| REGISTERED NUMBER: |
| OVERSTRAND MANSIONS RESIDENTS |
| ASSOCIATION LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| REGISTERED NUMBER: |
| OVERSTRAND MANSIONS RESIDENTS |
| ASSOCIATION LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| OVERSTRAND MANSIONS RESIDENTS |
| ASSOCIATION LIMITED (REGISTERED NUMBER: 01508095) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| OVERSTRAND MANSIONS RESIDENTS |
| ASSOCIATION LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants and |
| Chartered Tax Advisers |
| Broad House |
| 1 The Broadway |
| Old Hatfield |
| Hertfordshire |
| AL9 5BG |
| OVERSTRAND MANSIONS RESIDENTS |
| ASSOCIATION LIMITED (REGISTERED NUMBER: 01508095) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| OVERSTRAND MANSIONS RESIDENTS |
| ASSOCIATION LIMITED (REGISTERED NUMBER: 01508095) |
| BALANCE SHEET - continued |
| 30 SEPTEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| OVERSTRAND MANSIONS RESIDENTS |
| ASSOCIATION LIMITED (REGISTERED NUMBER: 01508095) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Overstrand Mansions Residents Association Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. |
| The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are again prepared on the going concern basis. |
| Significant judgements and estimates |
| In applying the company's accounting policies, the directors are required to make: |
| - judgements (other than those involving estimations) that have a significant impact on the amounts recognised; and |
| - estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| No significant judgements by the directors have been reflected in these accounts, while their key estimate is the fair value of the properties owned by the company, as described below under 'investment property'. |
| Turnover |
| Turnover represents rent receivable and income from making the property available for use as a film location. Turnover is recognised as the property is let or otherwise made available and is measured at the fair value of the consideration received or receivable. The company is not registered for value added tax. |
| Investment property |
| The investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is initially recognised in the profit and loss account and, as an undistributable reserve, is subsequently transferred, net of any related deferred tax, to the Fair Value Reserve. |
| Depreciation is not provided on the investment property, which is a departure from the Companies Act 2006. In the opinion of the directors, the property is primarily an investment and so its current value is of more significance than any measure of consumption; consequently, they believe that a depreciation charge would distort the true and fair view presented by the accounts, which therefore do not include a depreciation charge. |
| Deferred taxation is provided on any unrealised gains at the rate expected to apply when the property is sold. |
| OVERSTRAND MANSIONS RESIDENTS |
| ASSOCIATION LIMITED (REGISTERED NUMBER: 01508095) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| The taxation expense is the aggregate of tax currently payable and deferred tax. |
| The tax currently payable is based on the taxable profits of the year. Taxable profits differ from the profits reported in the statement of comprehensive income because of (a) items of income or expense that are taxable or deductible in other years and (b) 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 end of the reporting period. |
| Deferred tax is recognised on timing differences that have originated but not reversed by the balance sheet date. Specifically, a deferred tax liability arises when the fair value of investment property exceeds its cost because the tax due on the gain does not become payable until the property is sold. Deferred tax assets and liabilities are recorded at the tax rates that are expected to apply in the period in which the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet 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. |
| Basic financial assets are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, when the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, when the transaction is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Measurement of financial instruments |
| Trade and other debtors |
| Trade and other debtors are recognised initially at the transaction value and thereafter at transaction value less provisions for bad and doubtful debts. If the effect of discounting is material, the debtor is stated at its amortised value using the effective interest method, less provisions for bad and doubtful debts. Financial assets classified as receivable within one year are not amortised. |
| Trade and other creditors |
| Trade and other creditors are recognised initially at the transaction value, unless the effect of discounting is material, in which case the creditor is stated at its amortised value using the effective interest method. Financial liabilities classified as payable within one year are not amortised. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| OVERSTRAND MANSIONS RESIDENTS |
| ASSOCIATION LIMITED (REGISTERED NUMBER: 01508095) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Fair value at 30 September 2024 is represented by: |
| £ |
| Valuation in 2024 | 600,000 |
| The directors consider the fair value of investment property to be £600,000 at 30 September 2024 (2023: £600,000). The historical cost of investment property is £1,314 (2023: £1,314). |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Tax |
| Other creditors |
| Accrued expenses |
| 7. | RELATED PARTY DISCLOSURES |
| As disclosed in note 8, the company is owned by almost all of the lessees of Overstrand Mansions and so no party has overall control of the company. |
| As agent, the company has collected service charges and incurred expenditure on the leasehold flats owned by each of the directors on the same terms as for other leaseholders. |
| At the balance sheet date, the company was owed £5,165 (2023: £4,188) by the Service Charge Account. |
| OVERSTRAND MANSIONS RESIDENTS |
| ASSOCIATION LIMITED (REGISTERED NUMBER: 01508095) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 8. | FREEHOLD AND SHAREHOLDERS |
| The company owns the freehold of a building consisting of 110 residential flats, with associated garages and parking spaces. An analysis of the flats at the balance sheet date shows: |
| 2024 | 2023 |
| Number | Number |
| Owned by shareholders on long leases | 107 | 107 |
| Owned by non-shareholders on long leases | 2 | 2 |
| Owned by company | 1 | 1 |