Burnham Gardens Residents Association - Accounts to registrar (filleted) - small 18.2

Burnham Gardens Residents Association - Accounts to registrar (filleted) - small 18.2

BURNHAM GARDENS RESIDENTS ASSOCIATION LIMITED - Company Information

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REGISTERED NUMBER: 02170751 (England and Wales)










Unaudited Financial Statements

for the Year Ended 30 September 2020

for

Burnham Gardens Residents Association
Limited
Burnham Gardens Residents Association
Limited (Registered number: 02170751)






Contents of the Financial Statements
for the Year Ended 30 September 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Burnham Gardens Residents Association
Limited

Company Information
for the Year Ended 30 September 2020







DIRECTORS: I Beaton
J Risden
A Tippins





REGISTERED OFFICE: Airport House
Suite 43-45
Purley Way
Croydon
Surrey
CR0 0XZ





BUSINESS ADDRESS: Fifield Glyn
20/22 Station Road
Edgware
Middlesex
HA8 7AB





REGISTERED NUMBER: 02170751 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ
Page 1
Burnham Gardens Residents Association
Limited (Registered number: 02170751)

Balance Sheet
30 September 2020

2020 2019
Notes £    £   
FIXED ASSETS
Tangible assets 4 177,000 177,000

CURRENT ASSETS
Debtors 5 338 75
Cash at bank 16,858 15,820
17,196 15,895
CREDITORS
Amounts falling due within one year 6 (2,813 ) (1,982 )
NET CURRENT ASSETS 14,383 13,913
TOTAL ASSETS LESS CURRENT
LIABILITIES
191,383
190,913

CAPITAL AND RESERVES
Called up share capital 63 63
Revaluation reserve 7 177,000 177,000
Retained earnings 14,320 13,850
191,383 190,913

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2021 and were signed on its behalf by:




I Beaton - Director


The notes form part of these financial statements

Page 2
Burnham Gardens Residents Association
Limited (Registered number: 02170751)

Notes to the Financial Statements
for the Year Ended 30 September 2020

1. STATUTORY INFORMATION

Burnham Gardens Residents Association 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 (£).


The principal activity of the company was that the management of the residential property at Burnham Gardens, Morland Road, Croydon CR0 6NP.

2. ACCOUNTING POLICIES

ACCOUNTING CONVENTION
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover comprises revenue recognised by the company in respect of rent receivable and other income from the letting and management of land and property owned by the company during the year.

TANGIBLE FIXED ASSETS
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation.

Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold Nil

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GOING CONCERN
At the time of approving the financial statements , the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 3 continued...
Burnham Gardens Residents Association
Limited (Registered number: 02170751)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2020

2. ACCOUNTING POLICIES - continued

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Income and Retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 October 2019
and 30 September 2020 177,000 2,310 179,310
DEPRECIATION
At 1 October 2019
and 30 September 2020 - 2,310 2,310
NET BOOK VALUE
At 30 September 2020 177,000 - 177,000
At 30 September 2019 177,000 - 177,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 338 75

The directors consider the carrying value of trade and other receivables approximate to their fair values.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Corporation tax 110 116
Amounts due to BGRA Ltd. 1,933 1,097
Accruals and deferred income 770 769
2,813 1,982

The directors consider the carrying value of trade and other payables approximate to their fair value.

Page 4 continued...
Burnham Gardens Residents Association
Limited (Registered number: 02170751)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2020

7. RESERVES
Revaluation
reserve
£   
At 1 October 2019
and 30 September 2020 177,000

Profit and loss reserves

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

8. RELATED PARTY DISCLOSURES

A statutory trust is imposed over service charge monies received under Section 42 of the Landlord and Tenant Act 1987.The closing balance of service charge money held in trust at NatWest at the balance sheet date was £162,411 (2019 - £128,888 ).

9. EVENT DURING THE REPORTING PERIOD

For the year ended on 30 September 2020, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide. As a result some business operations have been restricted, however company continues to operate using alternative methods and remote working. The directors are unable to evaluate the overall financial impact on the business at present. Hence the financial statements do not include any adjustments that might result from the outcome of this uncertainty. The directors are continuing to monitor, assess and act with reference to the current changing environment in order to position the company to ensure its future success.

Page 5