Holmesdale Court Residents Association Limited - Period Ending 2021-12-31

Holmesdale Court Residents Association Limited

Contents

Company Information	1
Directors' Report	2
Profit and Loss Account and Statement of Retained Earnings	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Unaudited Financial Statements	6 to 7
Detailed Profit and Loss Account	8 to 9
Accountants' Report	10

Holmesdale Court Residents Association Limited

Company Information

Directors	Mr David Lambourne Mrs M J Jackson J Medcalf A Le Breuilly

Registered office

Nestling Northiam Road Broad Oak Rye East Sussex TN31 6EP

Accountants

Manningtons 39 High Street Battle East Sussex TN33 0EE

Holmesdale Court Residents Association Limited

Directors' Report for the Year Ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Director of the company

The directors who held office during the year were as follows:

Mr David Lambourne

G Bourner (Resigned 26 February 2021)

Mrs M J Jackson

J Medcalf

D P Cummings (Resigned 19 October 2021)

A Le Breuilly (appointed 8 July 2021)

Principal activity

The principal activity of the company is that of maintaining the common parts of the property known as Holmesdale Court, Holmesdale Gardens, Hastings, East Sussex

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 18 February 2022 and signed on its behalf by:
 

......................................... J Medcalf Director

Holmesdale Court Residents Association Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2021

	Note	2021 £	2020 £
Turnover		13,700	13,622
Administrative expenses		(10,111)	(11,645)
Operating profit		3,589	1,977
Profit before tax		3,589	1,977
Profit for the financial year		3,589	1,977
Retained earnings brought forward		14,417	12,440
Retained earnings carried forward		18,006	14,417

The above results were derived from continuing operations.

Holmesdale Court Residents Association Limited

(Registration number: 02163526)
Balance Sheet as at 31 December 2021

	Note	2021 £	2020 £
Current assets
Debtors	5	516	645
Cash at bank and in hand		18,115	14,397
		18,631	15,042
Creditors: Amounts falling due within one year	6	(625)	(625)
Net assets		18,006	14,417
Capital and reserves
Other reserves		11,170	10,049
Profit and loss account		6,836	4,368
Shareholders' funds		18,006	14,417

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the Board on 18 February 2022 and signed on its behalf by:
 

......................................... Mr David Lambourne Director

......................................... J Medcalf Director

Holmesdale Court Residents Association Limited

Statement of Changes in Equity for the Year Ended 31 December 2021

	Lift maintenance fund £	Property maintenance fund £	Total £
At 1 January 2021	10,049	4,368	14,417
Profit for the year	-	3,589	3,589
Other comprehensive income	1,121	(1,121)	-
Total comprehensive income	1,121	2,468	3,589
At 31 December 2021	11,170	6,836	18,006

	Lift maintenance fund £	Property maintenance fund £	Total £
At 1 January 2020	8,638	3,802	12,440
Profit for the year	-	1,977	1,977
Other comprehensive income	1,411	(1,411)	-
Total comprehensive income	1,411	566	1,977
At 31 December 2020	10,049	4,368	14,417

Holmesdale Court Residents Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Nestling
Northiam Road
Broad Oak
Rye
East Sussex
TN31 6EP
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from tenants, being the proportion of maintenance contributions to cover the expenses of the company.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

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.

Trade debtors

Trade debtors are amounts due from tenants for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Holmesdale Court Residents Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

4	Auditors' remuneration

	2021 £	2020 £
Audit of the financial statements	432	420

 

5

Debtors

	2021  £	2020  £
Maintenance contributions due	516	646
Other debtors	-	(1)
Total current trade and other debtors	516	645

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Taxation and social security	25	25
Other creditors	600	600
	625	625

Holmesdale Court Residents Association Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2021

	2021 £	2020 £
Turnover (analysed below)	13,700	13,622
Gross profit (%)	100%	100%
Administrative expenses
Establishment costs (analysed below)	(9,306)	(11,019)
General administrative expenses (analysed below)	(805)	(626)
	(10,111)	(11,645)
Operating profit	3,589	1,977
Profit before tax	3,589	1,977

Holmesdale Court Residents Association Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2021

2021 £

2020 £

Turnover
Maintenance contributions	11,000	10,800
Lift contributions	2,700	2,700
Late payment and administration fees	-	122
	13,700	13,622

Establishment costs
Ground rent	180	180
Electric	424	297
Property insurance	1,415	1,448
Lift insurance	463	463
Cleaning and garden maintenance	1,545	1,530
Fabric maintenance	4,163	6,275
Lift maintenance	1,116	826
	9,306	11,019

General administrative expenses
Printing, postage, stationery and administration	29	90
Sundry expenses	23	-
Auditor's remuneration - The audit of the company's annual accounts	432	420
Management fees	263	63
Legal and professional fees	58	53
	805	626

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Holmesdale Court Residents Association Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Holmesdale Court Residents Association Limited for the year ended 31 December 2021 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Holmesdale Court Residents Association Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Holmesdale Court Residents Association Limited and state those matters that we have agreed to state to the Board of Directors of Holmesdale Court Residents Association Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Holmesdale Court Residents Association Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Holmesdale Court Residents Association Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Holmesdale Court Residents Association Limited. You consider that Holmesdale Court Residents Association Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Holmesdale Court Residents Association Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Manningtons
39 High Street
Battle
East Sussex
TN33 0EE

18 February 2022