The directors present their annual report and financial statements for the year ended 28 February 2018.
The principal activity of the company during the year was the management of the property known as 31 Regency Square, Brighton, on behalf of the lessees of the flats contained in that property, on a non profit making basis.
The company has no income or expenditure in its own right, all transactions in the year being related to the maintenance of the common parts in accordance with the lease. Service charges collected are held on trust for the purpose of meeting the relevent costs in relation to the property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
31 Regency Square Residents' Association Limited is a private company limited by shares incorporated in England and Wales. The registered office is 31 Regency Square, Brighton, East Sussex, BN1 2FH.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Service charges
The company has no income or expenditure in its own right, service charges collected are held on trust for the purposes of meeting the relevant costs in relation to the property in accordance with the provisions of Section 42 of the Landlord and Tenant Act 1987. Accordingly, the transactions and balances relating to the service charges are dealt with in a separate statement.
Bank Account
At the balance sheet date, the company bank account also contained £134 (2017 - £541) which is held on trust for the leaseholders under section 42 of the Landlords and Tenant Act 1987.
The company contracts with third parties in its own name for the supply of services to the property for maintenance of the common parts in accordance with the terms of the leases. At 28 February 2018 the company had not entered into any non-cancellable contractual commitments (2017 - £Nil).
The directors are of the opinion that no one person has ultimate control of the company due to the fact that there are 6 shareholders of the company, each holding 20 shares.