Iverna Gardens Residents Association Limited - Period Ending 2022-09-28

Iverna Gardens Residents Association Limited

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Unaudited Financial Statements	4 to 8

Iverna Gardens Residents Association Limited

Company Information

Directors

Mr F Momeni Mr B Wallendahl Mr M Raznahan Mrs Laura Jane Levi

Registered office

42-46 Station Road Edgware Middlesex HA8 7AB

Accountants

Harris Kafton Limited Chartered Accountants 42-46 Station Road Edgware Middlesex HA8 7AB

Iverna Gardens Residents Association Limited

(Registration number: 01286414)
Balance Sheet as at 28 September 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	3,925	3,925
Current assets
Debtors	5	134,740	136,278
Cash at bank and in hand		169,090	169,516
		303,830	305,794
Creditors: Amounts falling due within one year	6	(1,421)	(1,513)
Net current assets		302,409	304,281
Net assets		306,334	308,206
Capital and reserves
Called up share capital	7	90	90
Retained earnings		306,244	308,116
Shareholders' funds		306,334	308,206

For the financial year ending 28 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 Board on 22 February 2023 and signed on its behalf by:
 

......................................... Mr F Momeni Director

Iverna Gardens Residents Association Limited

Statement of Changes in Equity for the Year Ended 28 September 2022

	Share capital £	Retained earnings £	Total £
At 29 September 2020	90	331,087	331,177
Loss for the year	-	(22,971)	(22,971)
At 28 September 2021	90	308,116	308,206

	Share capital £	Retained earnings £	Total £
At 29 September 2021	90	308,116	308,206
Loss for the year	-	(1,872)	(1,872)
At 28 September 2022	90	306,244	306,334

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 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

These financial statements were authorised for issue by the Board on 22 February 2023.

2	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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 2022

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 2022

Financial instruments

Classification
The company only enters into basic financial instruments 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 from related parties.

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 2022

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 29 September 2021	3,925	3,925
At 28 September 2022	3,925	3,925
Depreciation
Carrying amount
At 28 September 2022	3,925	3,925
At 28 September 2021	3,925	3,925

The freehold property comprises of the capitalised value of ground rent from 1-10 and 21-50 Iverna Gardens, London W8.

5	Debtors : Amounts falling due within one year

Other debtors are the balance receivable from Iverna Gardens Reserve Funds - £134,740.

Current	2022 £	2021 £
Other debtors	134,740	136,278

Iverna Gardens Residents Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 September 2022

6

Creditors

	Note	2022 £	2021 £
Due within one year
Trade creditors		45	-
Other creditors		100	350
Accrued expenses		1,276	1,163
		1,421	1,513

7	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary share of £2 each	45	90	45	80