REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 11 JUNE 2021 |
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PARK COURT RESIDENTS ASSOCIATION LIMITED |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 11 JUNE 2021 |
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FOR |
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PARK COURT RESIDENTS ASSOCIATION LIMITED |
PARK COURT RESIDENTS ASSOCIATION LIMITED (REGISTERED NUMBER: 00620922) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 11 JUNE 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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PARK COURT RESIDENTS ASSOCIATION LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 11 JUNE 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditors |
Turnbull House |
226 Mulgrave Road |
Cheam |
Sutton |
Surrey |
SM2 6JT |
PARK COURT RESIDENTS ASSOCIATION LIMITED (REGISTERED NUMBER: 00620922) |
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BALANCE SHEET |
11 JUNE 2021 |
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2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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General reserve | 8 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PARK COURT RESIDENTS ASSOCIATION LIMITED (REGISTERED NUMBER: 00620922) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 11 JUNE 2021 |
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1. | STATUTORY INFORMATION |
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Park Court Residents Association Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts. |
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Coronavirus (Covid-19) |
There remains considerable uncertainty as to the size, nature and duration of the impact that may result from the ongoing Coronavirus (Covid-19) pandemic and the national response thereto. The directors continue to closely monitor the development of the Covid-19 pandemic and evaluate its impact on the operations and financial position of the company which has been minimal to date. |
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The directors, having considered all the information available, are confident that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the directors are satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements. |
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Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the maintenance charges receivable in respect of communal expenditure in the ordinary course of business. |
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Revenue is recognised in the accounting period in which the services were rendered. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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No liability to corporation tax arises on the ordinary activities of the company as it is a non profit making organisation. A liability to tax applied to the exceptional item arising in the previous year, which was outside of normal operations. |
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General reserve |
The general reserve has been established to meet the future maintenance costs. Such provision is considered prudent to enable the company to manage the property. |
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Profit and loss |
It is considered that the activities of the company do not give rise to a profit and loss due to its nature of being a flat management company. Any excess or deficit of service charges levied over current expenditure will be retained in the general reserve. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
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The company owns the freehold of the property known as Park Court in Park Road, New Malden, Surrey KT3 5AE which it acquired at no cost. |
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PARK COURT RESIDENTS ASSOCIATION LIMITED (REGISTERED NUMBER: 00620922) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 11 JUNE 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Service charge in arrears |
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Corporation tax recoverable |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Creditors and accruals |
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Corporation tax |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £10 | 360 | 360 |
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8. | RESERVES |
General |
reserve |
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At 12 June 2020 |
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Deficit for the year | ( |
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At 11 June 2021 |
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Any surplus or deficit resulting from the current year's income and expenditure account is retained in the company's general reserve fund. The present level of the fund may prove insufficient, given the uncertainty as to whether and when substantial costs may arise on the property. Any insufficient funds arising will be recharged to the lessees of the property. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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