6 New Church Road Hove Residents Limited Filleted accounts for Companies House (small and micro)

6 NEW CHURCH ROAD HOVE RESIDENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04055876

6 NEW CHURCH ROAD HOVE RESIDENTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 August 2020

6 NEW CHURCH ROAD HOVE RESIDENTS LIMITED

STATEMENT OF FINANCIAL POSITION

31 August 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	4	1	1

Current assets

Debtors	5	2,487	12,896

Creditors: amounts falling due within one year	6	793	3,732
		-------	---------
Net current assets		1,694	9,164
		-------	-------
Total assets less current liabilities		1,695	9,165
		-------	-------
Net assets		1,695	9,165
		-------	-------

Capital and reserves

Called up share capital	3	3
Profit and loss account	1,692	9,162
	-------	-------
Shareholders funds	1,695	9,165
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

6 NEW CHURCH ROAD HOVE RESIDENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 August 2020

These financial statements were approved by the board of directors and authorised for issue on 24 May 2021 , and are signed on behalf of the board by:

F K C Malcolm

Director

Company registration number: 04055876

6 NEW CHURCH ROAD HOVE RESIDENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 New Church Road, Hove, East Sussex, BN3 4FH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Contractual commitments

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 31 August 2020 the company had not entered into any non-cancellable contractual commitments.

Service charge accounts

The company has no service charge income or expenditure in its own right, all transactions in the year being related to the maintenance of common parts in accordance with the lease. Service charges collected are held on trust for the purpose 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. Information relating to service charges is now dealt with as a separate statement of account.

In October 2000, the freehold property at 6 New Church Road Hove was acquired by the company for £4,500 plus legal fees. The company purchase of the freehold was funded equally by the three shareholders making loans to the company. Neither the cost of the freehold or the associated loans were included in earlier accounts and these have now been brought in as a prior year adjustment.

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

On the 11th March 2020 the WHO declared Covid 19 a pandemic and the UK went into lockdown. The result of the lockdown and social isolation has meant nearly all forms of services were prohibited.

The directors do not expect Covid 19 to have a material effect on going concern.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Tangible assets

	Freehold property
	£
Cost
At 1 September 2019 and 31 August 2020	1
	----
Depreciation
At 1 September 2019 and 31 August 2020	–
	----
Carrying amount
At 31 August 2020	1
	----
At 31 August 2019	1
	----

The cost of the freehold when acquired in October 2000 was £4,500 plus legal fees. The On 11 May 2018, the company granted a lease extension for £35,000 and the directors have allocated £4,999 of the freehold value against this premium.

5. Debtors

	2020	2019
	£	£
Trade debtors	600	600
Other debtors	1,887	12,296
	-------	---------
	2,487	12,896
	-------	---------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Corporation tax	5	3,332
Other creditors	788	400
	----	-------
	793	3,732
	----	-------

The loans from participators were used to fund the purchase of the freehold. They are interest free and repayable on demand as and when the directors consider that the company has sufficient financial resources to enable the repayment to be made and for the company to continue as a going concern.

7. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102. Three of the lessees are the owners of the company and contribute to the service charge for the property in accordance with the proportions prescribed within their leases on an arms length basis. There is no ultimate controlling party.