Company Registration No. 03766046 (England and Wales)
22 CUMBERLAND PARK RESIDENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
ACCOUNTS FOR FILING WITH REGISTRAR
22 CUMBERLAND PARK RESIDENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
22 CUMBERLAND PARK RESIDENTS LIMITED
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
11,504
13,221
Creditors: amounts falling due within one year
4
(298)
(1,822)
Net current assets
11,206
11,399
Capital and reserves
Called up share capital
5
5
5
Profit and loss reserves
11,201
11,394
Total equity
11,206
11,399
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 31 May 2021 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.
T
he 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 9 February 2022 and are signed on its behalf by:
J Adebiyi
Director
Company Registration No. 03766046
22 CUMBERLAND PARK RESIDENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
- 2 -
1
Accounting policies
Company information
22 Cumberland Park Residents Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
97 Chamberlayne Road, Kensal Rise, London, NW10 3NN.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents ground rents receivable and recognised on an accruals basis in relation to the accounting period reported.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans,
other loans
and preference shares that are classified as debt, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. .
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
22 CUMBERLAND PARK RESIDENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
1.6
During the year the company has acted as agent for the lessees of the property at 22 Cumberland Park, Acton, London W3 6SX . The funds in relation to the maintenance of the property are held in trust. As at
31 May 2021
the cash balance held on behalf of the lessees amounted to £11,384.
The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from 22 Cumberland Park Residents Limited.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
37
Other debtors
11,467
13,221
11,504
13,221
22 CUMBERLAND PARK RESIDENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 4 -
4
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
1,359
Other creditors
298
463
298
1,822
5
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5
5
5
5