Formosa Amenity Limited 01556704 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is is the management of the common parts and garden areas relating to the Formosa Amenity Area, Maida Vale, London, W9. The company does not operate for profit. Digita Accounts Production Advanced 6.30.9574.0 true true 01556704 2023-10-01 2024-09-30 01556704 2024-09-30 01556704 bus:OrdinaryShareClass1 2024-09-30 01556704 core:RetainedEarningsAccumulatedLosses 2024-09-30 01556704 core:ShareCapital 2024-09-30 01556704 core:CurrentFinancialInstruments 2024-09-30 01556704 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 01556704 bus:SmallEntities 2023-10-01 2024-09-30 01556704 bus:Audited 2023-10-01 2024-09-30 01556704 bus:FullAccounts 2023-10-01 2024-09-30 01556704 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 01556704 bus:RegisteredOffice 2023-10-01 2024-09-30 01556704 bus:CompanySecretary1 2023-10-01 2024-09-30 01556704 bus:Director2 2023-10-01 2024-09-30 01556704 bus:Director3 2023-10-01 2024-09-30 01556704 bus:Director4 2023-10-01 2024-09-30 01556704 bus:Director5 2023-10-01 2024-09-30 01556704 bus:Director6 2023-10-01 2024-09-30 01556704 bus:Director7 2023-10-01 2024-09-30 01556704 bus:Director8 2023-10-01 2024-09-30 01556704 bus:Director9 2023-10-01 2024-09-30 01556704 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 01556704 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01556704 core:UKTax 2023-10-01 2024-09-30 01556704 countries:EnglandWales 2023-10-01 2024-09-30 01556704 2022-10-01 2023-09-30 01556704 2023-09-30 01556704 bus:OrdinaryShareClass1 2023-09-30 01556704 core:RetainedEarningsAccumulatedLosses 2023-09-30 01556704 core:ShareCapital 2023-09-30 01556704 core:CurrentFinancialInstruments 2023-09-30 01556704 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 01556704 core:UKTax 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01556704

Formosa Amenity Limited

Annual Report and Financial Statements

for the Year Ended 30 September 2024

 

Formosa Amenity Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

Formosa Amenity Limited

Company Information

Directors

L Calderon Martinez

P Cross

I Miklavchich

P Nielsen

S Roeg

M Scrimshire

J A Sherman

S L Wright

Company secretary

AM Surveying & Block Management

Registered office

Penelope House
Westerhill Road
Coxheath
Maidstone
ME17 4DH

Auditors

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Formosa Amenity Limited

(Registration number: 01556704)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Current assets

 

Receivables

5

29,216

6,502

Cash at bank

6

105,964

89,999

 

135,180

96,501

Payables: Amounts falling due within one year

7

(24,375)

(13,956)

Net assets

 

110,805

82,545

Equity

 

Called up share capital

8

90

90

Retained earnings

8

110,715

82,455

Shareholders' funds

 

110,805

82,545

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 Board on 23 June 2025 and signed on its behalf by:
 

.........................................

P Nielsen
Director

 

Formosa Amenity Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

1

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.

2

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)

2

Accounting policies (continued)

Departures from Companies Act requirements

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)

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

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

Tax charged on bank interest

307

-

 

Formosa Amenity Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024 (continued)

5

Receivables

2024
£

2023
£

Rentcharge arrears

14,033

430

Other receivables

5,539

-

Prepayments & accrued income

9,644

6,072

29,216

6,502

6

Cash and Cash equivalents

2024
£

2023
£

Cash at bank - client account

95,646

79,424

Cash at bank - client account (keys)

10,318

10,575

105,964

89,999

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)

7

Payables

Payables: amounts falling due within one year

2024
£

2023
£

Due within one year

Supplier creditors

3,000

-

Rentcharges received in advanced

467

16

Other payables

13,664

10,940

Accruals

6,937

3,000

Income tax liability

307

-

24,375

13,956

8

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

90

90

90

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.
 

9

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)

10

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 June 2025 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.