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5 BERNERS STREET MANAGEMENT COMPANY LIMITED - Company Information

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10932089

5 Berners Street Management Company Limited

Registered number: 10932089

Directors' report and unaudited financial statements

For the period ended 31 August 2018

10932089

31 August 2018

5 BERNERS STREET MANAGEMENT COMPANY LIMITED

REGISTERED NUMBER: 10932089

BALANCE SHEET

AS AT 31 AUGUST 2018

		2018
Note		£

Fixed assets
Investment property	5		97,783
			97,783
Current assets
Debtors: amounts falling due within one year	6	33
		33
Creditors: amounts falling due within one year	7	(1,200)
Net current (liabilities)/assets			(1,167)
Total assets less current liabilities			96,616

Net assets			96,616

Capital and reserves
Called up share capital			5
Capital contribution			97,434
Profit and loss account			(823)
			96,616

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10932089

31 August 2018

5 BERNERS STREET MANAGEMENT COMPANY LIMITED

REGISTERED NUMBER: 10932089

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2018

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

S G Siggs

Director

Date: 22 May 2019

The notes on pages 3 to 6 form part of these financial statements.

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10932089

31 August 2018

5 BERNERS STREET MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2018

1.	General information

5 Berners Street Management Company Limited is a private company limited by shares incorporated in the United Kingdom. The Company’s registered number is 10932089. The address of its registered office is Richmond Point, 43 Richmond Hill, Bournemouth, Dorset, BH2 6LR.
The Company was incorporated on 24 August 2017 and began trading on that date. The principal activity of the Company is that of a provision of residential property management.
The financial statements have been presented in Pound Sterling as this is currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has elected to apply all amendments to FRS 102, as set out in the triennial review published in December 2017, prior to the mandatory adoption for accounting periods beginning on or after 1 January 2019.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern.
Accordingly the directors have a reasonable expectation that the Company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements.

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10932089

31 August 2018

5 BERNERS STREET MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2018

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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10932089

31 August 2018

5 BERNERS STREET MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2018

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

3.1 Critical judgements in applying the Company’s accounting policies
The critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have
considered both external and internal sources of information such as market conditions, counterparty
credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
3.2 Key sources of estimation uncertainty
Revaluation of investment properties
The Company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The fair value of the property is determined by the directors of the Company at 31 August 2018.

Employees

The average monthly number of employees, including directors, during the period was 3.

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10932089

31 August 2018

5 BERNERS STREET MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2018

5.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	97,783
	At 31 August 2018	97,783

Debtors

					2018
					£


	Other debtors	33
		33

7.	Creditors: Amounts falling due within one year
		2018
		£

	Accruals	1,200
		1,200

8.	Post balance sheet events

There have been no significant events affecting the Company since the year end.

9.	Controlling party

The ultimate controlling party are the shareholders of the Company.

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