19_20_QUEEN'S_GARDENS_MAN - Accounts
19_20_QUEEN'S_GARDENS_MAN - Accounts
Company Registration No. 02420702 (England and Wales)
FOR THE YEAR ENDED 31 MARCH 2016
COMPANY INFORMATION
Directors
Secretary
Company number
Registered office
Accountants
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Statement of total recognised gains and losses
4
Balance sheet
5
Notes to the financial statements
6 - 7
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The directors present their report and financial statements for the year ended 31 March 2016.
Directors
The following directors have held office since 1 April 2015:
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Director
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 19/20 QUEEN'S GARDENS MANAGEMENT LIMITED FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 19/20 Queen's Gardens Management Limited for the year ended 31 March 2016 set out on pages 3 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of 19/20 Queen's Gardens Management Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 19/20 Queen's Gardens Management Limited and state those matters that we have agreed to state to the Board of Directors of 19/20 Queen's Gardens Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 19/20 Queen's Gardens Management Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that 19/20 Queen's Gardens 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 loss of 19/20 Queen's Gardens Management Limited. You consider that 19/20 Queen's Gardens 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 19/20 Queen's Gardens 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.
Myers Clark
Chartered Accountants
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2016
2015
as restated
Notes
£
£
Loss on ordinary activities before taxation
-
-
Tax on loss on ordinary activities
2
-
-
Loss for the year
6
-
-
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2016
2015
as restated
Notes
£
£
Prior year adjustment
6
(31,400 )
-
Total gains and losses recognised since last financial statements
(31,400 )
-
BALANCE SHEET
AS AT
31 MARCH 2016
- 5 -
2016
2015
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
Current assets
Debtors
4
Net current assets
Total assets less current liabilities
Capital and reserves
Called up share capital
5
Shareholders' funds
Directors' responsibilities:
-
-
Approved by the Board for issue on 18 November 2016
Director
Company Registration No. 02420702
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
- 6 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Tangible fixed assets and depreciation
Land and buildings Freehold
1.4
Service charge income and expenditure
The company has no income or expenditure in its own right. All transactions in the year relate to the maintenance of the common parts in accordance with the lease. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. Service charges collected are held in trust.
2
Taxation
On the basis of these financial statements no provision has been made for corporation tax.
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2015 & at 31 March 2016
Depreciation
At 1 April 2015 & at 31 March 2016
-
Net book value
At 31 March 2016
At 31 March 2015
4
Debtors
2016
2015
£
£
Other debtors
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 7 -
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
6
Statement of movements on profit and loss account
Profit and loss
account
account
£
Balance at 1 April 2015 as previously reported
Prior year adjustment
(31,400 )
Balance at 1 April 2015 as restated
-
It was resolved that the service charge assets and associated liabilities in relation to the maintenance of the property governed by the lease should be held in trust and therefore reported separately from the statutory company accounts.
On this basis, a prior year adjustment has been made to remove the amounts which relate to the service charge fund. As a result:
- Current assets due within one year amounting to £39,747 have been transferred to give a balance brought forward at 1 April 2015 of £449;
- Creditors due within one year have been reduced from £7,898 brought forward at 1 April 2015 to £nil; and
- The reserve for repair and redecoration brought forward as at 1 April 2015 of £31,400 has also been reduced to £nil.