ACCOUNTS - Final Accounts preparation

THE LANES (CHANNELS, CHELMSFORD) MANAGEMENT COMPANY LIMITED - Company Information

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Registered number: 10458560

THE LANES (CHANNELS, CHELMSFORD) MANAGEMENT COMPANY LIMITED

(A company limited by guarantee)

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2020

THE LANES (CHANNELS, CHELMSFORD) MANAGEMENT COMPANY LIMITED

(A company limited by guarantee)

REGISTERED NUMBER: 10458560

BALANCE SHEET

AS AT 30 JUNE 2020

		2020		2019
Note		£		£


Current assets
Debtors: amounts falling due within one year	3	5,825		10,029
		5,825		10,029
Creditors: amounts falling due within one year	4	(5,825)		(10,029)
Net current assets			-		-
Total assets less current liabilities			-		-

Net assets			-		-

Capital and reserves
	-	-

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 December 2020.

M.L Sainter

Director

The notes on form part of these financial statements.

THE LANES (CHANNELS, CHELMSFORD) MANAGEMENT COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

1.	General information

The company is a private limited company, limited by guarantee, incorporated in Wales. The registered address is Pod Group Services Limited Kinetic Business Centre, Theobald Street, Borehamwood, Hertfordshire, WD6 4PJ.
The principle activity of the company is that of residential property management.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of

THE LANES (CHANNELS, CHELMSFORD) MANAGEMENT COMPANY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

2.Accounting policies (continued)

2.6

Financial instruments (continued)

financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debtors

					2020	2019
					£	£


Trade debtors	5,382	8,999
Other debtors	-	452
Prepayments and accrued income	443	578
	5,825	10,029

4.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Other creditors	5,225	-
Accruals and deferred income	600	10,029
	5,825	10,029


5.	Company status

The company is a private company limited by guarantee and consequently does not have share capital.

6.	Money held on trust
	This company acts as a trustee and holds service charge monies in trust under Section 42 Landlord and Tenant Act 1987 on behalf of the residents of the property which it manages. The amount of service charge monies held at the year end totals £172 (2019 £4,116). This amount is not shown on the balance sheet of these financial statements as the money is not an asset of the company.