Swain Court Management Company Ltd - Limited company accounts 16.1
Swain Court Management Company Ltd - Limited company accounts 16.1
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 |
FOR |
SWAIN COURT MANAGEMENT COMPANY LTD |
SWAIN COURT MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 05821653) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2015 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Income and Expenditure Account | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
SWAIN COURT MANAGEMENT COMPANY LTD |
COMPANY INFORMATION |
for the Year Ended 31st December 2015 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
SWAIN COURT MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 05821653) |
REPORT OF THE DIRECTOR |
for the Year Ended 31st December 2015 |
The director presents his report with the financial statements of the company for the year ended 31st December 2015. |
DIRECTOR |
LIMIT OF MEMBERS LIABILITY |
The company is limited by guarantee and has no share capital. The liability of each member is £1 |
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: |
SWAIN COURT MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 05821653) |
INCOME AND EXPENDITURE ACCOUNT |
for the Year Ended 31st December 2015 |
31/12/15 | 31/12/14 |
Notes | £ | £ |
TURNOVER |
Service Charge Expenditure |
OPERATING SURPLUS/(DEFICIT) | 2 | ( |
) |
Interest receivable and similar income |
SURPLUS/(DEFICIT) ON ORDINARY ACTIVITIES BEFORE TAXATION |
( |
) |
Tax on surplus/(deficit) on ordinary activities |
3 |
SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR |
( |
) |
SWAIN COURT MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 05821653) |
BALANCE SHEET |
31st December 2015 |
31/12/15 | 31/12/14 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
The director acknowledges his 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 surplus or deficit 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 were approved by the director on |
SWAIN COURT MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 05821653) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2015 |
1. | ACCOUNTING POLICIES |
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
Income |
During the year the company received monies from lessees, as agent, in respect of service charges and associated |
income, which are held on trust and do not constitute turnover. |
Presentation of the profit and loss account |
The presentation of the Profit and Loss Account on page 3 has been modified from the prescribed format for |
Company accounts in order to provide more information to lessees and other parties who may be interested in the |
expenditure incurred in the management of the property. |
2. | OPERATING SURPLUS/(DEFICIT) |
The operating surplus (2014 - operating deficit) is stated after charging: |
31/12/15 | 31/12/14 |
£ | £ |
Director's remuneration and other benefits etc |
3. | TAXATION |
Analysis of the tax charge |
The tax charge on the surplus on ordinary activities for the year was as follows: |
31/12/15 | 31/12/14 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on surplus/(deficit) on ordinary activities |
The reserve funds are held in accordance with the provision of Section 42 of the Landlord & Tenant Act 1987, |
and the lease, and as a result income by way of interest arising on the investment of these monies is taxable under |
the rules governing Discretionary & Accumulation Trusts. The company's reserve funds were taxed at 20% basic |
rate tax during the year and there is no further income tax to pay in respect of this interest. In the event that future |
interest exceeds £1,000 gross in the year, the surplus over £1,000 may fall to be taxable at 40% rather than 20%. |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/15 | 31/12/14 |
£ | £ |
Trade debtors | 393 | 352 |
Other debtors | 19,977 | 15,262 |
SWAIN COURT MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 05821653) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2015 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/15 | 31/12/14 |
£ | £ |
Trade creditors |
Other creditors |
6. | RESERVES |
Income |
and |
expenditure |
account |
£ |
Surplus for the year |
Transfer (to)/from Service Charge Account |
(830 |
) |
At 31st December 2015 |
7. | CONTINGENT LIABILITIES |
The company had no contingent liabilities at 31st December 2015 (31st December 2014 - none). |
8. | CAPITAL COMMITMENTS |
31/12/15 | 31/12/14 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | - |
9. | RELATED PARTY DISCLOSURES |
The company is a mutual trading company and as such received income in the form of contributions from |
residents, some of whom are directors of the company. These contributions payable by the directors are on the |
same basis as for all of the other residents. No other transactions with related parties were undertaken such as |
required to be disclosed under the Financial Reporting Standard for Smaller Entities. |