Rowena Road Estate Management Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00871237 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

ROWENA ROAD ESTATE MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A J Wheeler

REGISTERED OFFICE:

Fort Pitt House

New Road

Rochester

Kent

ME1 1DX

REGISTERED NUMBER:

00871237 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

MANAGING AGENTS:

Kent Gateway Block Management

Fort Pitt House

New Road

Rochester

Kent

ME1 1DX

FIXED ASSETS

Tangible assets

4

16,730

16,730

CURRENT ASSETS

Debtors

5

3,888

1,622

Cash at bank

38,625

27,337

42,513

28,959

CREDITORS

Amounts falling due within one year

6

5,699

3,588

NET CURRENT ASSETS

36,814

25,371

TOTAL ASSETS LESS CURRENT LIABILITIES

53,544

42,101

CREDITORS

Amounts falling due after more than one year

7

17,400

17,400

NET ASSETS

36,144

24,701

CAPITAL AND RESERVES

Called up share capital

8

41

41

Retained earnings

9

36,103

24,660

SHAREHOLDERS' FUNDS

36,144

24,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 27 October 2017 and were signed by:

A J Wheeler - Director

1.	STATUTORY INFORMATION

Rowena Road Estate Management 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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 section 1A,

and the Companies Act 2006. There are no material departures from FRS 102.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The company has transferred from previously extant UK GAAP to FRS 102 as at 1 April 2015. The

transition has not resulted in any presentational changes and there has been no impact on the reported

financial position and financial performance.

Transition to FRS 102

This is the first year that the company has presented its financial statements under FRS 102. There

were no changes to the previously stated equity at 1 April 2015 or 1 April 2016 as a result of the

transition and no changes to the profit previously reported for the year ended 31 March 2016.

Income

Income represents amounts received from members as contributions towards maintenance.

Depreciation

No depreciation has been charged on the company's freehold property. The director considers such a

charge would be immaterial when taking into account the residual value of the reversionary interest in

the property owned by the company.

Taxation

The company's activities, in so far as it receives contributions from its members for the maintenance

and management of the flats at Danehurst, Rowena Road, are mutual for taxation purposes. The

surplus arising on such activities in the year is therefore not taxable.

Sinking fund

The sinking fund is a reserve built up for the purposes of major repairs expenditure required for the

communal areas.

Service charges

The treatment of the surplus or deficit arising on the service charges collected will be considered by

the Board each year. Surplus funds may be retained to offset against future expenditure, allocated to

the sinking fund or may be returned to residents. Any overall surplus on service charge funds will be

shown in members' funds, and any deficit will be transferred to the sinking fund.

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2016

and 31 March 2017

16,730

NET BOOK VALUE

At 31 March 2017

16,730

At 31 March 2016

16,730

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

535

1,622

Other debtors

3,353

-

3,888

1,622

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

3,274

-

Other creditors

2,425

3,588

5,699

3,588

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

17,400

17,400

In order to finance the purchase of freehold property, the company received loans from the Members.

These loans are interest free and are not repayable until such time that Members sell their interest in

the property. Due to the fact that the loans effectively represent an equity instrument, the loans have

not been discounted to net present value.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

41

Ordinary

1

41

41

9.

RESERVES

Member's maintenance deposits are allocated to reserves in the year in which they are received.

2017

2016

£

£

Members' Funds at 1 April 2016

491

462

General Fund surplus/(deficit) for the year

10,242

10,810

Transfer of reserve charge to sinking fund

(12,630

)

(9,580

)

Transfer (from)/to surplus retained

1,201

(1,201

)

Transfer (from)/to sinking fund

(696

)

-

Members' Funds at 31 March 2017

-

491

10.	DIRECTORS INDEMNITY INSURANCE

During the year, the company purchased Directors and Officers indemnity insurance at a cost of £160

(2016: £143).

11.	AVERAGE NUMBER OF EMPLOYEES

The company had no employees during the year (2016: None).

12.	SINKING FUND

2017

2016

£

£

Sinking fund at 1 April 2016

22,719

13,139

Contributions received/(transferred)

12,630

9,580

Transfer to general fund

(696

)

-

Sinking fund at 31 March 2017

34,653

22,719

13.	MEMBERS' DEPOSITS

Members' deposits of £1,450 (2016: £1,450) are payable to members on the closure of the company.