Lansdowne Court (Budleigh Salterton) Management Company Limited - Period Ending 2016-07-31

Registration number: 02505613

Lansdowne Court (Budleigh Salterton) Management Company Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2016
 

Redwoods
Chartered Certified Accountants
2 Clyst Works,
Clyst Road, Topsham
Exeter
EX3 0DB

Lansdowne Court (Budleigh Salterton) Management Company Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lansdowne Court (Budleigh Salterton) Management Company Limited
for the Year Ended 31 July 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lansdowne Court (Budleigh Salterton) Management Company Limited for the year ended 31 July 2016 set out on pages 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 http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Lansdowne Court (Budleigh Salterton) Management Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lansdowne Court (Budleigh Salterton) Management Company Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lansdowne Court (Budleigh Salterton) Management Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lansdowne Court (Budleigh Salterton) Management Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lansdowne Court (Budleigh Salterton) Management Company Limited. You consider that Lansdowne Court (Budleigh Salterton) 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 accounts of Lansdowne Court (Budleigh Salterton) 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 accounts.

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

Redwoods
Chartered Certified Accountants
2 Clyst Works,
Clyst Road, Topsham
Exeter
EX3 0DB

28 September 2016

Page 1

Lansdowne Court (Budleigh Salterton) Management Company Limited
(Registration number: 02505613)
Abbreviated Balance Sheet at 31 July 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					509			509
Current assets
Cash at bank and in hand					7,726			6,406
Creditors: Amounts falling due within one year					(663)			(729)
Net current assets					7,063			5,677
Total assets less current liabilities					7,572			6,186
Creditors: Amounts falling due after more than one year					(509)			(509)
Net assets					7,063			5,677
Capital and reserves
Called up share capital		3			6			6
Profit and loss account					7,057			5,671
Shareholders' funds					7,063			5,677

For the year ending 31 July 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 28 September 2016 and signed on its behalf by:

.........................................
J Skinner
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Lansdowne Court (Budleigh Salterton) Management Company Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents service charges payable by the flat owners to enable the company to maintain the premises.

Impairment
 At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold land	No depreciation is provided

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Lansdowne Court (Budleigh Salterton) Management Company Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2015		509			509
At 31 July 2016		509			509
Depreciation
At 31 July 2016		-			-
Net book value
At 31 July 2016		509			509
At 31 July 2015		509			509

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		6			6			6			6

4

Control

The company is controlled by the directors and shareholders.

Page 4