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COMPANY REGISTRATION NUMBER: 03137496
91/93 Greencroft Gardens Management Limited
Unaudited Financial Statements
Year ended
30 September 2024
91/93 Greencroft Gardens Management Limited
Financial Statements
Year ended 30 September 2024
Contents
Pages
Director's report
1
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5 to 7
91/93 Greencroft Gardens Management Limited
Director's Report
Year ended 30 September 2024
The director presents his report and the unaudited financial statements of the company for the year ended 30 September 2024 .
Director
The director who served the company during the year was as follows:
Mr H M Lee
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 December 2024 and signed on behalf of the board by:
Mr H M Lee
Director
Registered office:
Communication House
Victoria Avenue
Camberley
Surrey
GU15 3HX
91/93 Greencroft Gardens Management Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of 91/93 Greencroft Gardens Management Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 91/93 Greencroft Gardens Management Limited for the year ended 30 September 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
PORTER GARLAND Chartered accountants
Communication House Victoria Avenue Camberley Surrey GU15 3HX
5 December 2024
91/93 Greencroft Gardens Management Limited
Statement of Income and Retained Earnings
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
2,500
2,500
-------
-------
Gross profit
2,500
2,500
Administrative expenses
1,414
1,333
-------
-------
Operating profit
1,086
1,167
Interest payable and similar expenses
4
23
6
-------
-------
Profit before taxation
1,063
1,161
Tax on profit
202
221
-------
-------
Profit for the financial year and total comprehensive income
861
940
-------
-------
Retained earnings at the start of the year
7,570
6,630
-------
-------
Retained earnings at the end of the year
8,431
7,570
-------
-------
All the activities of the company are from continuing operations.
91/93 Greencroft Gardens Management Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
100,000
100,000
Current assets
Debtors
6
654
150
Creditors: amounts falling due within one year
7
2,098
2,455
-------
-------
Net current liabilities
1,444
2,305
---------
---------
Total assets less current liabilities
98,556
97,695
Provisions
14,389
14,389
--------
--------
Net assets
84,167
83,306
--------
--------
Capital and reserves
Called up share capital
2
2
Fair value reserve
75,734
75,734
Profit and loss account
8,431
7,570
--------
--------
Shareholders funds
84,167
83,306
--------
--------
These financial statements have been prepared 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'.
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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 December 2024 , and are signed on behalf of the board by:
Mr H M Lee
Director
Company registration number: 03137496
91/93 Greencroft Gardens Management Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Communication House, Victoria Avenue, Camberley, Surrey, GU15 3HX.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the profit and loss account. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit and loss account.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover recognised by the company in respect of ground rents receivable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. Interest payable and similar expenses
2024
2023
£
£
Other interest payable and similar charges
23
6
----
----
5. Tangible assets
Freehold property
£
Cost
At 1 October 2023 and 30 September 2024
100,000
---------
Depreciation
At 1 October 2023 and 30 September 2024
---------
Carrying amount
At 30 September 2024
100,000
---------
At 30 September 2023
100,000
---------
The investment property is stated at open market value for existing use. The property was valued at the balance sheet date by the director. The director is not a qualified valuer of property.
6. Debtors
2024
2023
£
£
Other debtors
654
150
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
684
460
Other creditors
1,414
1,995
-------
-------
2,098
2,455
-------
-------
8. Director's advances, credits and guarantees
The directors loan account is not disclosed as permitted under Section 1A of FRS 102.