Rowena Road Estate Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00871237 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

ROWENA ROAD ESTATE MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Wheeler

P N Bishop

D C Dickenson

REGISTERED OFFICE:

Fort Pitt House

New Road

Rochester

Kent

ME1 1DX

REGISTERED NUMBER:

00871237 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

MANAGING AGENTS:

Kent Gateway Block Management

Fort Pitt House

New Road

Rochester

Kent

ME1 1DX

FIXED ASSETS

Tangible assets

5

16,730

16,730

CURRENT ASSETS

Debtors

6

3,921

1,750

Cash at bank

21,910

21,060

25,831

22,810

CREDITORS

Amounts falling due within one year

7

9,669

2,998

NET CURRENT ASSETS

16,162

19,812

TOTAL ASSETS LESS CURRENT LIABILITIES

32,892

36,542

CREDITORS

Amounts falling due after more than one year

8

17,400

17,400

NET ASSETS

15,492

19,142

CAPITAL AND RESERVES

Called up share capital

9

41

41

Retained earnings

10

15,451

19,101

SHAREHOLDERS' FUNDS

15,492

19,142

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2021 and were signed on its behalf by:

A J Wheeler - Director

1.	STATUTORY INFORMATION

Rowena Road Estate Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, including section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Income

Income represents amounts received from members as contributions towards maintenance.

Depreciation

No depreciation has been charged on the company's freehold property. The director considers such a charge would be immaterial when taking into account the residual value of the reversionary interest in the property owned by the company.

Taxation

The company's activities, in so far as it receives contributions from its members for the maintenance and management of the flats at Danehurst, Rowena Road, are mutual for taxation purposes. The surplus arising on such activities in the year is therefore not taxable.

Account format

The accounts format adopted by the company is not strictly in accordance with the formats required by the Companies Act 2006, as the directors consider that the formats laid down by the Act would not necessarily show a true and fair view of the affairs of the company.

The directors consider that the format adopted for the general reserve account is more suitable for the company's activities and gives a greater explanation of the company's affairs than the Companies Act format.

Sinking fund

The sinking fund is a reserve built up for the purposes of major repairs expenditure required for the communal areas.

Service charges

The treatment of the surplus or deficit arising on the service charges collected will be considered by the Board each year. Surplus funds may be retained to offset against future expenditure, allocated to the sinking fund or may be returned to residents. Any overall surplus on service charge funds will be shown in members' funds, and any deficit will be transferred to the sinking fund.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

5.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2020

and 31 March 2021

16,730

NET BOOK VALUE

At 31 March 2021

16,730

At 31 March 2020

16,730

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

3,921

1,750

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

2,406

61

Service charge paid in advance

1,451

1,523

Surplus/deficit adjustment

1,720

-

Accruals

4,092

1,414

9,669

2,998

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other longer term loans

17,400

17,400

In order to finance the purchase of freehold property, the company received loans from the Members. These loans are interest free and are not repayable until such time that Members sell their interest in the property. Due to the fact that the loans effectively represent an equity instrument, the loans have not been discounted to net present value.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

41

Ordinary

1

41

41

10.

RESERVES

Member's maintenance deposits are allocated to reserves in the year in which they are received.

2021

2020

£

£

Members' Funds at 1 April 2020

-

-

General Fund surplus/(deficit) for the year

(3,650

)

(13,190

)

Transfer of reserve charge to sinking fund

(5,500

)

(6,442

)

Expenses taken from sinking fund

9,150

18,499

Transfer from sinking fund

-

1,133

Members' Funds at 31 March 2021

-

-

11.	DIRECTORS INDEMNITY INSURANCE

During the year, the company incurred Directors and Officers indemnity insurance totalling £160 (2020: £160).

12.	SINKING FUND

2021

2020

£

£

Sinking fund at 1 April 2020

17,651

30,841

Contributions received/(transferred)

5,500

6,442

Expenses paid from sinking fund

(9,150

)

(18,499

)

Transfer to general fund

-

(1,133

)

Sinking fund at 31 March 2021

14,001

17,651

Members' deposits at 31 March 2021

1,450

1,450

Total members' funds at 31 March 2021

15,451

19,101

13.	MEMBERS' DEPOSITS

Members' deposits of £1,450 (2020: £1,450) are payable to members on the closure of the company.