12 Cornwallis Crescent Management Limited - Period Ending 2020-06-30
12 Cornwallis Crescent Management Limited - Period Ending 2020-06-30
Registration number:
12 Cornwallis Crescent Management Limited
for the Year Ended 30 June 2020
Chartered Accountants
Saville Court
11 Saville Place
Clifton
Bristol
BS8 4EJ
12 Cornwallis Crescent Management Limited
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
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Detailed Profit and Loss Account |
12 Cornwallis Crescent Management Limited
Company Information
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Directors |
A St John Gifford DE Hume K Hewitt RN Edwards |
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Company secretary |
A St John Gifford |
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Registered office |
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Accountants |
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Page 1 |
12 Cornwallis Crescent Management Limited
Directors' Report for the Year Ended 30 June 2020
The directors present their report and the financial statements for the year ended 30 June 2020.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is to manage and maintain the property 12 Cornwallis Crescent of which the company owns the freehold
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
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Company secretary and director
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Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
12 Cornwallis Crescent Management Limited
for the Year Ended 30 June 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 12 Cornwallis Crescent Management Limited for the year ended 30 June 2020 as set out on pages 4 to 9 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 12 Cornwallis Crescent Management Limited, as a body, in accordance with the terms of our engagement letter dated 22 July 2019. Our work has been undertaken solely to prepare for your approval the accounts of 12 Cornwallis Crescent Management Limited and state those matters that we have agreed to state to the Board of Directors of 12 Cornwallis Crescent Management 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 12 Cornwallis Crescent Management Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that 12 Cornwallis Crescent Management 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 profit of 12 Cornwallis Crescent Management Limited. You consider that 12 Cornwallis Crescent Management 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 12 Cornwallis Crescent Management 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.
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Chartered Accountants
11 Saville Place
Clifton
Bristol
BS8 4EJ
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Page 3 |
12 Cornwallis Crescent Management Limited
Profit and Loss Account for the Year Ended 30 June 2020
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Note |
2020 |
2019 |
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Turnover |
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Administrative expenses |
( |
( |
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Operating profit/(loss) |
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( |
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Other interest receivable and similar income |
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6 |
5 |
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Profit/(loss) before tax |
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( |
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Profit/(loss) for the financial year |
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( |
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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Page 4 |
12 Cornwallis Crescent Management Limited
Statement of Comprehensive Income for the Year Ended 30 June 2020
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2020 |
2019 |
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Profit/(loss) for the year |
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( |
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Total comprehensive income for the year |
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( |
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Page 5 |
12 Cornwallis Crescent Management Limited
(Registration number: 02620779)
Balance Sheet as at 30 June 2020
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Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
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
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Company secretary and director
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Page 6 |
12 Cornwallis Crescent Management Limited
Statement of Changes in Equity for the Year Ended 30 June 2020
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Profit and loss account |
Total |
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At 1 July 2019 |
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Profit for the year |
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Total comprehensive income |
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At 30 June 2020 |
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Profit and loss account |
Total |
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At 1 July 2018 |
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Loss for the year |
( |
( |
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Total comprehensive income |
( |
( |
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At 30 June 2019 |
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Page 7 |
12 Cornwallis Crescent Management Limited
Notes to the Financial Statements for the Year Ended 30 June 2020
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General information |
The company is a private company limited by share capital, incorporated in Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land |
Straight line basis - 0% |
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Page 8 |
12 Cornwallis Crescent Management Limited
Notes to the Financial Statements for the Year Ended 30 June 2020
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 creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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Tangible assets |
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Land and buildings |
Total |
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Cost or valuation |
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At 1 July 2019 |
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At 30 June 2020 |
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Depreciation |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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Included within the net book value of land and buildings above is £195 (2019 - £195) in respect of freehold land and buildings.
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Creditors |
Creditors: amounts falling due within one year
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2020 |
2019 |
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Due within one year |
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Other creditors |
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Share capital |
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Page 9 |
12 Cornwallis Crescent Management Limited
Detailed Profit and Loss Account for the Year Ended 30 June 2020
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2020 |
2019 |
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Turnover (analysed below) |
3,600 |
3,600 |
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Gross profit (%) |
100% |
100% |
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Administrative expenses |
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Establishment costs (analysed below) |
(1,638) |
(6,132) |
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General administrative expenses (analysed below) |
(288) |
(273) |
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(1,926) |
(6,405) |
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Operating profit/(loss) |
1,674 |
(2,805) |
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Other interest receivable and similar income (analysed below) |
6 |
5 |
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Profit/(loss) before tax |
1,680 |
(2,800) |
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Page 10 |
12 Cornwallis Crescent Management Limited
Detailed Profit and Loss Account for the Year Ended 30 June 2020
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2020 |
2019 |
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Turnover |
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Sale of goods, UK |
3,600 |
3,600 |
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Establishment costs |
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Light, heat and power |
(82) |
(273) |
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Insurance |
(1,278) |
(2,878) |
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Repairs and renewals |
(278) |
(2,981) |
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(1,638) |
(6,132) |
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General administrative expenses |
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Sundry expenses |
(13) |
(13) |
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Accountancy fees |
(275) |
(260) |
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(288) |
(273) |
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Other interest receivable and similar income |
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Bank interest receivable |
6 |
5 |
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Page 11 |