PRIORY_MEADOWS_NO.1_RESID - Accounts

The director presents his annual report and financial statements for the year ended 31 March 2020.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Priory Meadows No.1 Residents Company Limited for the year ended 31 March 2020 set out on pages 3 to 5 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 Priory Meadows No.1 Residents Company Limited, as a body, in accordance with the terms of our engagement letter dated 1 September 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Priory Meadows No.1 Residents Company Limited and state those matters that we have agreed to state to the Board of Directors of Priory Meadows No.1 Residents Company Limited, 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 Priory Meadows No.1 Residents Company Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Priory Meadows No.1 Residents Company 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 result of Priory Meadows No.1 Residents Company Limited. You consider that Priory Meadows No.1 Residents Company 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 Priory Meadows No.1 Residents Company 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.

For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The director acknowledges his 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.

Priory Meadows No.1 Residents Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Omnicroft Limited, 33 Station Road, Rainham, Gillingham, Kent, ME8 7RS.

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. The principal accounting policies adopted are set out below.

The company has not traded during the year or the preceding financial period. During this time the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Equity instruments issued by the company are recorded at the proceeds received.

Status

During the year the company has acted as agent for the lessees of the property at 1-14 Avonmouth Road, 11-28 Humber Road & 63-70 Kenwyn Road, Dartford, Kent. The funds in relation to the maintenance of the property are held in trust. As at 31 March 2020 the cash balance held on behalf of the lessees amounted to £56,390.

The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from Priory Meadows No.1 Residents Company Limited.