3 3 Rowden Court Management Company Limited 02048088 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is management of the ongoing running expenses for the self-contained cottages at Rowden Court. Digita Accounts Production Advanced 6.30.9574.0 true true 02048088 2024-01-01 2024-12-31 02048088 2024-12-31 02048088 core:CurrentFinancialInstruments 2024-12-31 02048088 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 02048088 core:FurnitureFittings 2024-12-31 02048088 bus:SmallEntities 2024-01-01 2024-12-31 02048088 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 02048088 bus:FilletedAccounts 2024-01-01 2024-12-31 02048088 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02048088 bus:RegisteredOffice 2024-01-01 2024-12-31 02048088 bus:Director1 2024-01-01 2024-12-31 02048088 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02048088 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 02048088 countries:England 2024-01-01 2024-12-31 02048088 2023-12-31 02048088 core:FurnitureFittings 2023-12-31 02048088 2023-01-01 2023-12-31 02048088 2023-12-31 02048088 core:CurrentFinancialInstruments 2023-12-31 02048088 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 xbrli:pure iso4217:GBP

Registration number: 02048088

Rowden Court Management Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Rowden Court Management Company Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Rowden Court Management Company Limited

(Registration number: 02048088)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

8,649

8,883

Cash at bank and in hand

 

2,744

22,682

 

11,393

31,565

Creditors: Amounts falling due within one year

6

(20,049)

(15,777)

Net (liabilities)/assets

 

(8,656)

15,788

Capital and reserves

 

Called up share capital

18

18

Other reserves

-

15,770

Profit and loss account

(8,674)

-

Shareholders' (deficit)/funds

 

(8,656)

15,788

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 6 March 2025 and signed on its behalf by:
 


Ms L Marr
Director

 

Rowden Court Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is management of the ongoing running expenses for the self-contained cottages at Rowden Court.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The company meets its day-to-day working capital requirements from the fees received from the property holders. Additional fees are received when significant repairs are necessary and on the basis the property holders will continue to pay these additional fees on a timely manner, the financial statements have been prepared on a going concern basis despite having net liabilities of £8,656 at 31 December 2024. The directors projections indicate that, based on additional fees receivable in 2025, the company will have returned to a solvent position by 31 December 2025.

 

Rowden Court Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover represents the total management fee receivable to cover the ongoing running expenses of the self-contained cottages at Rowden Court, Noss Mayo, Plymouth.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Rowden Court Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Rowden Court Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2024

365

365

At 31 December 2024

365

365

Depreciation

At 1 January 2024

365

365

At 31 December 2024

365

365

Carrying amount

At 31 December 2024

-

-

5

Debtors

2024
£

2023
£

Prepayments

8,649

8,883

8,649

8,883

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

75

-

Accruals and deferred income

990

942

Other creditors

18,984

14,835

20,049

15,777

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.