Alexandra Park Residents Ltd
is a private company, limited by shares, incorporated in Northern Ireland, registered number
NI671987
. The registered office is 3c Alexandra Park, Holywood, BT18 9ET.
The company acts as a management vehicle for the benefit of the four householders within the development, all of whom are shareholders of the company. Service charge contributions received from shareholders are collected solely for the purpose of meeting the costs of maintaining and managing the common areas and shared infrastructure of the development.
Service charge contributions and related expenditure are recognised through the income and expenditure account. Any surplus arising in the year is carried forward in the balance sheet as a liability representing amounts held on behalf of members pending application to future maintenance expenditure. Any deficit is recoverable from members through future service charge contributions.
No interest arises on funds held. The company does not trade for profit, pays no dividends or other distributions, and all shareholders are owners of properties within the development. On this basis, any surplus arising on service charge contributions falls outside the scope of corporation tax on the basis of the mutual trading principle, a company cannot generate a taxable profit from transactions with its own members.