IRIS Accounts Production v25.1.3.33 01508095 Board of Directors 1.10.23 30.9.24 30.9.24 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh015080952023-09-30015080952024-09-30015080952023-10-012024-09-30015080952022-09-30015080952022-10-012023-09-30015080952023-09-3001508095ns15:EnglandWales2023-10-012024-09-3001508095ns14:PoundSterling2023-10-012024-09-3001508095ns10:Director12023-10-012024-09-3001508095ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3001508095ns10:SmallEntities2023-10-012024-09-3001508095ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-3001508095ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3001508095ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3001508095ns10:FullAccounts2023-10-012024-09-3001508095ns10:Director22023-10-012024-09-3001508095ns10:Director32023-10-012024-09-3001508095ns10:Director42023-10-012024-09-3001508095ns10:Director62023-10-012024-09-3001508095ns10:RegisteredOffice2023-10-012024-09-3001508095ns5:CurrentFinancialInstruments2024-09-3001508095ns5:CurrentFinancialInstruments2023-09-3001508095ns5:ShareCapital2024-09-3001508095ns5:ShareCapital2023-09-3001508095ns5:FurtherSpecificReserve3ComponentTotalEquity2024-09-3001508095ns5:FurtherSpecificReserve3ComponentTotalEquity2023-09-3001508095ns5:RetainedEarningsAccumulatedLosses2024-09-3001508095ns5:RetainedEarningsAccumulatedLosses2023-09-3001508095ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3001508095ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-30
REGISTERED NUMBER: 01508095 (England and Wales)

















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: J E Macpherson
Ms C Brotherton-Ratcliffe
Ms F De Liedekerke
Mrs V Baxendale
Ms A Slinger





REGISTERED OFFICE: Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG





REGISTERED NUMBER: 01508095 (England and Wales)





ACCOUNTANTS: Jones Hunt & Keelings
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 4 600,000 600,000

CURRENT ASSETS
Debtors 5 5,165 4,188
Cash in hand 204 204
5,369 4,392
CREDITORS
Amounts falling due within one year 6 13,447 17,842
NET CURRENT LIABILITIES (8,078 ) (13,450 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

591,922

586,550

PROVISIONS FOR LIABILITIES 149,500 149,500
NET ASSETS 442,422 437,050

CAPITAL AND RESERVES
Called up share capital 214 214
Fair value reserve 449,186 449,186
Retained earnings (6,978 ) (12,350 )
SHAREHOLDERS' FUNDS 442,422 437,050

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

OVERSTRAND MANSIONS RESIDENTS
ASSOCIATION LIMITED (REGISTERED NUMBER: 01508095)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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 13 June 2025 and were signed on its behalf by:





J E Macpherson - Director


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 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.

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 600,000
NET BOOK VALUE
At 30 September 2024 600,000
At 30 September 2023 600,000

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 5,165 4,188

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 2,133 -
Other creditors 1,193 752
Accrued expenses 10,121 17,090
13,447 17,842

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