Lichfield Management Company Ltd Small abridged accounts

Lichfield Management Company Ltd Small abridged accounts

LICHFIELD MANAGEMENT COMPANY LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Lichfield Management Company Ltd have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: NI071228
Lichfield Management Company Ltd
Unaudited Abridged Financial Statements
31 December 2016
M J KANE & CO ACCOUNTANTS LTD
Chartered Certified Accountants
3rd Floor
2 Market Place
Carrickfergus
Co. Antrim
N Ireland
BT38 7AW
Lichfield Management Company Ltd
Abridged Financial Statements
Year ended 31 December 2016
Contents
Page
Director's report
1
Chartered certified accountants report to the director 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
Lichfield Management Company Ltd
Director's Report
Year ended 31 December 2016
The director presents her report and the unaudited abridged financial statements of the company for the year ended 31 December 2016 .
Director
The director who served the company during the year was as follows:
Ms Mary Canning
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 30 May 2017 and signed on behalf of the board by:
Mrs Geraldine Kane
Company Secretary
Registered office:
C/O Oak Property Management (N.I.) Ltd
2nd Floor
2 Market Place
Carrickfergus
BT38 7AW
Lichfield Management Company Ltd
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Lichfield Management Company Ltd
Year ended 31 December 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 Lichfield Management Company Ltd for the year ended 31 December 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 director of Lichfield Management Company Ltd in accordance with the terms of our engagement letter dated 30 May 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Lichfield Management Company Ltd and state those matters that we have agreed to state you 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 Lichfield Management Company Ltd and its director for our work or for this report.
It is your duty to ensure that Lichfield Management Company Ltd 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 profit of Lichfield Management Company Ltd. You consider that Lichfield Management Company Ltd 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 Lichfield Management Company Ltd. 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
30 May 2017
Lichfield Management Company Ltd
Statement of Income and Retained Earnings
Year ended 31 December 2016
2016
2015
Note
£
£
Gross profit
6,636
7,191
Administrative expenses
5,556
7,496
-------
-------
Operating profit/(loss)
1,080
( 305)
-------
-------
Profit/(loss) before taxation
1,080
( 305)
Tax on profit/(loss)
–
–
-------
----
Profit/(loss) for the financial year and total comprehensive income
1,080
( 305)
-------
----
Retained earnings at the start of the year
691
996
-------
----
Retained earnings at the end of the year
1,771
691
-------
----
All the activities of the company are from continuing operations.
Lichfield Management Company Ltd
Abridged Statement of Financial Position
31 December 2016
2016
2015
Note
£
£
£
Current assets
Debtors
597
846
Cash at bank and in hand
2,256
993
-------
-------
2,853
1,839
Creditors: amounts falling due within one year
1,021
1,136
-------
-------
Net current assets
1,832
703
-------
----
Total assets less current liabilities
1,832
703
Creditors: amounts falling due after more than one year
49
–
-------
----
Net assets
1,783
703
-------
----
Capital and reserves
Called up share capital
12
12
Profit and loss account
1,771
691
-------
----
Members funds
1,783
703
-------
----
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 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her 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 30 May 2017 , and are signed on behalf of the board by:
Ms Mary Canning
Director
Company registration number: NI071228
Lichfield Management Company Ltd
Notes to the Abridged Financial Statements
Year ended 31 December 2016
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is C/O Oak Property Management (N.I.) Ltd, 2nd Floor, 2 Market Place, Carrickfergus, BT38 7AW.
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 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to Nil (2015: Nil).
5. 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.
6. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Lichfield Management Company Ltd
Management Information
Year ended 31 December 2016
The following pages do not form part of the abridged financial statements.
Lichfield Management Company Ltd
Detailed Abridged Income Statement
Year ended 31 December 2016
2016
2015
£
£
Turnover
Service Charges
6,260
6,980
Administration Charges
36
–
Communal TV
–
211
Reimburse Expenses
340
–
-------
-------
6,636
7,191
-------
-------
Gross profit
6,636
7,191
Overheads
Administrative expenses
5,556
7,496
-------
-------
Operating profit/(loss)
1,080
( 305)
-------
-------
Profit/(loss) before taxation
1,080
(305)
-------
-------
Lichfield Management Company Ltd
Notes to the Detailed Abridged Income Statement
Year ended 31 December 2016
2016
2015
£
£
Administrative expenses
Light and heat
174
189
Insurance
1,065
1,059
Window & Interior Cleaning
840
1,050
Administration Processing Costs
36
–
General Maintenance
105
1,225
Grounds Maintenance
1,376
1,800
Building Maintenance
180
720
Managing Agent Fee
960
960
Company Returns
–
13
Costs Incurred by Shareholders
340
–
Accountancy fees
480
480
-------
-------
5,556
7,496
-------
-------