Blakeney Place Limited - Period Ending 2018-06-30

This report is made solely to the directors' of Blakeney Place Limited for issue with service charge accounts in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the service charge accounts of Blakeney Place Limited and state those matters that we have agreed to state to the director of Blakeney Place Limited in this report in accordance with ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blakeney Place Limited and its directors for our work or for this report.

Our work was carried out having regard to Technical Release 03/11 "Residential Service Charge Accounts" published jointly by the professional accountancy bodies, ARMLA and RICS. In summary, we carried out with respect of the service charge accounts where;

1) We obtained the service charge accounts and checked whether the figures contained in the information were extracted correctly from the accounting records maintained on behalf of Blakeney Place Limited.

2) We checked, based on a sample, whether entries in the accounting records were supported by receipts other documentation or evidence that we inspected.

As the above procedures did not constitute either an audit or a review made in accordance with International Standards on Accounting (UK and Ireland) or International Standards on review engagements we do not express any assurance on the service charge accounts other than in making the factual statements set out below.

Had we performed additional procedures or had we performed an audit or review of the financial statements other matters might have come to our attention that we would have reported to you.

Report of factual findings
a) With respect to item 1 we found the figures in the statement of account to have been extracted correctly from the accounting records.

b) With respect to item 2 we found that those entries in the accounting records that we checked were supported by receipts, other documentation or evidence that we inspected.

With respect to our findings in a and b above, we hereby certify these accounts are a true representation of the service charge accounts supplied by Letters Property management Limited as agents for Blakeney Place Limited.

For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

Prof Robert George Garvey

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.

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.

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.

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

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.

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 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.