39 Falkner Square Management Company Ltd - Period Ending 2018-11-30

39 Falkner Square Management Company Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2018

39 Falkner Square Management Company Ltd

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account and Statement of Retained Earnings	4
Balance Sheet	5
Notes to the Financial Statements	6 to 9

39 Falkner Square Management Company Ltd

Company Information

Directors

Ms Kate Jackson Mr Mathew Peter Campbell Mr John McDonald Miss Jennifer Anderton Mrs Joanna McDonald

Registered office

10 Hanging Birches Widnes Cheshire WA8 5BJ

Accountants

Heriot Hughes Chartered Accountants Chartered Accountants 42 Crosby Road North Liverpool Merseyside L22 4QQ

Registered Number

04950622

Page 1

39 Falkner Square Management Company Ltd

Directors' Report for the Year Ended 30 November 2018

The directors present their report and the financial statements for the year ended 30 November 2018.

Directors of the company

The directors who held office during the year were as follows:

Mr Maurice Hugo Potts (resigned 21 June 2018)

Ms Kate Jackson (appointed 21 June 2018)

Mr Mathew Peter Campbell

Mr John McDonald

Miss Jennifer Anderton

Mrs Joanna McDonald

Principal activity

The principal activity of the company is that of the administration and maintenance of the common parts of the property known as 39 Falkner Square.

Small companies provision statement

This report has 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.

Approved by the Board on 8 August 2019 and signed on its behalf by:

.........................................
Mr Mathew Peter Campbell
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
39 Falkner Square Management Company Ltd
for the Year Ended 30 November 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 39 Falkner Square Management Company Ltd for the year ended 30 November 2018 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of 39 Falkner Square Management Company Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of 39 Falkner Square Management Company Ltd and state those matters that we have agreed to state to the Board of Directors of 39 Falkner Square Management Company Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 39 Falkner Square Management Company Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that 39 Falkner Square Management Company Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of 39 Falkner Square Management Company Ltd. You consider that 39 Falkner Square Management Company Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of 39 Falkner Square Management Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Heriot Hughes Chartered Accountants
Chartered Accountants
42 Crosby Road North
Liverpool
Merseyside
L22 4QQ

8 August 2019

Page 3

39 Falkner Square Management Company Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 November 2018

	Note	2018 £	2017 £
Turnover		4,772	4,780
Administrative expenses		(7,000)	(3,660)
Operating (loss)/profit		(2,228)	1,120
(Loss)/profit before tax		(2,228)	1,120
(Loss)/profit for the financial year		(2,228)	1,120
Retained earnings brought forward		4,601	3,480
Retained earnings carried forward		2,373	4,600

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 4

39 Falkner Square Management Company Ltd

(Registration number: 04950622)
Balance Sheet as at 30 November 2018

	Note	2018 £	2017 £
Current assets
Debtors	4	-	165
Cash at bank and in hand		2,942	5,034
		2,942	5,199
Creditors: Amounts falling due within one year	5	(565)	(595)
Net assets		2,377	4,604
Capital and reserves
Called up share capital	6	4	4
Profit and loss account		2,373	4,600
Total equity		2,377	4,604

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

Approved and authorised by the Board on 8 August 2019 and signed on its behalf by:
 

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

Mr Mathew Peter Campbell
Director

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 5

39 Falkner Square Management Company Ltd

Notes to the Financial Statements for the Year Ended 30 November 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Hanging Birches
Widnes
Cheshire
WA8 5BJ

These financial statements were authorised for issue by the Board on 8 August 2019.

2	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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetry amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover 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. Turnover 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.

Page 6

39 Falkner Square Management Company Ltd

Notes to the Financial Statements for the Year Ended 30 November 2018 (continued)

2	Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that results 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 non-puttable ordinary shares.
 Recognition and measurement
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, banks, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially mesured at present value of the future cash flows and subsquently at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 Impairment
Financial assets, other than those held at fair value through profit and loss, are assesed for indicatiors of impairment at each reporting date.

Financial assets are impaired where there is objective evidance, that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cashflows have been affected. If an asset is impaired, the impairment loss os the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carryinh amount would have been, had the impairment not previously been recognised. The reversal impairment is recognised in profit and loss.
 

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.

Page 7

39 Falkner Square Management Company Ltd

Notes to the Financial Statements for the Year Ended 30 November 2018 (continued)

2	Accounting policies (continued)

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2017 - 6).

4

Debtors

	2018 £	2017 £
Other debtors	-	165
Total current trade and other debtors	-	165

5

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Other creditors		565	595

Page 8

39 Falkner Square Management Company Ltd

Notes to the Financial Statements for the Year Ended 30 November 2018 (continued)

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	4	4	4	4

Page 9