Swain Court Management Company Ltd - Limited company accounts 16.1

REGISTERED NUMBER: 05821653 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015

FOR

SWAIN COURT MANAGEMENT COMPANY LTD

Page

Company Information

1

Report of the Director

2

Income and Expenditure Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

N D Tutty

REGISTERED OFFICE:

6-8 Castle Gate

Newark

Nottinghamshire

NG24 1AX

REGISTERED NUMBER:

05821653 (England and Wales)

ACCOUNTANTS:

Stephenson Nuttall & Co

Chartered Accountants

Ossington Chambers

6-8 Castle Gate

Newark

Nottinghamshire

NG24 1AX

The director presents his report with the financial statements of the company for the year ended 31st December 2015.

DIRECTOR

N D Tutty held office during the whole of the period from 1st January 2015 to the date of this report.

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:

N D Tutty - Director

28th May 2016

TURNOVER

18,284

18,303

Service Charge Expenditure

17,462

19,457

OPERATING SURPLUS/(DEFICIT)

2

822

(1,154

)

Interest receivable and similar income

10

5

SURPLUS/(DEFICIT) ON ORDINARY ACTIVITIES BEFORE TAXATION

832

(1,149

)

Tax on surplus/(deficit) on ordinary activities

3

2

1

SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR

830

(1,150

)

CURRENT ASSETS

Debtors

4

20,370

15,614

CREDITORS

Amounts falling due within one year

5

20,370

15,614

TOTAL ASSETS LESS CURRENT LIABILITIES

-

-

RESERVES

-

-

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2015 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the director on 28th May 2016 and were signed by:

N D Tutty - Director

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

2

1

Tax on surplus/(deficit) on ordinary activities

2

1

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

20,370

15,614

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/15

31/12/14

£

£

Trade creditors

6,772

2,664

Other creditors

13,598

12,950

20,370

15,614

6.

RESERVES

Income

and

expenditure

account

£

Surplus for the year

830

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.