Waterloo Lane Management Company Limited - Limited company accounts 20.1

REGISTERED NUMBER: 05971222 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

WATERLOO LANE MANAGEMENT COMPANY LIMITED

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

Blenheim Consultancy Services Limited

Aquila Estates Limited

D Chambers

SECRETARY:

Blenheim Consultancy Services Limited

REGISTERED OFFICE:

6a High Street

Chelmsford

CM1 1BE

REGISTERED NUMBER:

05971222 (England and Wales)

ACCOUNTANTS:

Websters

12 Melcombe Place

London

NW1 6JJ

The directors present their report with the financial statements of the company for the year ended 31 December 2019.

PRINCIPAL ACTIVITY

The company's activities comprise the control, supervision and management, on behalf of the lessees, of the site known as Bond Street, Chelmsford, Essex. Aquila EHS Limited owns the reversionary freehold interest.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this report.

Blenheim Consultancy Services Limited

Aquila Estates Limited

Other changes in directors holding office are as follows:

D Chambers was appointed as a director after 31 December 2019 but prior to the date of this report.

P G Hirst ceased to be a director after 31 December 2019 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

D Chambers - Director

23 December 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Waterloo Lane Management Company Limited for the year ended 31 December 2019 which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Waterloo Lane Management Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Waterloo Lane Management Company Limited and state those matters that we have agreed to state to the Board of Directors of Waterloo Lane Management Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Waterloo Lane Management Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Waterloo Lane Management 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 profit of Waterloo Lane Management Company Limited. You consider that Waterloo Lane Management 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 Waterloo Lane Management 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.

Websters

12 Melcombe Place

London

NW1 6JJ

23 December 2020

SERVICE CHARGES RECEIVABLE

156,453

163,143

Service charge expenditure

(156,453

)

(163,143

)

GROSS SURPLUS

-

OPERATING SURPLUS and

SURPLUS BEFORE TAXATION

-

Tax on surplus

-

SURPLUS FOR THE FINANCIAL YEAR

-

CURRENT ASSETS

Debtors

5

69,159

93,600

Cash at bank

15,030

44,081

84,189

137,681

CREDITORS

Amounts falling due within one year

6

(60,344

)

(53,968

)

NET CURRENT ASSETS

23,845

83,713

TOTAL ASSETS LESS CURRENT
LIABILITIES

23,845

83,713

PROVISIONS FOR LIABILITIES

(23,845

)

(83,713

)

NET LIABILITIES

-

RESERVES

-

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 surplus or deficit 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2020 and were signed on its behalf by:

D Chambers - Director

1.	STATUTORY INFORMATION

Waterloo Lane Management Company Limited is a private company, limited by guarantee , 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are also prepared in accordance with the Institute of Chartered Accountants in England and Wales ("ICAEW") Technical Release "Tech 03/11" and taking account of subsequent legal counsel's opinion obtained separately by both ICAEW and the Financial Reporting Council in determining whether a management company acts as principal when contracting with third party suppliers to the property's service charge.

Turnover

Turnover comprises service charges receivable from the tenants of Bond Street, Chelmsford, Essex.

Service charges receivable are recognised as income in the financial statements concurrently with the recognition of the service charge expenditure that is being funded.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	OPERATING SURPLUS

The directors received no remuneration in respect of their services to the company for the year.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

Trade debtors

16,553

45,280

Other debtors and prepayments

52,606

48,320

69,159

93,600

Included within other debtors is a balance of £41,890 (2018: £28,706) due from the service charge fund which is held in trust by the company for the benefit of the residential lessees of Bond Street, Chelmsford, Essex.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

Trade creditors

862

3,545

Taxation and social security

3,994

3,728

Other creditors and accruals

55,488

46,695

60,344

53,968

7.	LIMITED BY GUARANTEE

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

Under the company's Memorandum of Association, each member of the company undertakes to contribute such amount as may be required (not exceeding £1) to the company's assets if it should be wound up.

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by a voting majority of its members and accordingly there is no controlling party.