STUDIO WAY(B/WOOD) MANAGEMENT CO LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03150620 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2020

for

STUDIO WAY (BOREHAMWOOD) MANAGEMENT

COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs J Brooke

SECRETARY:

Mrs J Brooke

REGISTERED OFFICE:

2 Place Farm

Wheathampstead

St Albans

Hertfordshire

AL4 8SB

REGISTERED NUMBER:

03150620 (England and Wales)

ACCOUNTANTS:

LYALL YOUNGMAN

2 Place Farm

Wheathampstead

St Albans

Hertfordshire

AL4 8SB

CURRENT ASSETS

Debtors

5

2,678

2,754

Cash at bank

2,896

20,129

5,574

22,883

CREDITORS

Amounts falling due within one year

6

771

11,798

NET CURRENT ASSETS

4,803

11,085

TOTAL ASSETS LESS CURRENT LIABILITIES

4,803

11,085

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

7

4,791

11,073

SHAREHOLDERS' FUNDS

4,803

11,085

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2020 and were signed by:

Mrs J Brooke - Director

1.	STATUTORY INFORMATION

STUDIO WAY (BOREHAMWOOD) MANAGEMENT COMPANY LIMITED is a private company, limited by shares ,

registered in England and Wales. The company's registered number and registered office address can be found on the

Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover and income recognition

Turnover represents management charges receivable and is recognised when due.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Management charges receivable

553

553

Prepayments

2,125

2,201

2,678

2,754

The prepayments of £2,125 (2019 £2,201) represents buildings and directors and officers insurance and Gardening paid in

advance at 31 January 2020. The buildings insurance premium paid for the year, 1 November 2019 to 31 October 2020,

was £2,599 with £1,949 (2019 £1,792) paid in advance for the nine months to 31 October 2020. The directors and officers

insurance paid for the year, 24 April 2019 to 23 April 2020, was £2,257 with £64 (2019 £62) paid in advance for the three

months to 23 April 2020. The February 2020 Gardening cost of £112 (2019 £212, including the removal of bushes) was

paid in advance. Cleaning costs paid in advance at 31.01.2020 was £nil (2019 £135.00).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Creditors

(1

)

158

Special management contribution

-

10,800

Accrued expenses

772

840

771

11,798

7.

RESERVES

Retained

earnings

£

At 1 February 2019

11,073

Deficit for the year

(6,282

)

At 31 January 2020

4,791

8.	ADMINISTRATION EXPENSES

The Company wishes to make Members aware that all of the Administration Costs together with costs involved in the sale

and purchase transactions each time a flat changes hands or changes mortgage facility. Until now all costs have been

absorbed by the Company Secretary, but it will now be necessary for the Company to give recognition of these costs and

reimburse them accordingly.

9.	MAINTENANCE FUNDS

Essential maintenance works have been undertaken and additional works are scheduled which include:

Internal Painting of common parts and replacement of carpets in common parts. To assist with the costs of these works a

levy of £900.00 was applied per property owner. At the time of these accounts not all monies for the levy have been paid,

as well as several owners making late payments. This has delayed works being undertaken. Please note that works cannot

be undertaken until all levies have been paid by all property owners.

Following legal proceedings we continue to have an outstanding payment in respect of D. Lipman, Flat 16 Hancock Court.

The delay in receiving all levy payments has meant that we have had to go out to tender again, needless to say prices for

re-carpeting have increased and we are awaiting additional quotations.

The company's Accountants, Lyall Youngman, strongly recommend that the cash reserves of the company should be

restored and maintained at a minimum level of £12,000, as soon as possible. This level of reserves should ensure the

efficient running of the management company, and enable the company to deal quickly with any unforeseen circumstances

whilst applying for further funding, to the benefit of all of the members.

From the 1st February 2020 the monthly maintenance will be increased to £100.00 per month, payable by standing order on

the 1st of the month. This is the first increase in 3 years and is necessary in order to ensure that sufficient funds are held to

cover work, particularly should an emergency occur. The monthly maintenance will be reviewed again from 1 February

2021.

10.	PROPERTY MAINTENANCE

It must be made clear to all shareholders that the Directors, of Studio Way (Borehamwood) Management Company

Limited, have given advice, in the best interests of all shareholders, pointing out it is essential the building is continually

well maintained, with the outside of the properties being professionally painted at least every 5 years. The Directors cannot

be held responsible, for the lack of maintenance on the properties, when shareholder owners refuse to pay the necessary

costs, in order to facilitate essential maintenance, and any additional costs incurred as a result of occupiers refusing to

financially support maintenance programmes.

All owners have a responsibility to maintain their own properties, namely areas which are not part of the "common

property", which includes, but is not limited to windows and window frames. For ground floor properties this includes

doors, door frames and windows which give access to the outside of the property.

The directors have a responsibility, to the Company, to pursue and where necessary, will register any arrears in Service

Charges with the appropriate bodies through the Courts. It is a requirement that all service charges are paid on the first of

the month by Standing Order.