Waterloo Lane Management Company Limited - Limited company accounts 11.9

REGISTERED NUMBER: 05971222 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

WATERLOO LANE MANAGEMENT COMPANY LIMITED

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income and Expenditure Account

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

L Doonan

Blenheim Consultancy Services Limited

SECRETARY:

Blenheim Consultancy Services Limited

REGISTERED OFFICE:

22 Barn Rise

Wembley

Middlesex

HA9 9NQ

REGISTERED NUMBER:

05971222 (England and Wales)

ACCOUNTANTS:

Websters

12 Melcombe Place

Marylebone

London

NW1 6JJ

The directors present their 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 lessees, of the

site known as Bond Street, Chelmsford, Essex. Aquila EHS Limited owns the reversionary freehold interest.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2014 to the date of

this report.

L Doonan

Blenheim Consultancy Services Limited

COMPANY STATUS

Waterloo Lane Management Company Limited is a company limited by guarantee under the Companies Act

1985. Therefore the company has no share capital.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in

accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law

the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They

are 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:

Blenheim Consultancy Services Limited - Director

15 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Waterloo Lane 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 Board of Directors of Waterloo Lane Management Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Waterloo Lane Management Company Limited and state those matters that we have agreed to state to the Board of Directors of Waterloo Lane Management Company Limited, as a body, 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 Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Waterloo Lane 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 Waterloo Lane Management Company Limited. You consider that Waterloo Lane 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 Waterloo Lane

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.

Websters

12 Melcombe Place

Marylebone

London

NW1 6JJ

15 March 2016

TURNOVER

146,964

127,013

Cost of sales

(146,964

)

(127,013

)

GROSS SURPLUS

-

-

OPERATING SURPLUS and

SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION

2

-

-

Tax on surplus on ordinary activities

3

-

-

SURPLUS FOR THE FINANCIAL YEAR

-

-

RETAINED SURPLUS CARRIED FORWARD

-

-

CURRENT ASSETS

Debtors

5

51,995

48,939

Cash at bank

13,007

3,389

65,002

52,328

CREDITORS

Amounts falling due within one year

6

(49,934

)

(40,066

)

NET CURRENT ASSETS

15,068

12,262

TOTAL ASSETS LESS CURRENT LIABILITIES

15,068

12,262

PROVISIONS FOR LIABILITIES

7

(15,068

)

(12,262

)

NET LIABILITIES

-

-

RESERVES

-

-

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 15 March 2016 and were signed on its behalf by:

Blenheim Consultancy Services Limited - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared in accordance with the Financial Reporting Standard for

Smaller Entities (effective April 2008) and draft FRC Abstract 1 (Residential Management Companies'

Financial Statements).

Turnover

Turnover comprises service charges receivable from the tenants of Bond Street, Chelmsford, Essex.

Service charges receivable are recognised as income in the financial statements concurrently with the

recognition of the service charge expenditure that is being funded.

2.	OPERATING SURPLUS

The directors received no remuneration in respect of their services to the company for the year.

3.

TAXATION

No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2014, nor

for the year ended 31 December 2013.

4.	PRIOR YEAR ADJUSTMENT

The financial statements for year ended 31 December 2013 were prepared on the basis that the

company was dormant, rather than operating on a non-profit basis. Furthermore draft FRC Abstract 1

(Residential Management Companies' Financial Statements) was not adopted in the preparation of

those financial statements.

In these financial statements Draft FRC Abstract 1 (Residential Management Companies' Financial

Statements) has been adopted and the accounting policies have been amended to include as turnover

the ground rents and service charges receivable, with the corresponding outgoings also reflected. The

balance sheet includes all of the company's own assets and liabilities.

The comparative figures have been re-stated on a consistent basis.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

as

restated

£

£

Trade debtors

8,980

11,560

Other debtors and prepayments

43,015

37,379

51,995

48,939

Included within other debtors is a balance of £34,067 (2013: £28,432) due to the service charge trust.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

as

restated

£

£

Trade creditors

13,334

17,505

Taxation and social security

1,891

646

Other creditors and accruals

34,709

21,915

49,934

40,066

7.	PROVISIONS FOR LIABILITIES

31.12.14

31.12.13

as

restated

£

£

Other provisions

Provision for future

expenditure

15,068

12,262

15,068

12,262

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by a voting majority of its members and accordingly there is no controlling

party.