GAMBELL CLOSE MANAGEMENT LIMITED 31/12/2019 iXBRL

GAMBELL CLOSE MANAGEMENT LIMITED 31/12/2019 iXBRL

GAMBELL CLOSE MANAGEMENT LIMITED - Company Information

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GAMBELL CLOSE MANAGEMENT LIMITED
Company limited by guarantee
Unaudited financial statements
31 December 2019
Company registration number 09356180
GAMBELL CLOSE MANAGEMENT LIMITED
Company limited by guarantee
Contents
Directors and other information
Directors report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
GAMBELL CLOSE MANAGEMENT LIMITED
Company limited by guarantee
Directors and other information
Directors A.R. Rainer
F.E. Johnson
R.E. Prichard
P.W. Smith
Company number 09356180
Registered office 3 Gambell Close
Teynham
Sittingbourne
Kent
ME9 9AY
Accountants J.A.D. Associates Limited
4 Bloors Lane
Rainham
Gillingham
Kent
GAMBELL CLOSE MANAGEMENT LIMITED
Company limited by guarantee
Directors report
Year ended 31 December 2019
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2019.
Directors
The directors who served the company during the year were as follows:
A.R. Rainer
F.E. Johnson
R.E. Prichard
P.W. Smith
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 24 February 2020 and signed on behalf of the board by:
A.R. Rainer
Director
GAMBELL CLOSE MANAGEMENT LIMITED
Company limited by guarantee
Statement of comprehensive income
Year ended 31 December 2019
2019 2018
Note £ £
Turnover 2,997 4,263
Administrative expenses ( 2,397) ( 3,818)
_______ _______
Operating profit 600 445
_______ _______
Profit before taxation 600 445
Tax on profit - -
_______ _______
Profit for the financial year and total comprehensive income 600 445
_______ _______
All the activities of the company are from continuing operations.
GAMBELL CLOSE MANAGEMENT LIMITED
Company limited by guarantee
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Current assets
Cash at bank and in hand 2,479 1,976
_______ _______
2,479 1,976
Creditors: amounts falling due
within one year 5 ( 516) ( 613)
_______ _______
Net current assets 1,963 1,363
_______ _______
Total assets less current liabilities 1,963 1,363
_______ _______
Net assets 1,963 1,363
_______ _______
Capital and reserves
Profit and loss account 1,963 1,363
_______ _______
Members funds 1,963 1,363
_______ _______
For the year ending 31 December 2019 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 24 February 2020 , and are signed on behalf of the board by:
A.R. Rainer
Director
Company registration number: 09356180
GAMBELL CLOSE MANAGEMENT LIMITED
Company limited by guarantee
Statement of changes in equity
Year ended 31 December 2019
Profit and loss account Total
£ £
At 1 January 2018 918 918
Profit for the year 445 445
_______ _______
Total comprehensive income for the year 445 445
_______ _______
At 31 December 2018 and 1 January 2019 1,363 1,363
Profit for the year 600 600
_______ _______
Total comprehensive income for the year 600 600
_______ _______
At 31 December 2019 1,963 1,963
_______ _______
GAMBELL CLOSE MANAGEMENT LIMITED
Company limited by guarantee
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 3 Gambell Close, Teynham, Sittingbourne, Kent, ME9 9AY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Income represents the total income receivable from the residents for the year and derives from the provision of services falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The liability of each member is limited to £1, being the amount that each member undertakes to contribute to the assets of the Company in the event of it being wound up while they are a member or within one year after they cease to be a member.
5. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 90 103
Other creditors 426 510
_______ _______
516 613
_______ _______
GAMBELL CLOSE MANAGEMENT LIMITED
Company limited by guarantee
The following pages do not form part of the statutory accounts.
GAMBELL CLOSE MANAGEMENT LIMITED
Company limited by guarantee
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Gambell Close Management Limited
Year ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gambell Close Management Limited for the year ended 31 December 2019 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes 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, 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 Gambell Close Management Limited, as a body, in accordance with the terms of our engagement letter dated 18 August 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Gambell Close Management Limited and state those matters that we have agreed to state to the board of directors of Gambell Close Management Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gambell Close Management Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Gambell Close Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gambell Close Management Limited. You consider that Gambell Close Management Limited 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 financial statements of Gambell Close Management Limited. 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 financial statements.
J.A.D. Associates Limited
Chartered Accountants
4 Bloors Lane
Rainham
Gillingham
Kent