Company registration number 02613052 (England and Wales)
WINNALS PARK HAYWARDS HEATH RESIDENTS COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
25 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
WINNALS PARK HAYWARDS HEATH RESIDENTS COMPANY LIMITED
CONTENTS
Page
Company information
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
WINNALS PARK HAYWARDS HEATH RESIDENTS COMPANY LIMITED
COMPANY INFORMATION
- 1 -
Directors
J Brown
P Cripps
A Eyles
J Marson
E Smagacz
J Constantine
D Piper
J Ricketts
N Taylor
S Abbondanza
(Appointed 18 November 2024)
Company number
02613052
Registered office
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Accountants
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
WINNALS PARK HAYWARDS HEATH RESIDENTS COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 25 DECEMBER 2024
25 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investment property
3
541,171
541,171
Current assets
Trade and other receivables
4
2,861
3,844
Cash and cash equivalents
136,622
133,215
139,483
137,059
Current liabilities
5
(45,182)
(14,633)
Net current assets
94,301
122,426
Total assets less current liabilities
635,472
663,597
Provisions for liabilities
7
(3,179)
(3,179)
Net assets
632,293
660,418
Reserves
Special reserve
9
171,223
171,223
Income and expenditure account
461,070
489,195
Members' funds
632,293
660,418
WINNALS PARK HAYWARDS HEATH RESIDENTS COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 25 DECEMBER 2024
25 December 2024
- 3 -
For the financial year ended 25 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
N Taylor
Director
Company registration number 02613052 (England and Wales)
WINNALS PARK HAYWARDS HEATH RESIDENTS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Winnals Park Haywards Heath Residents Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Courtyard, Shoreham Road, Upper Beeding, Steyning, West Sussex, BN44 3TN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Revenue
Turnover comprises ground rents receivable and income from lease extensions as and when receivable.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
WINNALS PARK HAYWARDS HEATH RESIDENTS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Income and expenditure arising from the maintenance of the common parts of the property, in accordance with the lease, are shown in separate audited service charge accounts for the property and are not filed at Companies House. Service charges collected are held on trust for the purpose of meeting the relevant costs in relation to the property in accordance with the provision of section 42 of the Landlord and Tenant Act 1987.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
WINNALS PARK HAYWARDS HEATH RESIDENTS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2024
- 6 -
3
Investment property
2024
£
Fair value
At 26 December 2023 and 25 December 2024
541,171
The 2022 valuations were made by Andrew Pridell Associates Ltd, on an open market value for existing use basis.
No formal valuation was obtained for the property as at 25 December 2024. However, a valuation was completed 27th May 2022 and is reflected in these accounts. The directors agree there would be no material change in value since then.
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Service charges due
2,861
3,693
Other receivables
151
2,861
3,844
5
Current liabilities
2024
2023
£
£
Corporation tax
1,918
1,918
Other payables
43,264
12,715
45,182
14,633
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
3,179
3,179
There were no deferred tax movements in the year.
WINNALS PARK HAYWARDS HEATH RESIDENTS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2024
6
Deferred taxation
(Continued)
- 7 -
The deferred tax liability set out above is not expected to reverse within 12 months and relates to deferred tax on the increases in fair value of investment property.
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
8
Special reserve
The Special Reserve comprises the funds contributed by the members for the initial purchase of the freehold.