THE_CORNEY_REACH_ESTATE_M - Accounts

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

The notes on pages 2 - 3 form an integral part of these financial statements.

For the financial year ended 29 June 2019 the company was entitled to exemption from audit under section 477 of the 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 members have 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 in accordance with the provisions applicable to companies subject to the small companies’ regime and FRS102 Section 1A.

The Corney Reach Estate Management Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Sworn & Co, 194 Chiswick High Road, London, W4 1PD.

The principal activity of the company continued to be that of the management of the communal areas of the development at Corney Reach.

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.

Income and expenses are included in the financial statements as they become receivable or due.

Expenses include VAT where applicable as the company cannot reclaim it.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The company only enters into basic financial instrument transactions that results in the recognition of financial asset and liability such as trade and other debtors and creditors, loan from bank and other third parties, loan to related parties and investments in non puttable ordinary shares.

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

The directors consider the carrying value of trade and other receivables approximate to their fair values

The directors consider the carrying amounts of current liabilities approximate to their fair values.