Bernard Crescent Management Company Limited - Period Ending 2014-03-31

Registration number: 1888401

Bernard Crescent Management Company Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Bernard Crescent Management Company Limited
(Registration number: 1888401)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					270			60
Current assets
Debtors					2,453			330
Cash at bank and in hand					21,237			22,786
					23,690			23,116
Creditors: Amounts falling due within one year					(23,922)			(23,138)
Net current liabilities					(232)			(22)
Net assets					38			38
Capital and reserves
Called up share capital		3			30			30
Profit and loss account					8			8
Shareholders' funds					38			38

For the year ending 31 March 2014 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 17 June 2014 and signed on its behalf by:

.........................................
Mrs K A Knight
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
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Bernard Crescent Management Company Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... 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 April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable in respect of services to flat-owners.

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
Plant and machinery	25% Net book value

Fixed asset investments

All fixed assets are initially recorded at cost.

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		1,249			1,249
Additions		301			301
At 31 March 2014		1,550			1,550
Depreciation
At 1 April 2013		1,189			1,189
Charge for the year		91			91
At 31 March 2014		1,280			1,280
Net book value
At 31 March 2014		270			270
At 31 March 2013		60			60

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Bernard Crescent Management Company Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		30			30			30			30

4	Flat Owners' Maintenance Fund

The terms of the lease allow the Company to retain excess service charges paid by the tenants as a reserve fund. The Reserve Fund is held upon Statutory Trust under the Landlord and Tenant Act 1987. The monies are not held in a separate designated bank account and are treated as a loan to the Company. The Fund is either added to or reduced from year to year as the income exceeds or falls short of the expenditure.
  The movements in the fund are as follows:-

	2014	2013
	£	£
Balance brought forward	21,799	17,246
Transfer (to)/from Company	(2,123)	4,553
	19,675	21,799

5

Insurance

On the renewal date of the insurance in May 2014 an insurance policy, underwritten by Zurich, was completed. The declared value on the policy for buildings was £2,904,492 and the sum insured was £3,921,064. In addition there was cover for employer's, property owners' and Directors' liabilities. The total cost of insurance for the 2014/15 year was £3,793.

6

Control

The company is controlled by no individual shareholder or group of shareholders .

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