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30/09/2022
2022-09-30
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No description of principal activities is disclosed
2021-10-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
04859986
2021-10-01
2022-09-30
04859986
2022-09-30
04859986
2021-09-30
04859986
2021-09-30
04859986
bus:Director1
2021-10-01
2022-09-30
04859986
core:WithinOneYear
2022-09-30
04859986
core:WithinOneYear
2021-09-30
04859986
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-09-30
04859986
core:FurnitureFittingsToolsEquipment
2021-09-30
04859986
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-09-30
04859986
core:FurnitureFittingsToolsEquipment
2022-09-30
04859986
core:RetainedEarningsAccumulatedLosses
2022-09-30
04859986
core:RetainedEarningsAccumulatedLosses
2021-09-30
04859986
core:FurnitureFittingsToolsEquipment
2021-10-01
2022-09-30
04859986
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-09-30
04859986
core:FurnitureFittingsToolsEquipment
2021-09-30
04859986
bus:SmallEntities
2021-10-01
2022-09-30
04859986
bus:AuditExemptWithAccountantsReport
2021-10-01
2022-09-30
04859986
bus:FullAccounts
2021-10-01
2022-09-30
04859986
bus:SmallCompaniesRegimeForAccounts
2021-10-01
2022-09-30
04859986
bus:CompanyLimitedByGuarantee
2021-10-01
2022-09-30
Company registration number:
04859986
Cromartie Point Residents Limited
Company limited by guarantee
Unaudited filleted financial statements
30 September 2022
CROMARTIE POINT RESIDENTS LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2022
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2022
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2021
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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6
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93,451
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89,336
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_______
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_______
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93,451
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89,336
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Current assets
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Cash at bank and in hand
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32,982
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34,195
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_______
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_______
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32,982
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34,195
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Creditors: amounts falling due
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within one year
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7
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(
1,935)
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(
1,800)
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_______
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_______
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Net current assets
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31,047
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32,395
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_______
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_______
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Total assets less current liabilities
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124,498
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121,731
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_______
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_______
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Net assets
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124,498
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|
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121,731
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|
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_______
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_______
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Capital and reserves
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Profit and loss account
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|
9
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124,498
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|
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121,731
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|
|
|
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|
_______
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_______
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Members funds
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124,498
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121,731
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_______
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_______
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For the year ending 30 September 2022 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
04 April 2023
, and are signed on behalf of the board by:
K Perrow
J Pierce
Director
Director
Company registration number:
04859986
CROMARTIE POINT RESIDENTS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2022
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 12A Cromartie Point, Livermead Hill, Torquay, Devon, TQ2 6QY.
Principal activity
The principal activity of the company is that of the management of Cromartie Point for the benefit of the flat owners.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover represents the amount derived from service charges rendered to all flat owners to cover all common service costs incurred by the company in its management of 'Cromartie Point' for the benefit of the flat owners.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Freehold property
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-
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Nil
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Fittings fixtures and equipment
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-
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25-30% reducing balance
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Limited by guarantee
Each member of the company undertakes to contribute to the assets of the company in the event of the same being wound up whilst they are a member, or within one year after they cease to be a member. For payments of the debts and liabilities of the company, contracted before they cease to be a member, and of the costs, charges and expenses of winding-up and for the adjustment of the rights of the contributors among themselves, such amount as may be required not exceeding £1.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: Nil).
6.
Tangible assets
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Freehold property
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Fixtures, fittings and equipment
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Total
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£
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£
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£
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Cost
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At 1 October 2021
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88,119
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7,256
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95,375
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Additions
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-
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6,348
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6,348
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_______
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_______
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_______
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At 30 September 2022
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88,119
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13,604
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101,723
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_______
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_______
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_______
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Depreciation
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At 1 October 2021
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-
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6,039
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6,039
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Charge for the year
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-
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2,233
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2,233
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_______
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_______
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_______
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At 30 September 2022
|
-
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8,272
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8,272
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_______
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_______
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_______
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Carrying amount
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At 30 September 2022
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88,119
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5,332
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93,451
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|
|
|
|
|
|
_______
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_______
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_______
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|
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At 30 September 2021
|
88,119
|
1,217
|
89,336
|
|
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_______
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_______
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_______
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7.
Creditors: amounts falling due within one year
|
|
|
2022
|
2021
|
|
|
|
£
|
£
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Accruals and deferred income
|
|
1,935
|
1,800
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|
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|
_______
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_______
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8.
Prior period errors
Other tangible fixed assets in the sum of £91,706 have been reversed due to over-stated values in prior years.
9.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.