THE_ROMSEY_MANAGEMENT_COM - Accounts


Company Registration No. 01584399 (England and Wales)
THE ROMSEY MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
THE ROMSEY MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THE ROMSEY MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,118
13,761
Current assets
Debtors
4
208,933
523,760
Cash at bank and in hand
213,186
26,795
422,119
550,555
Creditors: amounts falling due within one year
5
(213,530)
(342,458)
Net current assets
208,589
208,097
Total assets less current liabilities
226,707
221,858
Capital and reserves
Called up share capital
6
102
102
Profit and loss reserves
226,605
221,756
Total equity
226,707
221,858

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 and signed by the director and authorised for issue on 26 June 2020
S R Venables
Director
Company Registration No. 01584399
THE ROMSEY MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 2 -
1
Accounting policies
Company information

The Romsey Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 5 Strong House, The Horsefair, Romsey, Hampshire, England, SO51 8EZ.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15 % Reducing balance
Computers
25%33% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

THE ROMSEY MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

THE ROMSEY MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 4 -
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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 10 (2018 - 8).

THE ROMSEY MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2018
4,660
40,837
16,735
62,232
Additions
-
9,143
-
9,143
At 30 September 2019
4,660
49,980
16,735
71,375
Depreciation and impairment
At 1 October 2018
3,699
29,294
15,478
48,471
Depreciation charged in the year
144
4,328
314
4,786
At 30 September 2019
3,843
33,622
15,792
53,257
Carrying amount
At 30 September 2019
817
16,358
943
18,118
At 30 September 2018
961
11,543
1,257
13,761
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
4,131
27,317
Amounts owed by group undertakings
119,220
391,127
Other debtors
85,582
105,316
208,933
523,760
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
179
-
Trade creditors
50,522
54,088
Amounts owed to group undertakings
1,579
126,347
Taxation and social security
25,593
15,169
Other creditors
135,657
146,854
213,530
342,458
THE ROMSEY MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 6 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
102 Ordinary Shares of £1 each
102
102
2019-09-302018-10-01falseCCH SoftwareCCH Accounts Production 2020.100No description of principal activityS R VenablesP J Venables015843992018-10-012019-09-30015843992019-09-30015843992018-09-3001584399core:FurnitureFittings2019-09-3001584399core:ComputerEquipment2019-09-3001584399core:MotorVehicles2019-09-3001584399core:FurnitureFittings2018-09-3001584399core:ComputerEquipment2018-09-3001584399core:MotorVehicles2018-09-3001584399core:CurrentFinancialInstrumentscore:WithinOneYear2019-09-3001584399core:CurrentFinancialInstrumentscore:WithinOneYear2018-09-3001584399core:CurrentFinancialInstruments2019-09-3001584399core:CurrentFinancialInstruments2018-09-3001584399core:ShareCapital2019-09-3001584399core:ShareCapital2018-09-3001584399core:RetainedEarningsAccumulatedLosses2019-09-3001584399core:RetainedEarningsAccumulatedLosses2018-09-3001584399bus:Director12018-10-012019-09-3001584399core:FurnitureFittings2018-10-012019-09-3001584399core:ComputerEquipment2018-10-012019-09-3001584399core:MotorVehicles2018-10-012019-09-3001584399core:FurnitureFittings2018-09-3001584399core:ComputerEquipment2018-09-3001584399core:MotorVehicles2018-09-30015843992018-09-3001584399core:WithinOneYear2019-09-3001584399core:WithinOneYear2018-09-3001584399bus:PrivateLimitedCompanyLtd2018-10-012019-09-3001584399bus:SmallCompaniesRegimeForAccounts2018-10-012019-09-3001584399bus:FRS1022018-10-012019-09-3001584399bus:AuditExemptWithAccountantsReport2018-10-012019-09-3001584399bus:CompanySecretary12018-10-012019-09-3001584399bus:FullAccounts2018-10-012019-09-30xbrli:purexbrli:sharesiso4217:GBP