Brooklands Farm Barns (Management Company) LTD Company Accounts

BROOKLANDS FARM BARNS (MANAGEMENT COMPANY) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07623860

Brooklands Farm Barns (Management Company) LTD

Company Limited by Guarantee

Unaudited Financial Statements

31 May 2017

Brooklands Farm Barns (Management Company) LTD

Company Limited by Guarantee

Financial Statements

Year ended 31 May 2017

Contents	Page

Directors' report	1

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	5

Brooklands Farm Barns (Management Company) LTD

Company Limited by Guarantee

Directors' Report

Year ended 31 May 2017

The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2017 .

Directors

The directors who served the company during the year were as follows:

Mr J Hope
Mr R Jenkinson
Mr C Knight
Dr P M Melton
Mr A J Templeman
Mr A Williams

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 9 January 2018 and signed on behalf of the board by:

Mr R Jenkinson

Director

Registered office:

The Old Laterie

Brooklands Farm Barns

Winsford Road

Wettenhall

Cheshire

CW7 4DL

Brooklands Farm Barns (Management Company) LTD

Company Limited by Guarantee

Statement of Income and Retained Earnings

Year ended 31 May 2017

	2017	2016
Note	£	£
Turnover	1,440	1,621

	-------	-------
Gross profit	1,440	1,621

Administrative expenses	785	650
	-------	-------
Operating profit	655	971

	-------	-------
Profit before taxation	655	971

Tax on profit	–	–
	----	----
Profit for the financial year and total comprehensive income	655	971
	----	----

Retained earnings at the start of the year	2,101	1,130
	-------	-------
Retained earnings at the end of the year	2,756	2,101
	-------	-------

All the activities of the company are from continuing operations.

Brooklands Farm Barns (Management Company) LTD

Company Limited by Guarantee

Statement of Financial Position

31 May 2017

	2017		2016
Note	£	£	£	£

Current assets

Cash at bank and in hand	2,756		2,101
	-------		-------
Net current assets		2,756		2,101
		-------		-------
Total assets less current liabilities		2,756		2,101
		-------		-------

Capital and reserves

Profit and loss account	2,756	2,101
	-------	-------
Members funds	2,756	2,101
	-------	-------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 9 January 2018 , and are signed on behalf of the board by:

Mr R Jenkinson

Director

Company registration number: 07623860

Brooklands Farm Barns (Management Company) LTD

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 May 2017

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is The Old Laterie, Brooklands Farm Barns, Winsford Road, Wettenhall, Cheshire, CW7 4DL, UK.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Company limited by guarantee

The company was incorporated on 5 May, 2011. The company is limited by guarantee & as such no share capital has been issued.

Liability of members

In the current financial year the company has 6 members.

The liability of each member is limited to £1, being the amount that each member undertakes to contribute to the assets of the company in the event of its being wound up while he is a member or within one year after he ceases to be a member, for,

a) payment of the company's debts and liabilities contracted before he ceases to be a member;

b) payment of the costs, charges and expenses of winding up; &

c) adjustment of the rights of the contributions among themselves.

Directors' general authority

The directors are responsible for the management of the company's business, for which purpose they may exercise all the powers of the company.

Members' reserve power

The members may, by special resolution, direct the directors to take, or refrain from taking, specific action. No such special resolution invalidates anything which the directors have done before the passing of the resolution.

Directors to take decisions collectively

The general rule about decision-making by directors is that any decision of the directors must be a majority decision at a meeting.

Members

No person shall become a member of the company unless, a) that person has completed an application for membership in a form approved by the directors; & b) the directors have approved the application.

A member may withdraw from membership of the company by giving 7 days notice to the company in writing.

Membership is not transferable.

A person's membership terminates when that person dies.

5. Related party transactions

The company was under the common control of all the directors throughout the current year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

6. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.

No transitional adjustments were required in equity or profit or loss for the year.