Northside Residents' Association Limited - Period Ending 2014-09-30

Registration number: 01011520

Northside Residents' Association Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2014
 

Redshield Business Solutions Limited
Chartered Accountants
Unit 2
Birchden Farm
Broadwater Forest Lane
Groombridge, Tunbridge Wells
Kent
TN3 9NR

Northside Residents' Association Limited
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5

Notes to the Financial Statements 6 to 7

Northside Residents' Association Limited
Company Information

Directors

S Healy P McDougall L Palmer M Saxby

Registered office

Unit 2 Birchden Farm Broadwater Forest Lane Groombridge Tunbridge Wells Kent TN3 9NR

Accountants

Redshield Business Solutions Limited Chartered Accountants Unit 2 Birchden Farm Broadwater Forest Lane Groombridge, Tunbridge Wells Kent TN3 9NR

Page 1

Northside Residents' Association Limited
Directors' Report for the Year Ended 30 September 2014

The directors present their report and the unaudited financial statements for the year ended 30 September 2014.

Directors of the company

The directors who held office during the year were as follows:

S Healy (appointed 28 October 2013)

M Saxby

L Dinwiddie (resigned 28 October 2013)

N Budd (appointed 15 January 2014 and resigned 14 January 2015)

C J Thomas (appointed 15 January 2014 and resigned 18 July 2014)

The following directors were appointed after the year end:

P McDougall (appointed 14 January 2015)

L Palmer (appointed 13 October 2014)

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 20 May 2015 and signed on its behalf by:

.........................................
L Palmer
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Northside Residents' Association Limited
for the Year Ended 30 September 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Northside Residents' Association Limited for the year ended 30 September 2014 set out on pages 4 to 7 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Northside Residents' Association Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Northside Residents' Association Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Northside Residents' Association Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Northside Residents' Association Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Northside Residents' Association Limited. You consider that Northside Residents' Association 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 accounts of Northside Residents' Association 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 accounts.

......................................

Redshield Business Solutions Limited
Chartered Accountants
Unit 2
Birchden Farm
Broadwater Forest Lane
Groombridge, Tunbridge Wells
Kent
TN3 9NR

20 May 2015

Page 3

Northside Residents' Association Limited
Profit and Loss Account for the Year Ended 30 September 2014

		Note			2014 £			2013 £
Turnover					38,580			50,410
Administrative expenses					(34,406)			(64,191)
Operating profit/(loss)					4,174			(13,781)
Profit/(loss) on ordinary activities before taxation					4,174			(13,781)
Profit/(loss) for the financial year		5			4,174			(13,781)

The notes on pages 6 to 7 form an integral part of these financial statements.
Page 4

Northside Residents' Association Limited
(Registration number: 01011520)
Balance Sheet at 30 September 2014

		Note			2014 £			2013 £
Current assets
Debtors		2			9,932			7,594
Cash at bank and in hand					2,154			1,203
					12,086			8,797
Creditors: Amounts falling due within one year		3			(4,256)			(5,141)
Net assets					7,830			3,656
Capital and reserves
Called up share capital		4			24			24
Profit and loss account		5			7,806			3,632
Shareholders' funds					7,830			3,656

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 30 September 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the Board on 20 May 2015 and signed on its behalf by:

.........................................
L Palmer
Director

The notes on pages 6 to 7 form an integral part of these financial statements.
Page 5

Northside Residents' Association Limited
Notes to the Financial Statements for the Year Ended 30 September 2014
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents the amounts derived from the provision of services to the leaseholders of 105, 107, 108 and 109 Clapham Common Northside, London SW4.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2

Debtors

		2014 £			2013 £
Trade debtors		4,124			2,631
Other debtors		5,808			4,963
		9,932			7,594

3	Creditors: Amounts falling due within one year

		2014 £			2013 £
Other creditors		4,256			5,141

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		24			24			24			24

Page 6

Northside Residents' Association Limited
Notes to the Financial Statements for the Year Ended 30 September 2014
......... continued

5

Reserves

		Profit and loss account £			Total £
At 1 October 2013		3,632			3,632
Profit for the year		4,174			4,174
At 30 September 2014		7,806			7,806

6

Control

The company is controlled by the shareholders. Each of the 24 flat leasehold owners of 105, 107, 108 and 109 Clapham Common Northside, London SW4 have one share in the company. The Directors pay service charges to the company as flat leasehold owners.

Page 7