Woolflodge Limited - Limited company accounts 16.1

REGISTERED NUMBER: 01879348 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 JUNE 2016

FOR

WOOLFLODGE 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:

D D Cuby

J D Hassan

SECRETARIES:

Finsbury Secretaries Limited

Admin & Event Solutions Limited

REGISTERED OFFICE:

C/O Lewis & Tucker

16 Wigmore Street

London

W1U 2RF

REGISTERED NUMBER:

01879348 (England and Wales)

ACCOUNTANTS:

20:20 Accountancy Solutions Ltd

Rowley Lane

Arkley

Barnet

Hertfordshire

EN5 3HS

The directors present their report with the financial statements of the company for the year ended 24 June 2016.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the management and maintenance of the

property at 73-85 Fairfax Road, London NW6 on behalf of the landlord and lessees. The company is a not for profit

entity; namely a mutual company acting as agent for the landlord and lease holders.

DIRECTORS

The directors shown below have held office during the whole of the period from 25 June 2015 to the date of this report.

D D Cuby

J D Hassan

SHARE CAPITAL

Woolflodge Limited is a company limited by guarantee and does not have any share capital.

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:

J D Hassan - Director

8 February 2017

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

financial statements of Woolflodge Limited for the year ended 24 June 2016 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 Woolflodge 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 Woolflodge Limited and state those matters that we have agreed to state to the Board of Directors of Woolflodge 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 Woolflodge 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 loss of Woolflodge Limited. You consider that Woolflodge 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 Woolflodge 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.

20:20 Accountancy Solutions Ltd

Rowley Lane

Arkley

Barnet

Hertfordshire

EN5 3HS

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

TURNOVER

-

-

Administrative expenses

(36,099

)

(37,717

)

(36,099

)

(37,717

)

Other operating income

36,097

37,717

OPERATING DEFICIT and

DEFICIT ON ORDINARY ACTIVITIES BEFORE TAXATION

2

(2

)

-

Tax on deficit on ordinary activities

3

-

-

DEFICIT FOR THE FINANCIAL YEAR

(2

)

-

CURRENT ASSETS

Debtors

4

14,145

35,840

Cash at bank

7,165

9,703

21,310

45,543

CREDITORS

Amounts falling due within one year

5

(21,293

)

(45,524

)

NET CURRENT ASSETS

17

19

TOTAL ASSETS LESS CURRENT LIABILITIES

17

19

RESERVES

Income and expenditure account

6

17

19

17

19

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 24 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 24 June 2016 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 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 8 February 2017 and were signed on its behalf by:

J D Hassan - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared on a basis to recognise and represent the purpose of the company as that of a

mutual company acting as agent on behalf of the landlord and leaseholders at 73-85 Fairfax Road, London NW6.

This approach is more consistent with the practice recommended by the recognised accountancy bodies and set

out in ICAEW Tech 03/11.

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.

Taxation

The company is not a profit making entity and is not subject to Corporation Tax on its operating surpluses.

Corporation Tax is chargeable on interest receivable. Deferred tax is not applicable to the company.

Sinking fund provisions

Sinking fund provisions relate to amounts demanded from lessees in respect of the anticipated cost of major

work programs.The sinking fund provision is released to the income statement of the accounting period in which

the related expenditure is incurred.

2.	OPERATING DEFICIT

The operating deficit is stated after charging:

24.6.16

24.6.15

£

£

Directors' remuneration and other benefits etc

-

-

3.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 24 June 2016 nor for the year

ended 24 June 2015.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

24.6.16

24.6.15

£

£

Other debtors

14,145

35,840

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

24.6.16

24.6.15

£

£

Trade creditors

15,275

-

Taxation and social security

-

36

Other creditors

6,018

45,488

21,293

45,524

6.

RESERVES

Income

and

expenditure

account

£

At 25 June 2015

19

Deficit for the year

(2

)

At 24 June 2016

17

7.	RELATED PARTY DISCLOSURES

The company is controlled by Rendham Holdings Limited.