Russett Place Management Company Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06322728 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

FOR

RUSSETT PLACE MANAGEMENT COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C T Wells

S P Ransley

J Steer

J C Gamble

D Saunders

REGISTERED OFFICE:

Kirdford Village Stores

Russett Place

Kirdford

Billingshurst

West Sussex

RH14 0NQ

REGISTERED NUMBER:

06322728 (England and Wales)

ACCOUNTANTS:

Hilton Sharp & Clarke Limited

Chartered Accountants

30 New Road

Brighton

East Sussex

BN1 1BN

CURRENT ASSETS

Debtors

3

720

470

Cash at bank

3,817

3,724

4,537

4,194

CREDITORS

Amounts falling due within one year

4

460

14

NET CURRENT ASSETS

4,077

4,180

TOTAL ASSETS LESS CURRENT LIABILITIES

4,077

4,180

RESERVES

Income and expenditure account

4,077

4,180

4,077

4,180

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 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 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 8 March 2018 and were signed on its behalf by:

J C Gamble - Director

1.	STATUTORY INFORMATION

Russett Place Management Company Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Each unit has been rounded to the nearest whole (1) pound.

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.

Turnover

Turnover represents contributions by the residents towards the up keep of the communal areas at Russett Place.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that

it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Taxation

The company is a non-profit making enterprise. Surpluses and deficits arise as a result of the differences between service

charges rendered and costs incurred. No charge to corporation tax arises on the surpluses. Taxation is payable on investment

income only.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

720

470

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other creditors

460

14

5.	COMPANY STATUS

The company is limited by guarantee and does not have share capital. The liability of members in the event of a winding up

is limited by guarantee to an amount not exceeding £1 per member.

6.	FIRST YEAR ADOPTION

These are the company's first set of financial statements prepared in accordance with FRS 102.

The transition to FRS 102 Section 1A occurred on 1 August 2015 with the end of the comparative period being 31 July

2016. There have been no changes to accounting policies nor to any balances in the financial statements