Arlington Villas Management Company (2015) Limited - Period Ending 2020-01-31

Registration number: 09965109

Arlington Villas Management Company (2015) Limited Annual Report and Unaudited Financial Statements for the Year Ended 31 January 2020

Arlington Villas Management Company (2015) Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 4

Arlington Villas Management Company (2015) Limited

(Registration number: 09965109)
Balance Sheet as at 31 January 2020

	Note	2020 £	2019 £
Current assets
Cash at bank and in hand		5,186	9,413
Creditors: Amounts falling due within one year	3	(540)	(1,124)
Net assets		4,646	8,289
Capital and reserves
Profit and loss account		4,646	8,289
Total equity		4,646	8,289

For the financial year ending 31 January 2020 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 24 March 2020 and signed on its behalf by:
 

A J Dent Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Arlington Villas Management Company (2015) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

1	General information

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

The address of its registered office is:
Arlington Villlas
Sommers Crescent
Ilfracombe
Devon
EX34 9DP

These financial statements were authorised for issue by the Board on 24 March 2020.

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.

Judgements

There are no judgements which management have made in the process of applying the accounting policies.

Key sources of estimation uncertainty

There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed..

Revenue recognition

Turnover comprises contributions from each leaseholder to meet the expenses incurred by the company. The company recognises revenue in the period to which it relates.

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 2

Arlington Villas Management Company (2015) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

Trade debtors

Trade debtors are amounts due from leaseholders for service charges raised in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost 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.

Financial instruments

Classification
Basic financial assets include trade and other debtors, cash and bank balances. Basic financial liabilities include trade and other payables, bank loans and preference shares that are classified as debt.
 Recognition and measurement
Basic financial assets are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Other debtors are classified as current assets if payment is due within one year or less and are initially recorded at transaction price and subsequently measured at the undiscounted amount of the cash expected to be received. Trade debtors are referred to above.

Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid.
 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is 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 or loss.
 

Page 3

Arlington Villas Management Company (2015) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020

3

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Accruals and deferred income	540	1,124

Page 4