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COMPANY REGISTRATION NUMBER: 01489740
Forestfield Management Company Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
28 September 2024
Forestfield Management Company Limited
Company Limited by Guarantee
Statement of Financial Position
28 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
1
1,827
Current assets
Debtors
7
65,056
46,684
Cash at bank and in hand
68,292
93,101
----------
----------
133,348
139,785
Creditors: amounts falling due within one year
8
2,965
2,970
----------
----------
Net current assets
130,383
136,815
----------
----------
Total assets less current liabilities
130,384
138,642
----------
----------
Net assets
130,384
138,642
----------
----------
Capital and reserves
General Reserve Fund
130,384
138,642
----------
----------
Members funds
130,384
138,642
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Forestfield Management Company Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
28 September 2024
These financial statements were approved by the board of directors and authorised for issue on 27 June 2025 , and are signed on behalf of the board by:
L Beer
Director
Company registration number: 01489740
Forestfield Management Company Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 28 September 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Stevensdrake, 117-119 High Street, Crawley, West Sussex, RH10 1DD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Garden improvements
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Debt instruments are subsequently measured at amortised cost.
4. Bank account
Service charge funds are held in trust at HSBC Bank Plc and Santander under the title Forestfield Management Company Limited .
5. Company limited by guarantee
The company is limited by guarantee of members and does not have a share capital.
6. Tangible assets
Freehold property
Garden improvements
Total
£
£
£
Cost
At 29 September 2023 and 28 September 2024
1
18,252
18,253
----
---------
---------
Depreciation
At 29 September 2023
16,426
16,426
Charge for the year
1,826
1,826
----
---------
---------
At 28 September 2024
18,252
18,252
----
---------
---------
Carrying amount
At 28 September 2024
1
1
----
---------
---------
At 28 September 2023
1
1,826
1,827
----
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
60,665
42,923
Other debtors
4,391
3,761
---------
---------
65,056
46,684
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
2,965
2,970
-------
-------
9. General reserve fund
£
As at 29 September 2023 138,642
Transfer from income and expenditure account Nil
Deficit for the period for residential lessees (8,258)
As at 28 September 2024 130,384
The General Fund has been established to meet the cost of large, non-regular repair and maintenance work which is expected to arise in the future on behalf of the residential lessees. The present level of this fund may prove insufficient given the uncertainty as to when such costs may arise.
Any shortfall in this fund resulting from expenditure incurred will be charged to the Income and Expenditure account in that year.
10. Summary of costs as required by section 21(5) landlord and
tenant act 1985.
a) Costs charged in the accounts in respect of which no demand for payment was received by the landlord within the service charge period but provision has been made amounted to £1,184.
b) Costs charged in the accounts in respect of which a demand for payment was so received but no payment was made by the landlord within the service charge period amounted to £Nil.
c) Costs charged in the accounts in respect of which a demand for payment was so received and payment was made by the landlord within the service charge period amounted to £65,691.
Total expenditure incurred within the period totals £66,875.