FINCHLEY_COURT_FREEHOLDER - Accounts
FINCHLEY_COURT_FREEHOLDER - Accounts
Company Registration No. 01566274 (England and Wales)
FOR THE YEAR ENDED 31 MARCH 2014
COMPANY INFORMATION
Directors
Secretary
Company number
Registered office
Auditors
CONTENTS
Page
Directors' report
1 - 2
Independent auditors' report
3 - 4
Profit and loss account
5
Balance sheet
6
Notes to the financial statements
7 - 9
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2014
- 1 -
The directors present their report and financial statements for the year ended 31 March 2014.
Principal activities
Directors
The following directors have held office since 1 April 2013:
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;
- follow applicable accounting standards, subject to any material departures disclosed and explained in the accounts, and
- 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
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 2 -
Statement of disclosure to auditors
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
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF FINCHLEY COURT FREEHOLDERS LIMITED
- 3 -
We have audited the financial statements of Finchley Court Freeholders Limited for the year ended 31 March 2014 set out on pages 5 to 9. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (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.
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 Directors' Report to identify material inconsistencies with the audited financial statements. 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 2014 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.
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF FINCHLEY COURT FREEHOLDERS 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.
for and on behalf of Myers Clark
Chartered Accountants
Statutory Auditor
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2014
- 5 -
2014
2013
Notes
£
£
Turnover
2
Administrative expenses
(138,710 )
(134,946 )
Other operating income
Operating loss
3
(100 )
(159 )
Other interest receivable and similar income
4
Loss on ordinary activities before taxation
-
-
Tax on loss on ordinary activities
-
-
Loss for the year
9
-
-
BALANCE SHEET
AS AT
31 MARCH 2014
- 6 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
5
Current assets
Debtors
6
Cash at bank and in hand
Creditors: amounts falling due within one year
7
(21,934 )
(20,116 )
Net current assets
Total assets less current liabilities
Capital and reserves
Called up share capital
8
Share premium account
9
General reserve
9
Roofing fund
9
Shareholders' funds
Approved by the Board for issue on 23 November 2014
Director
Director
Company Registration No. 01566274
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
- 7 -
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
Turnover
1.4
Tangible fixed assets and depreciation
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
2
Turnover
The turnover and surplus of expenditure over income before taxation is attributable to the principal activity of the Company, which is as stated in the report of the directors.
3
Operating loss
2014
2013
£
£
Operating loss is stated after charging:
Auditors' remuneration
4
Investment income
2014
2013
£
£
Bank interest
100
159
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 8 -
5
Tangible fixed assets
Investment properties
£
Cost
At 1 April 2013 & at 31 March 2014
Net book value
At 31 March 2014
At 31 March 2013
In the opinion of the directors the cost at 31 March 2014 reflects its true market value.
6
Debtors
2014
2013
£
£
Trade debtors
Other debtors
-
7
Creditors: amounts falling due within one year
2014
2013
£
£
Trade creditors
Other creditors
8
Share capital
2014
2013
£
£
Allotted, called up and fully paid
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 9 -
9
Statement of movements on reserves
Share premium account
General reserve
Roofing fund
£
£
£
Balance at 1 April 2013
Demanded in year
-
-
105,984
Expenditure in year
-
-
(101,299)
Transfer in year
-
16,591
-
Balance at 31 March 2014