Fairview Court (Residents Association) Ltd - Period Ending 2017-08-31
Fairview Court (Residents Association) Ltd - Period Ending 2017-08-31
Registration number:
Fairview Court (Residents Association) Ltd
(A company limited by guarantee)
for the Year Ended 31 August 2017
Chartered Accountants
Castle House
Castle Hill Avenue
Folkstone
Kent
CT20 2TQ
Fairview Court (Residents Association) Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Fairview Court (Residents Association) Ltd
Company Information
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Directors |
Mr G Rippingale Mr L Owen Miss S L Giles |
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Company secretary |
GEM Estate Management Ltd |
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Registered office |
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Fairview Court (Residents Association) Ltd
(Registration number: 00896454)
Balance Sheet as at 31 August 2017
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2016 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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Fairview Court (Residents Association) Ltd
(Registration number: 00896454)
Balance Sheet as at 31 August 2017
For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income and Expenditure Account has been taken.
Approved and authorised by the
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Fairview Court (Residents Association) Ltd
Notes to the Financial Statements for the Year Ended 31 August 2017
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General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
The address of its registered office is:
England
The principal place of business is:
Flats 1 - 27 Fairview Court
Manor Road
Ashford
Middlesex
TW15 2SN
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Income comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Income is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Fairview Court (Residents Association) Ltd
Notes to the Financial Statements for the Year Ended 31 August 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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Debtors |
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2017 |
2016 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2017 |
2016 |
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Due within one year |
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Other creditors |
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Page 5 |