Company registration number 02656340 (England and Wales)
31 REGENCY SQUARE RESIDENTS' ASSOCIATION LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
31 REGENCY SQUARE RESIDENTS' ASSOCIATION LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 4
31 REGENCY SQUARE RESIDENTS' ASSOCIATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -
The directors present their annual report and financial statements for the year ended 28 February 2023.
Principal activities
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.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Piercy
R Maskery
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
R Maskery
Director
26 October 2023
31 REGENCY SQUARE RESIDENTS' ASSOCIATION LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
131,717
131,717
Current assets
Cash at bank and in hand
14,810
18,816
Creditors: amounts falling due within one year
4
(13,404)
(17,410)
Net current assets
1,406
1,406
Total assets less current liabilities
133,123
133,123
Capital and reserves
Called up share capital
120
120
Other reserves
133,003
133,003
Total equity
133,123
133,123
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered 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 26 October 2023 and are signed on its behalf by:
R Maskery
Director
Company Registration No. 02656340
31 REGENCY SQUARE RESIDENTS' ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
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.
1.1
Accounting convention
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 amounts 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.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Included at cost in tangible fixed assets is the freehold interest of 31 Regency Square, Brighton, BN1 2FH, which is not depreciated or revalued.
1.3
Financial instruments
The company had the following financial instruments:
Basic financial assets
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
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.4
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.
1.5
At the balance sheet date, the company bank account also contained £13,404 (2022 - £17,410) which is held on trust for the leaseholders under section 42 of the Landlords and Tenant Act 1987.
31 REGENCY SQUARE RESIDENTS' ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2022 and 28 February 2023
131,717
Depreciation and impairment
At 1 March 2022 and 28 February 2023
Carrying amount
At 28 February 2023
131,717
At 28 February 2022
131,717
Cost represents the freehold reversion in the land and buildings at 31 Regency Square, Brighton, BN1 2FH, stated at cost.
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
13,404
17,410
5
Financial commitments, guarantees and contingent liabilities
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 2023 the company had not entered into any non-cancellable contractual commitments (2022- £Nil).
6
Controlling party
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.