GABLES_MANAGEMENT_LIMITED - Accounts
GABLES_MANAGEMENT_LIMITED - Accounts
Company Registration No. 00970046 (England and Wales)
(A COMPANY LIMITED BY GUARANTEE)
FOR THE YEAR ENDED 31 MARCH 2016
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors
Secretary
Company number
Registered office
England
Auditors
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Directors' report
1 - 2
Independent auditors' report
3 - 4
Profit and loss account
5
Statement of total recognised gains and losses
6
Balance sheet
7
Notes to the financial statements
8
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The directors present their report and financial statements for the year ended 31 March 2016.
Directors
The following directors have held office since 1 April 2015:
(Resigned 7 July 2015)
Auditors
Myers Clark were appointed auditors to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
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 profit or loss 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.
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
Statement of disclosure to auditors
Legal Status
The company is limited by guarantee and has no share capital.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Director
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF GABLES MANAGEMENT LIMITED
- 3 -
We have audited the financial statements of Gables Management Limited for the year ended 31 March 2016 set out on pages 5 to 8. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective January 2015) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement set out on pages 1 - 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
-
give a true and fair view of the state of the company's affairs as at 31 March 2016 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF GABLES MANAGEMENT LIMITED
- 4 -
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
for and on behalf of Myers Clark
Chartered Accountants
Statutory Auditor
(A COMPANY LIMITED BY GUARANTEE)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
2016
2015
as restated
Notes
£
£
Loss on ordinary activities before taxation
-
-
Tax on loss on ordinary activities
2
-
-
Loss for the year
3
-
-
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2016
- 6 -
2016
2015
as restated
Notes
£
£
Prior year adjustment
3
(32,450 )
-
Total gains and losses recognised since last financial statements
(32,450 )
-
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2016
- 7 -
2016
2015
as restated
Notes
£
£
£
£
Current assets
Total assets less current liabilities
-
-
Capital and reserves
Members' funds
-
-
Approved by the Board for issue on 13 December 2016
Director
Company Registration No. 00970046
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
- 8 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Status
During the year the company has acted as agent for the lessees of the property at The Gables, Fortis Green, London. The funds in relation to the maintenance of the property are held in trust. As at 31 March 2016 the cash balance held on behalf of the lessees amounted to £24,003.
The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from Gables Management Limited.
2
Taxation
On the basis of these financial statements no provision has been made for corporation tax.
3
Statement of movements on profit and loss account
Profit and loss
account
account
£
Balance at 1 April 2015 as previously reported
Prior year adjustment
(32,450 )
Balance at 1 April 2015 as restated
-
Prior year adjustment
It was resolved that the service charge assets and associated liabilities in relation to the maintenance of the property governed by the lease should be held in trust and therefore reported separately from the statutory company accounts.
On this basis, a prior year adjustment has been made to strip out the amounts which relate to the service charge fund, as a result:
- Current assets due within one year amounting to £36,487 have been transferred to give a balance brought forward at 1 April 2015 of £nil;
- Creditors due within one year have been reduced from £4,037 brought forward at 1 April 2015 to £nil; and
- The reserve fund totalling £32,450 has been transferred to give a balance of £nil as at 1 April 2015.