Princess Court Residents' Group Limited - Limited company accounts 16.1

REGISTERED NUMBER: 02207246 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2015

for

Princess Court Residents' Group Limited

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Profit and Loss Account

4

Statement of Total Recognised Gains and Losses

5

Balance Sheet

6

Notes to the Financial Statements

8

DIRECTORS:

Ms D Brooks

Miss R L Buttle

Ms J Clyne

P H M Day

Mrs G Munden

P W Scott

P Whitwell

REGISTERED OFFICE:

Princess Court

St Peter Street

Winchester

Hampshire

SO23 8DN

REGISTERED NUMBER:

02207246 (England and Wales)

ACCOUNTANTS:

Haines Watts Southampton Limited

Chartered Accountants

130 Bournemouth Road

Chandler's Ford

Eastleigh

Hampshire

SO53 3AL

The directors present their report with the financial statements of the company for the year ended 31 December 2015.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2015 to

the date of this report.

Ms D Brooks

Miss R L Buttle

Ms J Clyne

P H M Day

Mrs G Munden

P W Scott

P Whitwell

Other changes in directors holding office are as follows:

Ms V I Cornwall - resigned 12 February 2015

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

P W Scott - Director

12 September 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 Princess Court Residents' Group Limited for the year ended

31 December 2015 which comprise the Profit and Loss Account, the Balance Sheet, the Statement

of Total Recognised Gains and Losses 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.

Our work has been undertaken in accordance with AAF 2/10 as detailed at icaew.com/compilation.

Haines Watts Southampton Limited

Chartered Accountants

130 Bournemouth Road

Chandler's Ford

Eastleigh

Hampshire

SO53 3AL

Date: .............................................

TURNOVER

1,050

1,085

Administrative expenses

632

2,003

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE
TAXATION

2

418

(918

)

Tax on profit/(loss) on ordinary
activities

3

84

191

PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

334

(1,109

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

334

(1,109

)

TOTAL RECOGNISED GAINS AND LOSSES
RELATING TO THE YEAR

334

(1,109

)

Prior year adjustment

(61,116

)

TOTAL GAINS AND LOSSES RECOGNISED
SINCE LAST ANNUAL REPORT

(62,225

)

FIXED ASSETS

Tangible assets

4

7,600

CURRENT ASSETS

Debtors

5

1,178

CREDITORS

Amounts falling due within one year

6

9,525

9,859

NET CURRENT LIABILITIES

(8,347

)

(8,681

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(747

)

(1,081

)

CAPITAL AND RESERVES

Called up share capital

7

28

Profit and loss account

8

(775

)

(1,109

)

SHAREHOLDERS' FUNDS

(747

)

(1,081

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 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 have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the Board of Directors on 12 September 2016 and were
signed on its behalf by:

P W Scott - Director

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 January

2015).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the

company qualifies as a small company.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

Turnover

Turnover represents ground rents received and receivable in the period.

Service charges

The company is responsible for the management of the property at Princess Court, St Peter

Street, Winchester, Hampshire. The company collects service charges from lessees in order to

fund expenditure incurred in the management of the property. These service charge funds are

held in trust for the lessees as required by the Landlord and Tenant Act 1987.

Transactions relating to the management of the property are reported separately to the lessees

and are excluded from the company's financial statements.

Investment property

In accordance with the Financial Reporting Standard for Smaller Entities (FRSSE), no

depreciation is provided in respect of freehold properties held as investments. This is a

departure from the requirements of the Companies Act 2006 which requires all properties to

be depreciated. Such properties are held for investment and not for consumption and the

directors consider that to depreciate the property would not give a true and fair view.

Depreciation is only one of many elements reflected in the annual valuation of properties and

accordingly the amount of depreciation which otherwise would have been charged cannot be

separately identified or quantified. The directors consider that this policy results in the

accounts giving a true and fair view.

2.	OPERATING PROFIT/(LOSS)

The operating profit (2014 - operating loss) is stated after charging:

31.12.15

31.12.14

£

Directors' remuneration and other benefits etc

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31.12.15

31.12.14

£

Current tax:

UK corporation tax

84

191

Tax on profit/(loss) on ordinary activities

84

191

Factors affecting the tax charge

The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

31.12.15

31.12.14

£

Profit/(loss) on ordinary activities before tax

418

(918

)

Profit/(loss) on ordinary activities

multiplied by the standard rate of corporation tax

in the UK of 20% (2014 - 20%)

84

(184

)

Effects of:

Expenses not deductible for tax purposes

-

375

Current tax charge

84

191

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 January 2015

and 31 December 2015

7,600

NET BOOK VALUE

At 31 December 2015

7,600

At 31 December 2014

7,600

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR

31.12.15

31.12.14

£

Other debtors

1,178

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR

31.12.15

31.12.14

£

Taxation and social security

278

195

Other creditors

9,247

9,664

9,525

9,859

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

28

Ordinary

£1

28

8.

RESERVES

Profit

and loss

account

£

At 1 January 2015

(1,109

)

Profit for the year

334

At 31 December 2015

(775

)

9.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.