Registration number:
Formosa Amenity Limited
for the Year Ended 30 September 2024
Formosa Amenity Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Formosa Amenity Limited
Company Information
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Directors |
L Calderon Martinez P Cross I Miklavchich P Nielsen S Roeg M Scrimshire J A Sherman S L Wright |
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Company secretary |
AM Surveying & Block Management |
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Registered office |
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Auditors |
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Formosa Amenity Limited
(Registration number: 01556704)
Statement of Financial Position as at 30 September 2024
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2024 |
2023 |
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Current assets |
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Receivables |
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Cash at bank |
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Payables: Amounts falling due within one year |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.
The financial statements of Formosa Amenity Limited were approved and authorised for issue by the
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Director
Formosa Amenity Limited
Notes to the Financial Statements
for the Year Ended 30 September 2024
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General information |
Formosa Amenity Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act.
The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the Directors' Report on page 2.
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Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Formosa Amenity Limited
Notes to the Financial Statements
for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Departures from Companies Act requirements
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The financial statements depart from the standard format of the Companies Act 2006 in that turnover has been replaced by estate income, cost of sales has been replaced by estate expenditure and profit/(loss) has been replaced by surplus/(deficit). This departure, as permitted by s396 of the Companies Act 2006, has arisen because the directors consider that this presentation is more appropriate given the nature of the company's activity. The result for the year is unaffected by the accounting treatment adopted. |
Judgements
There are no critical judgements made by the directors in the process of applying the company’s accounting policies which have the most significant effect on the amounts recognised in the financial statements. |
Revenue recognition
Estate income represents both the variable and nominal rentcharges receivable from the members for the year in accordance with the Rentcharge Deed relating to Formosa Amenity Area, Maida Vale, London. Estate income is recognised based on the accounting period for which the rentcharges relate to.
Key deposit administration fees are recognised in the accounting period in which income is received.
Tax
The company acts as a trustee in respect of funds held to manage the Formosa Amenity common parts and garden areas. Income tax is provided on investment income at the current rate of tax. Rentcharges and Estate expenditure items are neither taxable nor allowable for corporation tax purposes and therefore there is no liability to UK corporation tax.
Income tax is provided on investment income at the current rate of tax when the income tax liability is greater than £100.00.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Receivables
Rentcharge arrears are amounts due at the financial year end from the members.
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Formosa Amenity Limited
Notes to the Financial Statements
for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Taxation |
Tax charged/(credited) in the income statement
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2024 |
2023 |
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Current taxation |
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Tax charged on bank interest |
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Formosa Amenity Limited
Notes to the Financial Statements
for the Year Ended 30 September 2024 (continued)
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Receivables |
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2024 |
2023 |
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Rentcharge arrears |
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Other receivables |
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Prepayments & accrued income |
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Cash and Cash equivalents |
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2024 |
2023 |
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Cash at bank - client account |
95,646 |
79,424 |
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Cash at bank - client account (keys) |
10,318 |
10,575 |
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Funds are held in trust at Barclays Bank UK Plc in two designated client accounts maintained by Westbourne Block Management Limited, the managing agent for Formosa Amenity Area as at 30 September 2024. The titles of the bank accounts are: WBM Limited Client Re Formosa Amenity and WBM Limited Client Re Formosa Amenity - Keys, respectively.
Formosa Amenity Limited
Notes to the Financial Statements
for the Year Ended 30 September 2024 (continued)
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Payables |
Payables: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Supplier creditors |
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Rentcharges received in advanced |
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Other payables |
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Accruals |
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Income tax liability |
307 |
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Share capital and reserves |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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90 |
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90 |
The company has one class of share capital which carries no right to fixed income
Reserves
The reserve fund represents cumulative surpluses which have been held on trust for future expenditure, in accordance with the Rentcharge Deed.
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Related party transactions |
During the financial year, the directors of the company were charged for services and also paid rentcharges in relation to the maintenance of the common parts and garden areas within Formosa Amenity Area. These services were in accordance with the Rentcharge Deed and the company's principal activities.
Formosa Amenity Limited
Notes to the Financial Statements
for the Year Ended 30 September 2024 (continued)
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Audit report |