Wembley Park Management Company Limited - Limited company accounts 11.7
Wembley Park Management Company Limited - Limited company accounts 11.7
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTOR AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2014 |
| FOR |
| WEMBLEY PARK MANAGEMENT COMPANY LIMITED |
| WEMBLEY PARK MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 04814751) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2014 |
| Page |
| Company Information | 1 |
| Report of the Director | 2 |
| Chartered Accountants' Report | 3 |
| Income and Expenditure Account | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 |
| WEMBLEY PARK MANAGEMENT COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2014 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| WEMBLEY PARK MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 04814751) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 DECEMBER 2014 |
| The director presents his report with the financial statements of the company for the year ended 31 December 2014. |
| PRINCIPAL ACTIVITY |
| The company's activities comprise the control, supervision and management, on behalf of the tenants, of the |
| site known as Wembley Park, Middlesex HA9. RK Investments Limited owns the reversionary freehold |
| interest. Through the provisions within the leases, the company also collects ground rents from the lessees of |
| this property on behalf of the landlord, but with no financial risk or beneficial interest. |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Report of the Director and the financial statements in accordance |
| with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the |
| director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is |
| 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 special provisions of Part 15 of the Companies Act |
| 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| WEMBLEY PARK MANAGEMENT COMPANY LIMITED |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
| the financial statements of Wembley Park Management Company Limited for the year ended |
| 31 December 2014 which comprise the Income and Expenditure Account, the 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 at icaew.com/membershandbook. |
| This report is made solely to the director of Wembley Park Management Company Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wembley Park Management Company Limited and state those matters that we have agreed to state to the director of Wembley Park Management Company Limited 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 the company and its director for our work or for this report. |
| It is your duty to ensure that Wembley Park 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 Wembley Park Management Company Limited. You consider that Wembley Park 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 Wembley Park |
| 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. |
| 28 September 2015 |
| WEMBLEY PARK MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 04814751) |
| INCOME AND EXPENDITURE ACCOUNT |
| FOR THE YEAR ENDED 31 DECEMBER 2014 |
| 31.12.14 | 31.12.13 |
| Notes | £ | £ |
| TURNOVER |
| OPERATING SURPLUS and |
| SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION |
2 |
| Tax on surplus on ordinary activities | 3 |
| SURPLUS FOR THE FINANCIAL YEAR |
| WEMBLEY PARK MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 04814751) |
| BALANCE SHEET |
| 31 DECEMBER 2014 |
| 31.12.14 | 31.12.13 |
| Notes | £ | £ |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| RESERVES | - | - |
| The director acknowledges his 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 were approved by the director on |
| WEMBLEY PARK MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 04814751) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2014 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| 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 |
| The company acts as an agent for the landlord in the collection of ground rent from the lessees. This |
| ground rent is paid to the landlord without surplus or deficit and therefore, as the company has no |
| beneficial entitlement to this ground rent, it is not recognised as turnover. |
| Service charge funds |
| The company receives contributions towards property outgoings from the lessees ('service charge |
| funds'). However, as set out in Section 42 of The Landlord & Tenant Act 1987, the company holds |
| these funds in trust for the lessees and, in accordance with recommended practice issued by Institute |
| of Chartered Accountants in England and Wales, these contributions are not reflected in the accounts. |
| 2. | OPERATING SURPLUS |
| The director received no remuneration in respect of his services to the company for the year. |
| 3. | TAXATION |
| In respect of the collection and forwarding of ground rents to the landlord, there is no surplus within the |
| company and hence no charge to corporation tax. |
| Service charge funds are held by the company in trust for the tenants and hence any income tax |
| chargeable at the rate applicable to such trusts is not reflected in these accounts. |
| 4. | TOTAL FUNDS |
| 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. |
| 5. | RESERVES |
| Income |
| and |
| expenditure |
| account |
| £ |
| Surplus for the year |
| At 31 December 2014 |
| 6. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by a voting majority of its members and accordingly there is no controlling |
| related party. |