78 Cathcart Road Management Limited - Limited company accounts 16.3
78 Cathcart Road Management Limited - Limited company accounts 16.3
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
FOR |
78 CATHCART ROAD MANAGEMENT LIMITED |
78 CATHCART ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03516752) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 |
78 CATHCART ROAD MANAGEMENT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 Melcombe Place |
Marylebone |
London |
NW1 6JJ |
78 CATHCART ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03516752) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
PRINCIPAL ACTIVITY |
The company's principal activities comprise the control, supervision and management, on behalf of the lessees, of the |
site known as 78 Cathcart Road, London SW10 9DJ with no interest in the reversionary freehold. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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: |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
78 CATHCART ROAD MANAGEMENT LIMITED |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of 78 Cathcart Road Management Limited for the year ended 31 December 2016 which comprise |
the Income Statement, Balance Sheet and the related notes 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of 78 Cathcart Road Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 78 Cathcart Road Management Limited and state those matters that we have agreed to state to the Board of Directors of 78 Cathcart Road Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 78 Cathcart Road Management Limited Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that 78 Cathcart Road 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 profit of 78 Cathcart Road Management Limited. You consider that 78 Cathcart Road 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 78 Cathcart Road 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. |
12 Melcombe Place |
Marylebone |
London |
NW1 6JJ |
78 CATHCART ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03516752) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
31.12.16 | 31.12.15 |
Notes | £ | £ |
SERVICE CHARGE RECEIVABLE |
Service charge expenditure | ( |
) | ( |
) |
GROSS PROFIT |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 4 |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
78 CATHCART ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03516752) |
BALANCE SHEET |
31 DECEMBER 2016 |
31.12.16 | 31.12.15 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors on by: |
78 CATHCART ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03516752) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
1. | STATUTORY INFORMATION |
78 Cathcart Road Management Limited is a |
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
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 are also prepared in accordance with the Institute of Chartered Accountants in England |
and Wales ("ICAEW") Technical Release "Tech 03/11" and taking account of subsequent legal counsel's opinion |
obtained separately by both ICAEW and the Financial Reporting Council in determining whether a management |
company acts as principal when contracting with third party suppliers to the property's service charge. |
Service charges receivable |
Service charges receivable comprises the reimbursement of service charge expenditure deployed by the |
management company on behalf of the service charge fund for 78 Cathcart Road. |
Recognition of income |
Service charges receivable is recognised in the financial statements concurrently with the recognition of the |
service charge expenditure that is being funded. |
3. | EMPLOYEES AND DIRECTORS |
There were no employees during the year. |
4. | OPERATING PROFIT |
The directors received no remuneration in respect of their services to the company for the year. |
5. | TAXATION |
Service charge funds are held by the company in trust for the tenants and hence any income tax chargeable at |
the rate applicable to such trusts is not reflected in these accounts. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Other debtors |
Included within other debtors is a balance of £1,816 (2015: £1,870) due from the service charge fund which is |
held in trust by the company for the benefit of the lessees of 78 Cathcart Road, London SW10 9DJ. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Other creditors |
8. | ULTIMATE CONTROLLING PARTY |
The company is controlled by a voting majority of its shareholders and accordingly there is no controlling related |
party. |