Swain Court Management Company Ltd - Limited company accounts 16.3

REGISTERED NUMBER: 05821653 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2016

FOR

SWAIN COURT MANAGEMENT COMPANY LTD

Page

Company Information

1

Report of the Director

2

Income Statement

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 2016.

DIRECTOR

N D Tutty held office during the whole of the period from 1st January 2016 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

1st August 2017

TURNOVER

17,717

18,284

Service Charge Expenditure

17,563

17,462

OPERATING SURPLUS

154

822

Interest receivable and similar income

15

10

SURPLUS BEFORE TAXATION

169

832

Tax on surplus

3

2

SURPLUS FOR THE FINANCIAL YEAR

166

830

CURRENT ASSETS

Debtors

4

25,352

20,370

CREDITORS

Amounts falling due within one year

5

25,352

20,370

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 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2016 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.

The financial statements were approved by the director on 1st August 2017 and were signed by:

N D Tutty - Director

1.	STATUTORY INFORMATION

Swain Court Management Company Ltd is a private company, limited by guarantee , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 income statement

The presentation of the Income Statement 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.

3.

TAXATION

Analysis of the tax charge

The tax charge on the surplus for the year was as follows:

31/12/16

31/12/15

£

Current tax:

UK corporation tax

3

2

Tax on surplus

3

2

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

31/12/16

31/12/15

£

Trade debtors

584

393

Other debtors

24,768

19,977

25,352

20,370

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

Trade creditors

11,171

6,772

Other creditors

14,181

13,598

25,352

20,370

6.

RESERVES

Income

and

expenditure

account

£

Surplus for the year

166

Transfer (to)/from Service Charge
Account

(166

)

At 31st December 2016

-

7.	CONTINGENT LIABILITIES

The company had no contingent liabilities at 31st December 2016 (31st December 2015 - none).

8.	CAPITAL COMMITMENTS

31/12/16

31/12/15

£

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

are required to be disclosed under FRS 102.

10.	FIRST YEAR ADOPTION OF FRS 102

These financial statements are the first which the company has prepared in accordance with the provisions of

Financial Reporting Standard 102 (FRS 102), including those of Section 1A relating to "Small Entities". The

transition to FRS 102 has had no effect on any item included within the opening balance sheet of the comparative

period at 1st January 2015, the income statement for the comparative period ended 31st December 2015 or the

closing balance sheet of the comparative period at 31st December 2015