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ALBANY COURT (CROMER) FREEHOLD LIMITED - Company Information

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Registered number: 05264940

ALBANY COURT (CROMER) FREEHOLD LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2021

ALBANY COURT (CROMER) FREEHOLD LIMITED

REGISTERED NUMBER: 05264940

BALANCE SHEET

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		90,000		90,000
			90,000		90,000
Current assets
Debtors: amounts falling due within one year	5	7,856		8,633
Cash at bank and in hand	6	165,755		233,180
		173,611		241,813
Creditors: amounts falling due within one year	7	(8,686)		(7,247)
Net current assets			164,925		234,566
Total assets less current liabilities			254,925		324,566

Net assets			254,925		324,566

Capital and reserves
Called up share capital	48	48
Share premium account	152,097	152,097
Profit and loss account	102,780	172,421
	254,925	324,566

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ALBANY COURT (CROMER) FREEHOLD LIMITED

REGISTERED NUMBER: 05264940

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2021

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M D Adams

Director

Date: 16 December 2021

The notes on pages 3 to 6 form part of these financial statements.

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ALBANY COURT (CROMER) FREEHOLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

The Company is a private company limited by shares incorporated in England and Wales. The address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER.
The Company's principal activity is that of management of the Freehold of Albany Court, Cromer.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Turnover comprises revenue recongised by the Company in respect of rental income and management fees which are recognised on an accruals basis.

2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.4

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

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ALBANY COURT (CROMER) FREEHOLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Freehold property is not depreciated.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Employees

The average monthly number of employees, including directors, during the year was 6 (2020 - 6).

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ALBANY COURT (CROMER) FREEHOLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

4.	Tangible fixed assets

		Freehold property
		£
	Cost or valuation
	At 1 April 2020	90,000
	At 31 March 2021	90,000

	Net book value
	At 31 March 2021	90,000
	At 31 March 2020	90,000

Debtors

					2021	2020
					£	£


Other debtors	-	864
Prepayments and accrued income	7,856	7,769
	7,856	8,633

6.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	165,755	233,180
	165,755	233,180

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ALBANY COURT (CROMER) FREEHOLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Corporation tax	1,427	1,439
Other creditors	4,500	4,500
Accruals and deferred income	2,759	1,308
	8,686	7,247

8.	Financial instruments
		2021	2020
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	165,755	233,180

Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.

9.	Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2021 was unqualified.

The audit report was signed on 21 December 2021 by Frank Shippam BSc FCA DChA (Senior statutory auditor) on behalf of MA Partners Audit LLP.

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