Bryanston Court ll Residents Association Limited 30/06/2022 iXBRL

Bryanston Court ll Residents Association Limited 30/06/2022 iXBRL

BRYANSTON COURT II RESIDENTS ASSOCIATION LIMITED - Company Information

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Company registration number: 01549706
Bryanston Court ll Residents Association Limited
Financial statements
30 June 2022
Bryanston Court ll Residents Association Limited
Contents
Directors and other information
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
Bryanston Court ll Residents Association Limited
Directors and other information
Directors R S Michaels
S Ahmed
B M Bhatt
G D Skinitis
J Bassatne-Cheikh
R M Soochak
Secretary D T De Veuve
Company number 01549706
Registered office Second Floor
87 Kenton Road
Harrow
Middlesex
HA3 0AH
Auditor Leftley Rowe & Company
Second Floor
87 Kenton Road
Harrow
Middlesex
HA3 0AH
Bankers HSBC
69 Pall Mall
London
SW1Y 5EY
Bryanston Court ll Residents Association Limited
Directors report
Year ended 30 June 2022
The directors present their report and the financial statements of the company for the year ended 30 June 2022.
Directors
The directors who served the company during the year were as follows:
R S Michaels
S Ahmed
B M Bhatt
G D Skinitis
J Bassatne-Cheikh
R M Soochak
Directors responsibilities statement
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 December 2022 and signed on behalf of the board by:
R S Michaels
Director
Bryanston Court ll Residents Association Limited
Independent auditor's report to the members of
Bryanston Court ll Residents Association Limited
Year ended 30 June 2022
Opinion
We have audited the financial statements of Bryanston Court ll Residents Association Limited (the 'company') for the year ended 30 June 2022 which comprise the statement of income and retained earnings, statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 30 June 2022 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to but not limited to, Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements. Audit procedures performed included: - Enquiries with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. - Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. - Reviewing the financial statements for compliance with the Companies Act 2006. - Evaluating and challenging the reasonableness of accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Hussein Alibhai (Senior Statutory Auditor)
For and on behalf of
Leftley Rowe & Company
Chartered Accountants and Statutory Auditors
Second Floor
87 Kenton Road
Harrow
Middlesex
HA3 0AH
20 December 2022
Bryanston Court ll Residents Association Limited
Statement of income and retained earnings
Year ended 30 June 2022
2022 2021
Note £ £
Turnover 728,631 728,715
Cost of sales ( 259,233) ( 260,611)
_______ _______
Gross surplus 469,398 468,104
Administrative expenses ( 489,751) ( 461,274)
_______ _______
Net surplus/(deficit) before interest and tax 4 ( 20,353) 6,830
Other interest receivable and similar income 2 14
_______ _______
(Loss)/profit before taxation ( 20,351) 6,844
Tax on (loss)/profit - ( 23)
_______ _______
(Loss)/profit for the financial year and total comprehensive income ( 20,351) 6,821
_______ _______
Retained earnings at the start of the year 45,126 38,305
_______ _______
Retained earnings at the end of the year 24,775 45,126
_______ _______
All the activities of the company are from continuing operations.
Bryanston Court ll Residents Association Limited
Statement of financial position
30 June 2022
2022 2021
Note £ £ £ £
Current assets
Debtors 6 139,429 170,457
Cash at bank and in hand 64,227 274,008
_______ _______
203,656 444,465
Creditors: amounts falling due
within one year 7 ( 216,628) ( 144,632)
_______ _______
Net current (liabilities)/assets ( 12,972) 299,833
_______ _______
Total assets less current liabilities ( 12,972) 299,833
Creditors: amounts falling due
after more than one year 8 37,813 ( 254,641)
_______ _______
Net assets 24,841 45,192
_______ _______
Capital and reserves
Called up share capital 66 66
Profit and loss account 24,775 45,126
_______ _______
Shareholders funds 24,841 45,192
_______ _______
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 20 December 2022 , and are signed on behalf of the board by:
R S Michaels
Director
Company registration number: 01549706
Bryanston Court ll Residents Association Limited
Notes to the financial statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Second Floor, 87 Kenton Road, Harrow, Middlesex, HA3 0AH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Operating loss/profit
Operating loss/profit is stated after charging/(crediting):
2022 2021
£ £
Fees payable for the audit of the financial statements 4,913 4,898
_______ _______
5. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2021: 5 ).
6. Debtors
2022 2021
£ £
Trade debtors 92,004 130,659
Other debtors 47,425 39,798
_______ _______
139,429 170,457
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 66,438 5,097
Social security and other taxes 1,806 1,819
Other creditors 148,384 137,716
_______ _______
216,628 144,632
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors ( 37,813) 254,641
_______ _______
During the year the total contribution made by the lease holders into sinking fund were £250,221 (2021: £250,294) and the payments for major works was £542,675 (2021: £164,602). The expenditure for the current year was more resulting in deficit fund balance carried forward of £37,813 (2020: surplus £254, 641) being available for major works.
9. Related party transactions
2022 2021
£ £
Mark Michaels 21,900 21,450
_______ | _______ |
10. Controlling party
There is no ultimate controlling party.