Comet Park Management Limited - Limited company accounts 20.1

REGISTERED NUMBER: 02547419 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Comet Park Management Limited

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

R Davis

I Grimes

M G Smith

SECRETARY:

Ms A Wellman

REGISTERED OFFICE:

4th Floor Minton Place

Station Road

Swindon

Wiltshire

SN1 1DA

REGISTERED NUMBER:

02547419 (England and Wales)

ACCOUNTANTS:

Elliotts Shah

Chartered Accountants

4th Floor

167 Fleet Street

London

EC4A 2EA

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of management and maintenance of Comet Park, Hatfield. The company's country of incorporation is the UK and the address of the registered office is 4th Floor, Minton Place, Station Road, Swindon SN1 1DA. No change to the activity of the company is anticipated.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report.

I Grimes

M G Smith

R Davis

GOING CONCERN

The Directors consider that the Company has adequate resources and suitable arrangements in place for it to meet its obligations when they fall due and continue in operational existence for the foreseeable future. On this basis, it has been assessed that it is appropriate for the financial statements to be prepared on a going concern basis.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

ON BEHALF OF THE BOARD:

M G Smith - Director

27 September 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Comet Park Management Limited for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Comet Park Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Comet Park Management Limited. You consider that Comet Park 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 financial statements of Comet Park 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 financial statements.

Elliotts Shah

Chartered Accountants

4th Floor

167 Fleet Street

London

EC4A 2EA

27 September 2022

SERVICE CHARGE RECEIVABLE

190,624

186,630

Service Charge Expenditure

190,624

186,767

GROSS LOSS

-

(137

)

OPERATING LOSS

-

(137

)

Interest receivable and similar income

-

169

PROFIT BEFORE TAXATION

-

32

Tax on profit

-

32

PROFIT FOR THE FINANCIAL YEAR

-

-

CURRENT ASSETS

Debtors

4

27,313

17,221

Cash at bank

87,627

125,081

114,940

142,302

CREDITORS

Amounts falling due within one year

5

114,896

142,258

NET CURRENT ASSETS

44

44

TOTAL ASSETS LESS CURRENT LIABILITIES

44

44

CAPITAL AND RESERVES

Called up share capital

6

44

44

SHAREHOLDERS' FUNDS

44

44

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2022 and were signed on its behalf by:

M G Smith - Director

1.	STATUTORY INFORMATION

Comet Park Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared using the going concern basis of accounting.

Service charges receivable

Service charge receivable is recognised based on the agreed annual budget for park management costs which is charged to the freeholders on a quarterly basis. This is adjusted for any over/under spending at year end. Service Charge receivable is recognised exclusive of value added tax.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Deferred income

Income is deferred when park management fees are billed in advance in respect of the subsequent years and when there is an underspend compared to the annual budget to the freeholders.

Accrued income

Income is accrued when there is an overspend compared to the annual budget notified to the freeholders.

Cash flow statement

The company has taken advantage of the exemption available in FRS102 Section 1A for small companies not to prepare a cash flow statement.

3.	EMPLOYEES AND DIRECTORS

No Directors received any emoluments during the year for their services as directors (2020: £nil).

The company has no employees (2020: none). All staff requirements are provided by Workman LLP or Workman Facilities Management Limited.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

13,740

8,356

Other debtors

13,573

8,865

27,313

17,221

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Taxation and social security

12,220

7,581

Other creditors

102,676

134,677

114,896

142,258

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

44

Ordinary 'B' shares

£1

44

44

'B' shares are issued to the freeholders in proportion to the acres of the business park they acquire.

'B' shareholders have no entitlement to any dividend from the company.

'B' shares have equal rights upon winding up of the company.

'B' shares have been allotted in respect of the whole of the business park and accordingly 'B' shares have full voting rights.

7.	RELATED PARTY DISCLOSURES

8.	ULTIMATE CONTROLLING PARTY