Town Mills Flats Limited - Period Ending 2020-12-31

Town Mills Flats Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 4

Town Mills Flats Limited

Company Information

Chairman

Y M Pasea

Directors

D J Gilbert L K McKinlay A Farrow S P Hacon R Hamisi

Company secretary

S A Baylis S P Hacon

Registered office

The Rectory 1 Toomers Wharf Canal Walk Newbury Berkshire RG14 1DY

Accountants

E J Business Consultants Limited The Rectory, 1 Toomers Wharf, Canal Walk Newbury Berkshire RG14 1DY

Town Mills Flats Limited

(Registration number: 01596924)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	3	6,070	6,070
Current assets
Debtors		81	185
Cash at bank and in hand		86,498	75,497
		86,579	75,682
Creditors: Amounts falling due within one year		(17,219)	(17,251)
Net current assets		69,360	58,431
Net assets		75,430	64,501
Capital and reserves
Called up share capital	4	21	21
Profit and loss account		75,409	64,480
Shareholders' funds		75,430	64,501

For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 5 July 2021 and signed on its behalf by:
 

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

Y M Pasea
Chairman

Town Mills Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2017 and 2016.

The company's business consists of the management on a non-profit making basis of blocks of flats for the owners, lessees or tenants of the flats. As such, the company is not subject to corporation tax on profit arising from the members. Any investment income is subject to corporation tax in the normal way, although over the years any associated liability has been covered by debenture interest paid by the company.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	Nil

2	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2019 - 0).

Town Mills Flats Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

3	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 January 2020	6,070	6,070
At 31 December 2020	6,070	6,070
Depreciation
Carrying amount
At 31 December 2020	6,070	6,070
At 31 December 2019	6,070	6,070

Included within the net book value of land and buildings above is £6,070 (2019 - £6,070) in respect of freehold land and buildings.
 

4	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	21	21	21	21

5	Related party transactions

Summary of transactions with other related parties

Cash at bank and in hand
 Included in the cash at bank and in hand balance at 31 December 2020, £86,498 (2019, £75,497) is a fund of £29,221 (2019, £17,907) which relates to service charge retained reserves. This is held on trust for those who pay the service charges.