Newtoft Management Company Limited - Period Ending 2021-12-31

Newtoft Management Company Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Statement of Income and Retained Earnings	4
Balance Sheet	5
Notes to the Unaudited Financial Statements	6 to 7

Newtoft Management Company Limited

Company Information

Directors

W K Kent I Bell G Grimmett S Kent P Bailey T J C Mealing D Blackman

Company secretary

W K Kent

Registered office

14 Tudor Close Newtoft Market Rasen Lincolnshire LN8 3NQ

Accountants

Atkinson Saul Fairholm Limited Chartered Accountants 21A Newland Lincoln LN1 1XP

Newtoft Management Company Limited

Directors' Report for the Year Ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors of the company

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

W K Kent - Company secretary and director

I Bell

J Badiali (resigned 25 April 2021)

G Grimmett

A Richards (resigned 2 May 2021)

S Patrick (resigned 2 May 2021)

S Kent

P Bailey

T J C Mealing

D Blackman

Principal activity

The principal activity of the company is the management of common areas and amenities attached to residential properties.

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 5 April 2022 and signed on its behalf by:

.........................................
W K Kent
Company secretary and director

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Newtoft Management Company Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Newtoft Management Company Limited for the year ended 31 December 2021 as set out on pages 4 to 7 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/regulation.

This report is made solely to the Board of Directors of Newtoft Management Company Limited, as a body, in accordance with the terms of our engagement letter dated 19 January 2011. Our work has been undertaken solely to prepare for your approval the accounts of Newtoft Management Company Limited and state those matters that we have agreed to state to the Board of Directors of Newtoft Management Company 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 Newtoft Management Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Newtoft Management Company 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 Newtoft Management Company Limited. You consider that Newtoft Management Company 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 Newtoft Management Company 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.

......................................

Atkinson Saul Fairholm Limited
Chartered Accountants
21A Newland
Lincoln
LN1 1XP

5 April 2022

Newtoft Management Company Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2021

	Note	2021 £	2020 £
Turnover		13,714	13,071
Administrative expenses		(6,913)	(9,081)
Operating profit		6,801	3,990
Profit before tax		6,801	3,990
Profit for the financial year		6,801	3,990
Retained earnings brought forward		6,480	2,490
Retained earnings carried forward		13,281	6,480

Newtoft Management Company Limited

(Registration number: 03142639)
Balance Sheet as at 31 December 2021

	Note	2021 £	2020 £
Current assets
Cash at bank and in hand		14,196	7,391
Creditors: Amounts falling due within one year	5	(887)	(883)
Net assets		13,309	6,508
Capital and reserves
Called up share capital		28	28
Profit and loss account		13,281	6,480
Shareholders' funds		13,309	6,508

For the financial year ending 31 December 2021 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 5 April 2022 and signed on its behalf by:
 

.........................................

W K Kent
Company secretary and director

Newtoft Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
14 Tudor Close
Newtoft
Market Rasen
Lincolnshire
LN8 3NQ

These financial statements were authorised for issue by the Board on 5 April 2022.

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. 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.

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.

Newtoft Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability are charged as interest expense in the profit and loss account.
 

3	Staff numbers

The average number of persons employed by the company (including directors with contracts of employment) during the year was 0 (2020 - 0).

4

Debtors

	2021 £	2020 £
	-	-

5

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Other creditors		887	883

Newtoft Management Company Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2021

	2021  £	2020  £
Turnover	13,714	13,071
Gross profit (%)	100%	100%
Administrative expenses
Establishment costs	(5,735)	(8,030)
General administrative expenses	(1,178)	(1,051)
	(6,913)	(9,081)
Operating profit	6,801	3,990
Profit before tax	6,801	3,990

Newtoft Management Company Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2021

2021 £

2020 £

Turnover
Rendering of services, UK	13,714	13,071

Establishment costs
Insurance	1,357	1,295
Repairs and maintenance	4,378	6,735
	5,735	8,030

General administrative expenses
Computer software and maintenance costs	152	115
Printing, postage and stationery	91	37
Sundry expenses	97	77
Accountancy fees	838	822
	1,178	1,051