CROSSMOLINA_BUILDINGS_MAN - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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.

Crossmolina Buildings Management Company Limited is a private company limited by shares incorporated in England and Wales, company registrtion number 07281444. The registered office is Kennet House, Northgate Street, Devizes, Wiltshire, SN10 1JT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of [XXXXX]. These consolidated financial statements are available from its registered office, [XXXXXX].

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Property management company

The company is a property management company, being a vehicle for the upkeep and maintenance of Crossmolina Buildings, Devizes ("the Property"). However, the company acts only in the fiduciary capacity of a trustee, on behalf of the occupants of the Property as a group, in collecting in service charge monies from the occupants and holding monies on trust for the occupants.

It is understood that when the company transacts with third parties providing services to the Property, in law the company acts as a principal rather than an agent. The company nevertheless considers that the substance of the transactions with the third parties service providers is that it acts only in the fiduciary capacity of a trustee, on behalf of the occupants.

In accordance with the substance of the company's position, that it only acts in a trustee fiduciary capacity, neither any income nor any expenses in respect of the Property is disclosed in the profit and loss account.

Accordingly, as the company's only activity is acting as a trustee in respect of the Property, and the company has no separate assets or liabilities of its own, the company is non trading. The balance sheet of the company reflects the assets and liabilities it holds in its fiduciary capacity and has no accumulated reserves on its own.

Taxation

The directors' believe that as the company is a property management company, and the service charge sums received are held on trust for the occupant and can only be used to meet relevant costs of the property, there is no liability on the company to corporation tax in respect of such sums received, No amounts were received from any other source during the period and accordingly there is no liability to corporation tax in the current or previous period under review.