Kincora Management Ltd |
Notes to the Accounts |
for the year ended 31 December 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). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
The Company owns the freehold interest in Kings Court at nil cost. The leases run for 999 years from 28th March 1986. |
|
|
Contractual Commitments |
|
The company contracts with third parties in its own name for the supply of services to the property for maintenance of the common parts in accordance with the terms of the leases. There were no outstanding commitments at 31 December 2023. |
|
|
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 |
|
No liability arises. |
|
|
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. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Other debtors |
216 |
|
677 |
|
|
|
|
|
|
|
|
|
|
4 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Services charges in advance |
|
|
|
|
24,150 |
|
21,000 |
|
Other creditors |
9,420 |
|
10,471 |
|
|
|
|
|
|
33,570 |
|
31,471 |
|
|
|
|
|
|
|
|
|
|
5 |
Other information |
|
|
Kincora Management Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
70 High Street |
|
Chislehurst |
|
Kent |
|
|
The Directors of the company are lessees either solely or jointly with others of flats in Kings Court and therefore share in the service charges payable to the company. These charges are in accordance with the provisions of the leases. |
|
|
The Directors receive no remuneration for their services to the Company. |