Avonmore Gardens Residents Assn Ltd - Limited company accounts 23.1

REGISTERED NUMBER: 02270253 (England and Wales)

Report of the Directors and

Financial Statements

For The Year Ended 31 March 2022

for

AVONMORE GARDENS RESIDENTS ASSOCIATION

LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Notes to the Financial Statements

9

DIRECTORS:

L H Q Au

Ms C Bray

Dr S J Goss

Mrs M J Lamb

Dr (Mrs) V Paramanathan

Ms F Ridgway

REGISTERED OFFICE:

C/O Lees-Buckley & Co

16 Northfields Prospect

Putney Bridge Road

London

SW18 1PE

REGISTERED NUMBER:

02270253 (England and Wales)

AUDITORS:

LBCo Ltd, Statutory Auditors

16 Northfields Prospect

Putney Bridge Road

London

SW18 1PE

The directors present their report with the financial statements of the company for the year ended 31 March 2022.

PRINCIPAL ACTIVITY

The company's principal activity during the year was the management of Avonmore Gardens, Avonmore Road, London W14.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report.

L H Q Au

Ms C Bray

Dr S J Goss

Mrs M J Lamb

Dr (Mrs) V Paramanathan

Ms F Ridgway

Other changes in directors holding office are as follows:

Ms N L Cooper ceased to be a director after 31 March 2022 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 of 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 judgements and accounting estimates that are reasonable and prudent;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, LBCo Ltd, will be deemed to continue in office under S.487(2) of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Ms C Bray - Director

27 April 2023

Opinion

We have audited the financial statements of Avonmore Gardens Residents Association Limited (the 'company') for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet 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 Financial Reporting Standard 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 31 March 2022 and of its profit 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 Auditors' 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 the provisions available for small entities, in the circumstances set out in note nine to the financial statements, 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors 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 Report of the Directors.

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 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' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have familiarised ourselves with the laws and regulations identified as being of significance to the company, namely the Companies Act 2006 and the Landlord and Tenant Act 1985. Audit staff and systems are reviewed annually to ensure adequate experience, knowledge and depth of procedures.

Our work has been designed to identify fraud, miss-statement with such laws and regulations through full examination of all transactions, determination of risk areas and analytical review of results, assets and liabilities. Enquiries of all matters requiring further explanation or confirmation have been made of the directors and their agents, such as to confirm our conclusions.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Lewis Gary Lees-Buckley F.C.A (Senior Statutory Auditor)

for and on behalf of LBCo Ltd, Statutory Auditors

16 Northfields Prospect

Putney Bridge Road

London

SW18 1PE

28 April 2023

TURNOVER

140

Administrative expenses

(2,257

)

(2,128

)

(2,117

)

(1,988

)

Other operating income

3

2,117

1,988

OPERATING PROFIT and

PROFIT BEFORE TAXATION

-

Tax on profit

-

PROFIT FOR THE FINANCIAL YEAR

-

FIXED ASSETS

Investment property

5

1,479

CURRENT ASSETS

Debtors

6

315,042

258,311

CREDITORS

Amounts falling due within one year

7

315,042

258,311

NET CURRENT LIABILITIES

-

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,479

CAPITAL AND RESERVES

Called up share capital

8

42

Retained earnings

1,437

SHAREHOLDERS' FUNDS

1,479

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2023 and were signed on its behalf by:

Ms C Bray - Director

1.	STATUTORY INFORMATION

Avonmore 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 represents rental income for the year.

3.	OTHER OPERATING INCOME

During the year the company received contributions from the lessees of 1-42 Avonmore Gardens, London

W14 in respect of its administrative expenses, and the management of the property. The movement of those funds during the year was as follows;

2022

2021

£

Contributions Receivable From Lessees:

Service Charge Demands

161,187

117,541

Service Charge Expenditure

70,931

68,010

Contribution To Administrative Expenses Of

Avonmore Gardens Residents Association Limited

2,117

1,988

73,048

69,998

88,139

47,543

Transfer To Reserve Funds

Transfer To General Reserve Fund (Note 10)

(43,675

)

(47,049

)

Transfer To Car Park Fund (Note 11)

(44,464

)

(494

)

Transfer To Reserve Fund

(88,139

)

(47,543

)

Funds Due To Lessees At 31st March 2022

0

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

5.	INVESTMENT PROPERTY

The company owns the freehold reversionary interest in Avonmore Gardens, Avonmore Road, London W14, subject to long leases granted to the members of the company, which is stated at cost.

£

Freehold Property

Cost At 31.03.22 & 31.03.21

1,479

In the opinion of the directors at 31st March 2022 there was no material difference between the book and fair value of the property.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

Lessee arrears

1,737

7,353

Other debtors

197

-

Funds held by managing agent

311,347

234,583

Prepayments and accrued income

1,761

16,375

315,042

258,311

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

Lessee account balances

18,831

52,919

Other creditors

1,918

7,118

General Reserve Fund (Note 10)

238,765

195,069

Car Park Fund (Note 11)

44,601

137

Accrued expenses

10,927

3,068

315,042

258,311

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

42

Ordinary Shares

£1

42

9.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and the Registrar of Companies and assist with the preparation of the financial statements.

10.	GENERAL RESERVE FUND

2022

2021

£

Balance At 01.04.2021

195,069

147,921

Interest Received

21

99

Transfer To Reserve During The Year

43,675

47,049

Balance At 31.03.2022

238,765

195,069

11.	CAR PARK FUND

2022

2021

£

Balance At 01.04.2021

137

(357

)

Demanded In The Year

45,154

650

Car Park Expenditure

(690

)

(156

)

Balance At 31.03.2022

44,601

137