Castlehill Estate Management Company Limited Small abridged accounts

Castlehill Estate Management Company Limited Small abridged accounts

CASTLEHILL ESTATE MANAGEMENT COMPANY LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Castlehill Estate Management Company Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 30 November 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: NI066939
Castlehill Estate Management Company Limited
Unaudited Abridged Financial Statements
30 November 2016
M J KANE & CO ACCOUNTANTS LTD
Chartered Certified Accountants
3rd Floor
2 Market Place
Carrickfergus
Co. Antrim
N Ireland
BT38 7AW
Castlehill Estate Management Company Limited
Abridged Financial Statements
Year ended 30 November 2016
Contents
Page
Directors' report
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
2
Statement of income and retained earnings
3
Abridged statement of financial position
4
Notes to the abridged financial statements
5
The following pages do not form part of the abridged financial statements
Detailed abridged income statement
8
Notes to the detailed abridged income statement
9
Castlehill Estate Management Company Limited
Directors' Report
Year ended 30 November 2016
The directors present their report and the unaudited abridged financial statements of the company for the year ended 30 November 2016 .
Directors
The directors who served the company during the year were as follows:
Mr Gary Millar
Mr Binne Vries
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 12 April 2017 and signed on behalf of the board by:
Mr Gary Millar
Geraldine Kane
Director
Company Secretary
Registered office:
2 Market Place
Carrickfergus
Antrim
Northern Ireland
BT38 7AW
Castlehill Estate Management Company Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Castlehill Estate Management Company Limited
Year ended 30 November 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Castlehill Estate Management Company Limited for the year ended 30 November 2016, which comprise the statement of income and retained earnings, abridged statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Castlehill Estate Management Company Limited, as a body, in accordance with the terms of our engagement letter dated 12 April 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Castlehill Estate Management Company Limited and state those matters that we have agreed to state you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at 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 Castlehill Estate 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 Castlehill Estate Management Company Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Castlehill Estate Management Company Limited. You consider that Castlehill Estate 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 abridged financial statements of Castlehill Estate 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 abridged financial statements.
M J KANE & CO ACCOUNTANTS LTD Chartered Certified Accountants
3rd Floor 2 Market Place Carrickfergus Co. Antrim N Ireland BT38 7AW
12 April 2017
Castlehill Estate Management Company Limited
Statement of Income and Retained Earnings
Year ended 30 November 2016
2016
2015
Note
£
£
Gross profit
2,897
–
Administrative expenses
3,274
( 87)
-------
----
Operating (loss)/profit
( 377)
87
Interest payable and similar expenses
5
–
13
-------
----
(Loss)/profit before taxation
( 377)
74
Tax on (loss)/profit
–
–
----
----
(Loss)/profit for the financial year and total comprehensive income
( 377)
74
----
----
Retained earnings at the start of the year
1,205
1,131
-------
-------
Retained earnings at the end of the year
828
1,205
-------
-------
All the activities of the company are from continuing operations.
Castlehill Estate Management Company Limited
Abridged Statement of Financial Position
30 November 2016
2016
2015
Note
£
£
£
Current assets
Debtors
295
779
Cash at bank and in hand
848
823
-------
-------
1,143
1,602
Creditors: amounts falling due within one year
( 12)
( 12)
-------
-------
Net current assets
1,155
1,614
-------
-------
Total assets less current liabilities
1,155
1,614
Creditors: amounts falling due after more than one year
315
397
-------
-------
Net assets
840
1,217
-------
-------
Capital and reserves
Called up share capital
12
12
Profit and loss account
828
1,205
----
-------
Members funds
840
1,217
----
-------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 12 April 2017 , and are signed on behalf of the board by:
Mr Gary Millar
Director
Company registration number: NI066939
Castlehill Estate Management Company Limited
Notes to the Abridged Financial Statements
Year ended 30 November 2016
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2 Market Place, Carrickfergus, Antrim, BT38 7AW, Northern Ireland.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2014. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to Nil (2015: Nil).
5. Interest payable and similar expenses
2016
2015
£
£
Interest on banks loans and overdrafts
–
13
----
----
6. Related party transactions
The company was under the control of the shareholders throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.
7. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2014.
No transitional adjustments were required in equity or profit or loss for the year.
Castlehill Estate Management Company Limited
Management Information
Year ended 30 November 2016
The following pages do not form part of the abridged financial statements.
Castlehill Estate Management Company Limited
Detailed Abridged Income Statement
Year ended 30 November 2016
2016
2015
£
£
Turnover
2,897
–
-------
----
Gross profit
2,897
–
Overheads
Administrative expenses
3,274
(87)
-------
----
Operating (loss)/profit
( 377)
87
Interest payable and similar expenses
–
13
----
----
(Loss)/profit before taxation
(377)
74
----
----
Castlehill Estate Management Company Limited
Notes to the Detailed Abridged Income Statement
Year ended 30 November 2016
2016
2015
£
£
Administrative expenses
Light and heat
93
255
Insurance
1,274
1,226
Window Cleaning
–
83
Admin Processing Costs
13
(2,727)
General expenses - Type 2
971
–
Managing Agent Fee
500
660
Accountancy fees
360
360
Bank charges
63
56
-------
-------
3,274
(87)
-------
-------
Interest payable and similar expenses
Interest on bank loans and overdrafts
–
13
----
----