Registration number:
Redcliffe Point Limited
for the Period from 1 January 2023 to 30 June 2024
Redcliffe Point Limited
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Redcliffe Point Limited
Company Information
Directors |
Sara Dauncey Keith Dunn |
Registered office |
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Accountants |
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Redcliffe Point Limited
Directors' Report for the Period from 1 January 2023 to 30 June 2024
The directors present their report and the financial statements for the period from 1 January 2023 to 30 June 2024.
Directors of the company
The directors who held office during the period were as follows:
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Change to the accounting reference date
The landlord (Direct Line Group) of the apartments at Redcliffe Point notified leaseholders in January 2024 that it was to take control of the service charge management for the common parts and it had appointed Redcliffe Point Limited’s (RPL) then managing agent, Bloq Management Services Ltd (Bloq), to do so. RPL would therefore have no further part to play in the finances or management of services at Redcliffe Point. The landlord subsequently replaced Bloq and appointed Hillcrest Estate Management to manage the service charges for the 14 apartments at Redcliffe Point from July 2024.
The landlord also informed leaseholders that its previous Facilities Management Provider - Mainstay - no longer acts on its behalf.
The landlord invited leaseholders to form a Residents Association, something entirely separate from RPL, as a vehicle through which leaseholders can engage with the landlord and its agent. The landlord has agreed to formally recognise the Association, whose membership mirrors the shareholding of RPL.
The landlords actions which created a conflict of interest for RPL’s managing agency arrangements with Bloq resulted in considerable work for RPL in particular to secure the leaseholder funds held by Bloq. To achieve this, additional advisory fees were incurred and preparation of the 2023 accounts was paused whilst agreement was reached to administer the termination of the relationship between RPL and Bloq, resulting in extending the accounting reference date by six months to 30 June.
Through a formal Agreement for the Transfer of Service Charge Funds (dated 30 May 2024) RPL and Bloq agreed a termination of its contractual relationship, with a Cut Off Date of 31 December 2023 and, to assist the administrative hand-over, an End Date of 30 June 2024. The Agreement required a reconciliation of financial transactions to determine the allocation of cash transactions between the respective entities pre and post the Cut Off Date. The reconciliation was concluded in June 2024 and resulted in a final cash transfer to RPL representing the leaseholder funds.
Redcliffe Point Limited
Directors' Report for the Period from 1 January 2023 to 30 June 2024
This set of accounts to 30 June 2024 therefore covers the extended accounting period, a total of 18 months, to include 12 months ending on 31 December 2023 reflecting RPL/Bloq’s management of the services at Redcliffe Point and six months ending on 30 June 2024 recording the cash transactions under the Agreement. There are no further service charge transactions arising after 1 January 2024 for which RPL is accountable.
As a result of the changes in the landlord’s previously appointed agents, (Mainstay and its successor agency First Point]) all prior period debtors and creditors have been eliminated from RPL’s balance sheet at 30 June 2024. This decision reflects the absence of sufficient information being provided to RPL.
Future plans
RPL will continue in a reduced capacity until the lease rectifications are concluded. At that time any remaining funds held by RPL will be distributed according to the collective wish of the leaseholders. The cash transferred from Bloq is held in a company bank account. Funds are ring-fenced to cover on-going statutory expenses and advisory fees incurred towards the lease rectification process and ultimately the winding-up of RPL.
Approved by the
.........................................
Director
Redcliffe Point Limited
(Registration number: 06776746)
Balance Sheet as at 30 June 2024
Note |
2024 |
2022 |
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Current assets |
||||
Debtors |
- |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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|
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Capital and reserves |
||||
Called up share capital |
14 |
14 |
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Retained earnings |
29,593 |
28,434 |
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Shareholders' funds |
29,607 |
28,448 |
For the financial period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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 Profit and Loss Account.
Approved and authorised by the
......................................... |
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Redcliffe Point Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Redcliffe Point Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 June 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (excluding directors) during the period, was
Debtors |
2024 |
2022 |
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Other debtors |
- |
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Prepayments |
- |
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- |
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Redcliffe Point Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 June 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2022 |
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Due within one year |
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Trade creditors |
- |
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Accruals and deferred income |
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Other creditors |
- |
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6 Movement on Reserves
In 2022 the directors agreed to allocating £5,460 of the lift reserve to cover the costs of replacing the lift suspension belts.
£ |
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Retained Earnings carried forward from 2022 per page 4 |
34,794 |
Lift reserve transfer from general reserves 2022 |
(5,460) |
Advice funded from prior years accumulated general reserves |
(900) |
Profit and loss account per page 5 (retained earnings brought forward at 1 January 2022 per page 4) |
28,434 |
Profit for the period to 30 June 2024 |
4,606 |
Retained Earnings carried forward from 2024 per page 4 |
33,040 |
Advice funded from prior years accumulated general reserve |
(3,447) |
Profit and loss account per page 5 |
29,593 |
Redcliffe Point Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 June 2024
7 Profit and Loss Reserves
The reserves general fund records retained surpluses and is reviewed annually by the directors. As RPL is no longer involved in managing the services at Redcliffe Point it has been decided that there is no longer a requirement to hold funds in separate designated reserves. It has therefore been decided to create a single fund to replace all previous designations.
As described in the directors report, the cumulative reserves are held to the order of the 14 leaseholders at Redcliffe Point and are currently ring-fenced to cover on-going advisory fees.
Brought Forward |
Surplus / Deficit |
Movement on Reserve |
Transfers |
Carried Forward |
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Profit and loss - general fund |
28,434 |
1,159 |
- |
- |
29,593 |
28,434 |
1,159 |
- |
- |
29,593 |