| Orchard Court (Portman Square) Limited |
| Registered number: |
01781246 |
| Balance Sheet |
| as at 24 June 2018 |
|
| Notes |
|
2018 |
|
2017 |
|
|
|
£ |
£ |
|
£ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
1,283 |
|
|
1,426 |
|
| Current assets |
| Debtors |
5 |
|
260,806 |
|
|
858,146 |
| Cash at bank and in hand |
|
|
3,196,908 |
|
|
3,729,656 |
|
|
|
3,457,714 |
|
|
4,587,802 |
|
| Creditors: amounts falling due within one year |
6 |
|
(53,659) |
|
|
(850,111) |
|
| Net current assets |
|
|
|
3,404,055 |
|
|
3,737,691 |
|
| Total assets less current liabilities |
|
|
|
3,405,338 |
|
|
3,739,117 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(866,655) |
|
|
(830,880) |
|
|
|
| Net assets |
|
|
|
2,538,683 |
|
|
2,908,237 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
9 |
|
|
54 |
|
|
54 |
| Building reserve fund |
|
|
|
1,663,135 |
|
|
2,123,378 |
| Service charge fund |
|
|
|
530,153 |
|
|
472,147 |
| Income and expenditure account |
|
|
|
345,341 |
|
|
312,658 |
|
| Shareholders' funds |
|
|
|
2,538,683 |
|
|
2,908,237 |
|
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
|
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
|
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
|
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. |
|
|
|
|
| M S Djanogly |
| Director |
| Approved by the board on 25 February 2019 |
|
| Orchard Court (Portman Square) Limited |
| Notes to the Accounts |
| for the year ended 24 June 2018 |
|
|
| 1 |
Accounting policies |
|
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain assets, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). There were no material departures from that Standard and no transitional adjustments to FRS 102. |
|
|
Accounts presentation |
|
The strict format of the Companies Act 2006 has not been followed in respect of the profit and loss account because, in the opinion of the directors, the presentation of an income and expenditure account is required in order to give a true and fair view of the company's activities, which are not carried out with a view to profit. |
|
|
Service charge receivable |
|
Income represents contributions by the shareholders to meet service management expenses and it is considered that no corporation tax liability arises on any surplus. Interest earned on monies held on deposit and other operating income is taxable at the corporation tax rate of 19%. |
|
|
Interest receivable and other operating income |
|
These income are recognised when the company’s right to receive payment is established.
Service charge monies are held on trust in accordance with section 42, Landlord and Tenant Act 1987. Interest earned on service charge monies held on deposit, and other rental and licence income is chargeable to the basic rate of Corporation Tax. The tax rate applied during the year was 19% |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Garages |
10% reducing balance |
|
Storage units |
10% reducing balance |
|
|
Debtors and creditors receivable or payable within one year |
|
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
|
|
|
|
| 1 |
Accounting policies |
(to continued) |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event and, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
10 |
|
10 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Taxation |
2018 |
|
2017 |
| £ |
£ |
|
|
UK corporation tax on profits of the period |
8,625 |
# |
9,183 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Garages |
|
Storage units |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 25 June 2017 |
7,043 |
|
9,747 |
|
16,790 |
|
At 24 June 2018 |
7,043 |
|
9,747 |
|
16,790 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 25 June 2017 |
6,515 |
|
8,849 |
|
15,364 |
|
Charge for the year |
53 |
|
90 |
|
143 |
|
At 24 June 2018 |
6,568 |
|
8,939 |
|
15,507 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 24 June 2018 |
475 |
|
808 |
|
1,283 |
|
At 24 June 2017 |
528 |
|
898 |
|
1,426 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Service charges owed |
16,984 |
|
486,208 |
|
Rent and other recharges owed |
9,610 |
|
13,308 |
|
Other debtors |
234,212 |
|
358,630 |
|
|
|
|
|
|
260,806 |
|
858,146 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade creditors |
8,851 |
|
- |
|
Rent and other recharges due |
|
|
|
|
159 |
|
1,000 |
|
Corporation tax |
8,623 |
|
9,184 |
|
Other creditors |
36,026 |
|
839,927 |
|
|
|
|
|
|
53,659 |
|
850,111 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Tenant's deposits |
|
|
|
|
866,655 |
|
830,880 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2018 |
|
2017 |
| £ |
£ |
|
Creditors include: |
|
Tenants deposit |
|
866,656 |
|
830,880 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Share capital |
| Nominal |
|
2018 |
|
2018 |
|
2017 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
54 |
|
54 |
|
54 |
|
|
|
|
|
|
54 |
|
54 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Other information |
|
|
Orchard Court (Portman Square) Limited is a private company limited by shares and incorporated in England. |
|
|
The address of the registered office and the Company's registered number are given in the company information on page 1 of these financial statements. |
