lessees and also match out leaving the company with beneficial ownership of £7,458 (2023: £7,458) relating to its issued share capital and accumulated income. Whilst the assets and laibilities for the most part net off they have been shown seperately to help reflect the substance of the position between the company and lessees. |
|
|
Maintenance reserve fund |
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The accumulated net services charges, after deducting attributable service charge expenses, are represented by bank balances, debtors less creditors and make up the amount in the maintenance reserve fund, which is available to cover likely future repair and maintenance costs of the property. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated 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. |
|
The company is the owner of the freehold reversionary interest in the land and buildings at The Gateway, 2 Wilderton Road West, Poole. No depreciation is charged on freehold land and buildings on the grounds that it would be immaterial. |
|
|
Debtors |
|
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. |
|
|
Creditors |
|
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. |
|
|
Taxation |
|
As agreed by the Tax Authorities the company does not pay tax on its income. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
The directors receive no remuneration. The company has no employees. |
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Freehold land and buildings |
£ |
|
Cost |
|
At 24 June 2023 |
7,458 |
|
At 23 June 2024 |
7,458 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 23 June 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 23 June 2024 |
7,458 |
|
At 23 June 2023 |
7,458 |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Unpaid service charges |
|
|
|
|
2,143 |
|
- |
|
Other debtors |
667 |
|
642 |
|
|
|
|
|
|
2,810 |
|
642 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Service charges paid in advance |
|
|
|
|
9,549 |
|
6,561 |
|
Costs accrued |
33,267 |
|
34,121 |
|
Provision for costs |
7,710 |
|
- |
|
Service charges fund |
|
|
|
|
8,489 |
|
2,283 |
|
Reserve fund |
|
|
|
|
20,907 |
|
8,619 |
|
|
|
|
|
|
79,922 |
|
51,584 |
|
|
|
|
|
|
|
|
|
|
The reserve and service charge funds represent the net amount held towards future maintenace costs not provided for at the year end. |
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6 |
Other information |
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Flintpine Residents Association Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
House & Son Property Consultants Ltd |
|
Lansdowne House |
|
Christchurch Road |
|
Bournemouth |
|
BH1 3JW |