ACCOUNTS - Final Accounts

BUTTERFIELD PARK MANAGEMENT LIMITED - Company Information

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Registered number: 06367659

BUTTERFIELD PARK MANAGEMENT LIMITED

(A company limited by guarantee)

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

BUTTERFIELD PARK MANAGEMENT LIMITED

(A company limited by guarantee)

REGISTERED NUMBER: 06367659

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	41,287		28,748
Cash at bank and in hand		105,687		182,680
		146,974		211,428
Creditors: amounts falling due within one year	5	(146,974)		(211,428)
Net current assets			-		-
Total assets less current liabilities			-		-

Net assets			-		-

Capital and reserves
	-	-

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2021.

Mr J P S Bianco

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

BUTTERFIELD PARK MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

The principal activity of Butterfield Park Management Limited is that of a service charge company.
The Company is a private company limited by guarantee and is incorporated in England and Wales. The Company consequently does not have share capital. Each of the members of the company of whom there are two (2018: two) are liable to contibute £1 towards the assets of the company in the event of liquidation.
The Registered Office is Heydon Lodge, Flint Cross, Newmarket Road, Heydon, Royston, Hertfordshire, SG8 7PN.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 2

BUTTERFIELD PARK MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.3

Financial instruments (continued)

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to
settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

Page 3

BUTTERFIELD PARK MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Debtors

					2021	2020
					£	£


Trade debtors	14,474	28,748
Other debtors	20,943	-
Prepayments and accrued income	5,870	-
	41,287	28,748

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	93,273	56,564
Other taxation and social security	-	2,543
Other creditors	19,822	19,822
Accruals and deferred income	33,879	132,499
	146,974	211,428

6.	Related party transactions

Included within other creditors is a balance of £19,822 (2020: £19,822) owed to the members of the company.

Control

The directors consider there is no controlling party.

Page 4