Montrose (Wellswood) Management Company Limited 31/10/2020 iXBRL

Montrose (Wellswood) Management Company Limited 31/10/2020 iXBRL

MONTROSE (WELLSWOOD) MANAGEMENT COMPANY LIMITED - Company Information

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Company registration number: 07395819
Montrose (Wellswood) Management Company Limited
Unaudited filleted financial statements
31 October 2020
MONTROSE (WELLSWOOD) MANAGEMENT COMPANY LIMITED
Contents
Statement of financial position
Notes to the financial statements
MONTROSE (WELLSWOOD) MANAGEMENT COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2020
2020 2019
Note £ £ £ £
Current assets
Debtors 5 125 205
Cash at bank and in hand 2,334 3,544
_______ _______
2,459 3,749
Creditors: amounts falling due
within one year 6 ( 309) ( 294)
_______ _______
Net current assets 2,150 3,455
_______ _______
Total assets less current liabilities 2,150 3,455
_______ _______
Net assets 2,150 3,455
_______ _______
Capital and reserves
Called up share capital 5 5
Profit and loss account 7 2,145 3,450
_______ _______
Shareholders funds 2,150 3,455
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2021 , and are signed on behalf of the board by:
Mr M L Adkins
Director
Company registration number: 07395819
MONTROSE (WELLSWOOD) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Flat 2 Montrose, Kents Road, Wellswood, Torquay, Devon, TQ1 2NL.
Principal activity
The principal activity of the company the management of flats at Montrose, Kents Road, Torquay.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover represents service charges raised during the year.
Taxation
The profits of mutual trading are not treated as trading profits for tax purposes.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2019: 5 ).
5. Debtors
2020 2019
£ £
Trade debtors 125 205
_______ _______
6. Creditors: amounts falling due within one year
2020 2019
£ £
Accruals and deferred income 309 294
_______ _______
7. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.