Waverley Court Management Company (Weymouth) Limited - Period Ending 2018-12-31

Registration number: 01144316

Waverley Court Management Company (Weymouth) Limited (A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

Chartered Accountants

Waverley Court Management Company (Weymouth) Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account	4
Balance Sheet	5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 8

Waverley Court Management Company (Weymouth) Limited

Company Information

Directors

A B McAuslane Mrs J A Edwards A J E Edwards

Company secretary

Mrs J A Edwards

Registered office

Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

Accountants

Edwards & Keeping Chartered Accountants Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

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Waverley Court Management Company (Weymouth) Limited

Directors' Report
for the Year Ended 31 December 2018

The directors present their report and the financial statements for the year ended 31 December 2018.

Directors of the company

The directors who held office during the year were as follows:

A B McAuslane

Mrs J Wray (resigned 9 December 2018)

Mrs B M Digby (resigned 9 December 2018)

M L Hooper-Immins - Company secretary and director (resigned 18 June 2018)

Mrs J A Edwards - Company secretary and director (appointed 10 December 2018)

A J E Edwards (appointed 10 December 2018)

Principal activity

The principal activity of the company continued to be that of the provision of property management services.

The company owns the freehold reversion of Waverley Court, Waverley Road, Weymouth, Dorset subject to 999 year leases on the 15 leasehold propert

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 1 July 2019 and signed on its behalf by:

A B McAuslane
Director

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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Waverley Court Management Company (Weymouth) Limited
for the Year Ended 31 December 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Waverley Court Management Company (Weymouth) Limited for the year ended 31 December 2018 as set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Waverley Court Management Company (Weymouth) Limited, as a body, in accordance with the terms of our engagement letter dated 11 September 2015. Our work has been undertaken solely to prepare for your approval the accounts of Waverley Court Management Company (Weymouth) Limited and state those matters that we have agreed to state to the Board of Directors of Waverley Court Management Company (Weymouth) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Waverley Court Management Company (Weymouth) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Waverley Court Management Company (Weymouth) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Waverley Court Management Company (Weymouth) Limited. You consider that Waverley Court Management Company (Weymouth) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Waverley Court Management Company (Weymouth) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

2 July 2019

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Waverley Court Management Company (Weymouth) Limited

Profit and Loss Account
for the Year Ended 31 December 2018

	2018		2017
	£	£	£	£
Turnover		11,099		9,631
Administrative expenses		(13,806)		(9,497)
Operating (deficit)/surplus		(2,707)		134
Other interest receivable and similar income		9		11
(Deficit)/surplus before tax		(2,698)		145
Taxation		-		-
(Deficit)/surplus for the financial year		(2,698)		145

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

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Waverley Court Management Company (Weymouth) Limited

(Registration number: 01144316)
Balance Sheet as at 31 December 2018

	Note	2018		2017
		£	£	£	£
Current assets
Debtors	4		114		1,373
Cash at bank and in hand			19,091		20,335
			19,205		21,708
Creditors: Amounts falling due within one year	5		(818)		(623)
Net assets			18,387		21,085
Capital and reserves
Depreciation fund		18,387		21,085
Profit and loss account		-		-
			18,387		21,085

For the financial year ending 31 December 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 1 July 2019 and signed on its behalf by:
 

A B McAuslane

Director

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Waverley Court Management Company (Weymouth) Limited

Statement of Changes in Equity
for the Year Ended 31 December 2018

	Depreciation fund £	Profit and loss account £	Total £
At 1 January 2018	21,085	-	21,085
Deficit for the year	-	(2,698)	(2,698)
Total comprehensive income	-	(2,698)	(2,698)
Transfers	(2,698)	2,698	-
At 31 December 2018	18,387	-	18,387

	Depreciation fund £	Profit and loss account £	Total £
At 1 January 2017	20,940	-	20,940
Surplus for the year	-	145	145
Total comprehensive income	-	145	145
Transfers	145	(145)	-
At 31 December 2017	21,085	-	21,085

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Waverley Court Management Company (Weymouth) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2018

1	General information

The company is a company limited by guarantee incorporated in England and Wales.

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

On the basis of these financial statements no provision has been made for corporation tax.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from residents for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business.

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Waverley Court Management Company (Weymouth) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2018

3	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of
the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event
of liquidation.

4

Debtors

	2018 £	2017 £
Prepayments	114	1,373
	114	1,373

5

Creditors

	2018 £	2017 £
Due within one year
Other creditors	-	162
Accruals	818	461
	818	623

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