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Unaudited Financial Statements for the Year Ended 31 December 2024

for

Medway Parade (Western Block)
Residents' Association Limited

Medway Parade (Western Block)
Residents' Association Limited (Registered number: 02842739)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Medway Parade (Western Block)
Residents' Association Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: J G Southgate
A Visram





SECRETARY: M Hewetson





REGISTERED OFFICE: 62 Foxleys
Carpenders Park
Watford
Hertfordshire
WD19 5DE





REGISTERED NUMBER: 02842739 (England and Wales)





ACCOUNTANTS: Peter Upton
Bridge House
2 Bridge Avenue
Maidenhead
Berkshire
SL6 1RR

Medway Parade (Western Block)
Residents' Association Limited (Registered number: 02842739)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 260,000 260,000

CURRENT ASSETS
Debtors 5 9,821 6,329
Cash at bank 140,494 149,759
150,315 156,088
CREDITORS
Amounts falling due within one year 6 27,933 25,788
NET CURRENT ASSETS 122,382 130,300
TOTAL ASSETS LESS CURRENT
LIABILITIES

382,382

390,300

CAPITAL AND RESERVES
Called up share capital 7 110 110
Share premium 8 6,490 6,490
Revaluation reserve 8 276,563 276,563
Retained earnings 8 99,219 107,137
SHAREHOLDERS' FUNDS 382,382 390,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:





J G Southgate - Director


Medway Parade (Western Block)
Residents' Association Limited (Registered number: 02842739)

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

1. STATUTORY INFORMATION

Medway Parade (Western Block) Residents' Association Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover comprises Rental income and management fees and administrative charges invoiced during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost

Financial instruments
The Company only has financial assets and liabilities of a kind that qualify as basic financial instruments, which are initially recognised at transition value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Medway Parade (Western Block)
Residents' Association Limited (Registered number: 02842739)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 1 January 2024
and 31 December 2024 260,000 9,650 269,650
DEPRECIATION
At 1 January 2024
and 31 December 2024 - 9,650 9,650
NET BOOK VALUE
At 31 December 2024 260,000 - 260,000
At 31 December 2023 260,000 - 260,000

Included in cost or valuation of land and buildings is freehold land of £ 260,000 (2023 - £ 260,000 ) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2007 65,000 - 65,000
Valuation in 2012 195,000 2,050 197,050
Valuation in 2021 - 1,672 1,672
Valuation in 2022 - 5,928 5,928
260,000 9,650 269,650

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 5,915 5,915

Value of land in freehold land and buildings 5,915 5,915

Freehold land and buildings valued on Market value basis on 11 April 2013 by Burgoyne Johnston Evans, Chtrd Surveyors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 921 549
Prepayments 8,900 5,780
9,821 6,329

Medway Parade (Western Block)
Residents' Association Limited (Registered number: 02842739)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Tax 3,303 2,446
Other creditors 3,750 2,750
Accrued expenses 1,713 1,425
Deferred income 19,167 19,167
27,933 25,788

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
22 Ordinary £5 110 110

8. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 January 2024 107,137 6,490 276,563 390,190
Profit for the year 14,082 14,082
Dividends (22,000 ) (22,000 )
At 31 December 2024 99,219 6,490 276,563 382,272