29_VENTNOR_VILLAS_RESIDEN - Accounts

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

The principal activity of the company during the year was the management of the property known as 29 Ventnor Villas, Hove, East Sussex, BN3 3DA of which the company owns the freehold interest.

Under the Articles of Association only leaseholders of 29 Ventnor Villas may serve as directors.The directors' interests in the shares of the company were as stated below:

The company has no income or expenses in its own right. All transactions in the year relate to maintenance of the common parts in accordance with the lease. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. Service charges collected are held on trust for the purpose of meeting the relevent costs in relation to the property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

29 Ventnor Villas Residents Association Limited is a private company limited by shares incorporated in England and Wales. The registered office is Garden Flat, 29b Ventnor Villas, Hove, East Sussex, BN3 3DA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Included at cost in tangible fixed assets is the freehold interest of 29 Ventnor Villas, Hove, East Sussex, BN3 3DA which is not depreciated or revalued.

The company has the following financial instruments:

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Bank account

At the balance sheet date the company bank account contained £1,556 (2020 - £1,867) which is held on trust for the leaseholders of 29 Ventnor Villas, Hove, East Sussex, BN3 3DA under section 42 of the Landlords and Tenant Act 1987.

The average monthly number of persons (including directors) employed by the company during the year was:

This represents the freehold reversion in the land and buildings at 29 Ventnor Villas, Hove, Sussex, BN3 3DA, stated at cost.

The company contracts with third parties in its own name for the supply of services to the property for maintenance of the common parts in accordance with the terms of the leases. At 31 December 2021 the company had not entered into any non-cancellable contractual commitments (2020 - £Nil).

The directors are of the opinion that no one person has ultimate control of the company, due to the fact that there are four shareholders, each holding 4 shares.