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Registered number: 05264940









ALBANY COURT (CROMER) FREEHOLD LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

 
ALBANY COURT (CROMER) FREEHOLD LIMITED
REGISTERED NUMBER: 05264940

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 4 
90,000
90,000

  
90,000
90,000

Current assets
  

Debtors: amounts falling due within one year
 5 
18,249
14,779

Cash at bank and in hand
 6 
96,522
120,043

  
114,771
134,822

Creditors: amounts falling due within one year
 7 
(15,274)
(13,674)

Net current assets
  
 
 
99,497
 
 
121,148

Total assets less current liabilities
  
189,497
211,148

  

Net assets
  
189,497
211,148


Capital and reserves
  

Called up share capital 
  
48
48

Share premium account
  
152,097
152,097

Profit and loss account
  
37,352
59,003

  
189,497
211,148


Page 1

 
ALBANY COURT (CROMER) FREEHOLD LIMITED
REGISTERED NUMBER: 05264940
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Lyall
Director

Date: 3 May 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
ALBANY COURT (CROMER) FREEHOLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

The Company is a private company limited by shares incorporated in England and Wales.  The address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER.
The Company's principal activity is that of management of the Freehold of Albany Court, Cromer.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors review and update forecasts to ensure the Company has adequate resources in place. The Directors are confident that the Company has the ability to meet its obligations as they fall due for the foreseeable future, being a period of at least 12 months from the approval of these financial statements.
Accordingly, the Directors consider it appropriate to prepare these financial statements on the going concern basis.

 
2.3

Revenue

Turnover comprises revenue recognised by the Company in respect of rental income and management fees which are recognised on an accruals basis.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


Page 3

 
ALBANY COURT (CROMER) FREEHOLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Freehold property is not depreciated.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.



 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short term creditors are measured at the transaction price.


3.


Employees

The only employees of the Company are the Directors. The Directors did not receive any renumeration
during the year 
(2024 - £Nil).


The average monthly number of employees, including directors, during the year was 4 (2024 - 4).

Page 4

 
ALBANY COURT (CROMER) FREEHOLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 April 2024
90,000



At 31 March 2025

90,000






Net book value



At 31 March 2025
90,000



At 31 March 2024
90,000


5.


Debtors

2025
2024
£
£


Other debtors
1,470
-

Prepayments and accrued income
16,779
14,779

18,249
14,779



6.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
96,522
120,043

96,522
120,043


Page 5

 
ALBANY COURT (CROMER) FREEHOLD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

7.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
648
1,258

Corporation tax
1,910
2,141

Accruals and deferred income
12,716
10,275

15,274
13,674



8.


Related party transactions

As flat owners, each Director pays a management fee to the Company on the same terms as all other flat owners.  No other related party transactions occurred during the year.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 8 May 2025 by Frank Shippam BSc FCA DChA (Senior statutory auditor) on behalf of MA Partners Audit LLP.

 
Page 6