The Wickets (Marton) Management Co Ltd - Limited company accounts 16.1

REGISTERED NUMBER: 04278784 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015

FOR

THE WICKETS (MARTON) MANAGEMENT CO LTD

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

M E Burton

P Griffin

N V Munkley

D A Lennie

SECRETARY:

Town & City Secretaries Ltd

REGISTERED OFFICE:

Ossington Chambers

6-8 Castle Gate

Newark on Trent

Nottinghamshire

NG24 1AX

REGISTERED NUMBER:

04278784 (England and Wales)

ACCOUNTANTS:

Stephenson Nuttall & Co

Chartered Accountants

Ossington Chambers

6-8 Castle Gate

Newark

Nottinghamshire

NG24 1AX

The directors present their report with the financial statements of the company for the year ended 31st December 2015.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2015 to the date of this

report.

M E Burton

P Griffin

N V Munkley

D A Lennie

The Company is limited by guarantee and has no share capital. The liability of each member is limited to £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 V Munkley - Director

2nd August 2016

INCOME

45,398

44,281

Service charge expenditure

46,276

42,054

OPERATING (LOSS)/PROFIT

2

(878

)

2,227

Interest receivable and similar income

20

19

(858

)

2,246

Interest payable and similar charges

1,056

(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION

(1,914

)

1,190

Tax on (loss)/profit on ordinary activities

3

261

270

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(2,175

)

920

FIXED ASSETS

Tangible assets

4

30,341

CURRENT ASSETS

Debtors

5

38,957

43,790

CREDITORS

Amounts falling due within one year

6

70,040

75,214

NET CURRENT LIABILITIES

(31,083

)

(31,424

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(742

)

(1,083

)

RESERVES

Profit and loss account

7

(742

)

(1,083

)

(742

)

(1,083

)

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 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 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 Board of Directors on 2nd August 2016 and were signed on its behalf by:

N V Munkley - 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 agents, in respect of service charges and related

income,which are held on trust and do not constitute turnover.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

The Company owns the Freehold of the property known as The Wickets, Memorial Drive, Marton,

Middlesbrough. The cost of the property is not depreciated because in the opinion of the directors it's continuing

value is underwritten by the value of ground rents receivable.

Presentation of the profit and loss account & balance sheet

The presentation of the Profit and Loss Account on page 5 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. Within the Balance Sheet on page 6, the Service Charge

surplus and the Reserve Fund are held on trust to the credit of lessees.

2.	OPERATING (LOSS)/PROFIT

The operating loss (2014 - operating profit) is stated after charging:

31/12/15

31/12/14

£

Directors' remuneration and other benefits etc

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the loss on ordinary activities for the year was as follows:

31/12/15

31/12/14

£

Current tax:

UK corporation tax

261

270

Tax on (loss)/profit on ordinary activities

261

270

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1st January 2015

and 31st December 2015

30,341

NET BOOK VALUE

At 31st December 2015

30,341

At 31st December 2014

30,341

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/15

31/12/14

£

Trade debtors

351

997

Other debtors

38,606

42,793

38,957

43,790

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/15

31/12/14

£

Trade creditors

42,689

42,163

Taxation and social security

257

516

Other creditors

27,094

32,535

70,040

75,214

7.

RESERVES

Profit

and loss

account

£

At 1st January 2015

(1,083

)

Deficit for the year

(2,175

)

Transfer from Service Charge
Account

2,516

At 31st December 2015

(742

)

8.	CONTINGENT LIABILITIES

The company had no contingent liabilities at 31st December 2015 (2014 - None).

9.	CAPITAL COMMITMENTS

31/12/15

31/12/14

£

Contracted but not provided for in the

financial statements

-

10.	RELATED PARTY DISCLOSURES

During the year the Company paid to Mr N V Munkley, a director of the Company, £1,320 gross -£1,056 net,

(2014 - £1,320 gross - £1,056 net) in respect of interest on a loan of £12,000 made by him to the Company to

assist with the purchase of the freehold of the property in 2011. Interest on this loan is charged at 11% gross,

which equates to the ground rent passing on 24 units at £55 per unit per annum, relating to the 24 lessees who did

not participate in the loan scheme to purchase the freehold interest in the property.

The company is a mutual trading company and as such received income in the form of service charge from

residents, some of who are directors of the company. Service charges payable by the directors are on the same

basis as for all 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.