Goodmayes Road Management Company Ltd - Period Ending 2022-12-31

Goodmayes Road Management Company Ltd

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account	4
Statement of Comprehensive Income	5
Balance Sheet	6
Statement of Changes in Equity	7
Notes to the Unaudited Financial Statements	8 to 10

Goodmayes Road Management Company Ltd

Company Information

Directors

Mr J P Rendall Mr S Blitz Mr I Hamid Mr S D Hart Mrs G Rai Mr B W R Rogers

Company secretary

Mr J P Rendall

Registered office

62 Queens Road Buckhurst Hill Essex IG9 5BY

Accountants

Blitz Gooday Ltd Chartered Certified Accountants 62 Queens Road Buckhurst Hill Essex IG9 5BY

Goodmayes Road Management Company Ltd

Directors' Report for the Year Ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors of the company

The directors who held office during the year were as follows:

Mr J P Rendall - Company secretary and director

Mr S Blitz

Mr I Hamid

Mr S D Hart

Mrs G Rai

Mr B W R Rogers

Principal activity

The principal activity of the company is that of a management company.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 3 March 2023 and signed on its behalf by:
 

......................................... Mr J P Rendall Company secretary and director

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Goodmayes Road Management Company Ltd
for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Goodmayes Road Management Company Ltd for the year ended 31 December 2022 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Goodmayes Road Management Company Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Goodmayes Road Management Company Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Goodmayes Road Management Company Ltd. You consider that Goodmayes Road Management Company Ltd 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 accounts of Goodmayes Road Management Company Ltd. 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 accounts.

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

Blitz Gooday Ltd
Chartered Certified Accountants
62 Queens Road
Buckhurst Hill
Essex
IG9 5BY

3 March 2023

Goodmayes Road Management Company Ltd

Profit and Loss Account for the Year Ended 31 December 2022

	Note	2022 £	2021 £
Turnover		17,827	17,326
Gross profit		17,827	17,326
Administrative expenses		(25,718)	(15,276)
Operating (loss)/profit		(7,891)	2,050
(Loss)/profit before tax	4	(7,891)	2,050
(Loss)/profit for the financial year		(7,891)	2,050

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Goodmayes Road Management Company Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2022

	2022 £	2021 £
(Loss)/profit for the year	(7,891)	2,050
Total comprehensive income for the year	(7,891)	2,050

Goodmayes Road Management Company Ltd

(Registration number: 03073572)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	5	233	937
Current assets
Debtors	6	2,237	1,794
Cash at bank and in hand		26,968	38,872
		29,205	40,666
Creditors: Amounts falling due within one year	7	(5,470)	(9,744)
Net current assets		23,735	30,922
Net assets		23,968	31,859
Capital and reserves
Other reserves		20,000	20,000
Retained earnings		3,968	11,859
Shareholders' funds		23,968	31,859

For the financial year ending 31 December 2022 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.

Approved and authorised by the Board on 3 March 2023 and signed on its behalf by:
 

......................................... Mr B W R Rogers Director

Goodmayes Road Management Company Ltd

Statement of Changes in Equity for the Year Ended 31 December 2022

	Reserve fund £	Profit and loss account £	Total £
At 1 January 2022	20,000	11,859	31,859
Loss for the year	-	(7,891)	(7,891)
Total comprehensive income	-	(7,891)	(7,891)
At 31 December 2022	20,000	3,968	23,968

	Other reserves £	Retained earnings £	Total £
At 1 January 2021	20,000	9,809	29,809
Profit for the year	-	2,050	2,050
At 31 December 2021	20,000	11,859	31,859

Goodmayes Road Management Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
62 Queens Road
Buckhurst Hill
Essex
IG9 5BY

These financial statements were authorised for issue by the Board on 3 March 2023.

2	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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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
Land and buildings	10 year straight line basis
Furniture, fittings and equipment	4 year straight line basis

Goodmayes Road Management Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

4	Loss/profit before tax

Arrived at after charging/(crediting)

	2022 £	2021 £
Depreciation expense	704	705

Goodmayes Road Management Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2022	12,572	8,978	21,550
At 31 December 2022	12,572	8,978	21,550
Depreciation
At 1 January 2022	12,408	8,205	20,613
Charge for the year	158	546	704
At 31 December 2022	12,566	8,751	21,317
Carrying amount
At 31 December 2022	6	227	233
At 31 December 2021	164	773	937

6

Debtors

Current	2022 £	2021 £
Trade debtors	297	-
Prepayments	1,940	1,794
	2,237	1,794

7

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	294	15
Accruals and deferred income	5,059	9,611
Other creditors	117	118
	5,470	9,744