Iverna Gardens Residents Association Limited - Period Ending 2021-09-28
Iverna Gardens Residents Association Limited - Period Ending 2021-09-28
Registration number:
Iverna Gardens Residents Association Limited
for the Year Ended 28 September 2021
Iverna Gardens Residents Association Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Iverna Gardens Residents Association Limited
Company Information
Directors |
F Momeni B Wallendahl M Raznahan |
Registered office |
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Accountants |
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Iverna Gardens Residents Association Limited
(Registration number: 01286414)
Balance Sheet as at 28 September 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
90 |
90 |
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Profit and loss account |
308,116 |
331,087 |
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Shareholders' funds |
308,206 |
331,177 |
For the financial year ending 28 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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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
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Iverna Gardens Residents Association Limited
Statement of Changes in Equity for the Year Ended 28 September 2021
Share capital |
Profit and loss account |
Total |
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At 29 September 2019 |
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
New share capital subscribed |
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- |
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At 28 September 2020 |
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Share capital |
Profit and loss account |
Total |
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At 29 September 2020 |
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 28 September 2021 |
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The amount shown in the Profit and Loss Account is distributable.
Iverna Gardens Residents Association Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 September 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
The individual financial statements of the entity are presented in GBP.
The individual accounts of Iverna Gardens Residents Association Limited have adopted the disclosure exemptions from presenting a statement of cash flows and related notes as the company qualifies as a small entity.
Turnover
Turnover comprises the fair value of the consideration received or receivable for ground rents in the ordinary course of the company’s activities. Turnover is shown net of sales, returns, rebates and discounts.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Iverna Gardens Residents Association Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 September 2021
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold Property |
No depreciation |
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 customers for ground rents 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Iverna Gardens Residents Association Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 September 2021
Financial instruments
Classification
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to
be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction,
like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is
not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is
measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a
similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if
recognised in the Profit and loss account.
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an
asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective
interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment
loss is the current effective interest rate determined under the contract.
For financial assets measured as cost less impairment, the impairment loss is measured as the difference
between an asset’s carrying amount and best estimate, which is an approximation of the amount that the
company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.
Iverna Gardens Residents Association Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 September 2021
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 29 September 2020 |
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At 28 September 2021 |
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Depreciation |
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Carrying amount |
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At 28 September 2021 |
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At 28 September 2020 |
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The freehold property comprises of the capitalised value of ground rent from 1-10 and 21-50 Iverna Gardens, London W8.
Debtors : Amounts falling due within one year |
2021 |
2020 |
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Other debtors |
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Total current trade and other debtors |
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Other debtors are the balance receivable from Iverna Gardens Reserve Funds - £136,279.
Iverna Gardens Residents Association Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 September 2021
Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Other creditors |
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- |
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Accrued expenses |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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90 |
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80 |