Parnell Place Residents Company Limited - Limited company - abbreviated - 11.0.0
Parnell Place Residents Company Limited - Limited company - abbreviated - 11.0.0
| REGISTERED NUMBER: |
| PARNELL PLACE RESIDENTS COMPANY LIMITED |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 31 DECEMBER 2013 |
| PARNELL PLACE RESIDENTS COMPANY LIMITED (REGISTERED NUMBER: 02446682) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 DECEMBER 2013 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 3 |
| PARNELL PLACE RESIDENTS COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2013 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| PARNELL PLACE RESIDENTS COMPANY LIMITED (REGISTERED NUMBER: 02446682) |
| ABBREVIATED BALANCE SHEET |
| 31 DECEMBER 2013 |
| 2013 | 2012 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 3 |
| Share premium |
| Maintenance reserve | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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 profit or loss 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 |
| PARNELL PLACE RESIDENTS COMPANY LIMITED (REGISTERED NUMBER: 02446682) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 DECEMBER 2013 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company has spent a large amount on cyclical maintenance during the year ended 31 December 2013, which |
| has resulted in the negative reserves. The bank have provided a loan of £5,000 which is repayable in the year |
| ended 31 December 2014, and the director is confident that service charges received in the following twelve |
| months will clear the negative reserves. The financial statements have therefore been prepared on a going |
| concern basis. |
| 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 |
| Turnover represents the amounts derived from the provision of services to customers during the year. |
| Service charges are charged to the tenants each year based on the budgeted expenditure. Any deficit or surplus |
| arising where the actual expenditure does not equal budgeted expenditure is reflected in the accounts as a debtor |
| or creditor and is recovered from, or refunded to tenants in the following year. |
| Tangible fixed assets |
| Equipment | - |
| Deferred taxation |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or |
| a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only |
| to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits |
| from which the future reversal of the underlying timing differences can be deducted. |
| Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in |
| which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance |
| sheet date. |
| Taxation |
| The company operates on a mutual trading basis and is not liable to corporation tax. Funds held by the company |
| on behalf of the residents are deemed to be a trust under Section 42 of the Landlord and Tenant Act 1987 and |
| liable to taxation of 20% on interest received. |
| Maintenance reserve |
| The company is liable to ensure that certain areas, external to the flats, are kept in good repair and decorative |
| order. This includes major decorative work every few years. It has been decided that a separate maintenance |
| reserve should be maintained to cover the expected costs and appropriations are made from the profit and loss |
| account for this purpose. |
| PARNELL PLACE RESIDENTS COMPANY LIMITED (REGISTERED NUMBER: 02446682) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2013 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 January 2013 |
| and 31 December 2013 |
| DEPRECIATION |
| At 1 January 2013 |
| and 31 December 2013 |
| NET BOOK VALUE |
| At 31 December 2013 |
| At 31 December 2012 |
| 3. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2013 | 2012 |
| value: | £ | £ |
| Ordinary shares | £5 |