Resurgam Management Limited - Period Ending 2017-07-31

Registration number: 08607263

Resurgam Management Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2017

Wincham Accountants Limited
Wincham House
Back Lane
Greenfield Farm Trad Estate
Congleton
Cheshire
CW12 4TR

Resurgam Management Limited

Contents

Company Information	1
Director's Report	2
Accountants' Report	3
Abridged Profit and Loss Account	4
Statement of Comprehensive Income	5
Abridged Balance Sheet	6
Statement of Changes in Equity	7
Notes to the Abridged Financial Statements	8 to 13

Resurgam Management Limited

Company Information

Director

Dr Eric Sydney Long

Company secretary

Wincham Accountants Limited

Registered office

Wincham House Back Lane Greenfield Farm Trad Estate Congleton Cheshire CW12 4TR

Accountants

Wincham Accountants Limited Wincham House Back Lane Greenfield Farm Trad Estate Congleton Cheshire CW12 4TR

Page 1

Resurgam Management Limited

Director's Report for the Year Ended 31 July 2017

The director presents his report and the abridged financial statements for the year ended 31 July 2017.

Director of the company

The director who held office during the year was as follows:

Dr Eric Sydney Long

Principal activity

The principal activity of the company is that of Property Management

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 31 August 2017 and signed on its behalf by:

.........................................
Dr Eric Sydney Long
Director

Page 2

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Resurgam Management Limited
for the Year Ended 31 July 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Resurgam Management Limited for the year ended 31 July 2017 as set out on pages 4 to 13 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Resurgam Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Resurgam Management Limited and state those matters that we have agreed to state to the Board of Directors of Resurgam Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Resurgam Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Resurgam Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Resurgam Management Limited. You consider that Resurgam Management 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 accounts of Resurgam Management 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 accounts.

......................................

Wincham Accountants Limited
Wincham House
Back Lane
Greenfield Farm Trad Estate
Congleton
Cheshire
CW12 4TR

31 August 2017

Page 3

Resurgam Management Limited

Abridged Profit and Loss Account for the Year Ended 31 July 2017

	Note	Total 31 July 2017 £	Total 31 July 2016 £
Gross profit/(loss)		-	-
Administrative expenses		(5,549)	(6,396)
Loss before tax	3	(5,549)	(6,396)
Loss for the financial year		(5,549)	(6,396)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 8 to 13 form an integral part of these abridged financial statements.

Page 4

Resurgam Management Limited

Statement of Comprehensive Income for the Year Ended 31 July 2017

	Note	2017 £	2016 £
Loss for the year		(5,549)	(6,396)
Total comprehensive income for the year		(5,549)	(6,396)

The notes on pages 8 to 13 form an integral part of these abridged financial statements.

Page 5

Resurgam Management Limited

(Registration number: 08607263)
Abridged Balance Sheet as at 31 July 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	93,964	93,964
Current assets
Cash at bank and in hand		1,005	-
Creditors: Amounts falling due within one year		(26,441)	(19,887)
Net current liabilities		(25,436)	(19,887)
Total assets less current liabilities		68,528	74,077
Accruals and deferred income		(576)	(576)
Net assets		67,952	73,501
Capital and reserves
Called up share capital		87,806	87,806
Profit and loss account		(19,854)	(14,305)
Total equity		67,952	73,501

For the financial year ending 31 July 2017 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 31 August 2017
 

.........................................

Dr Eric Sydney Long

Director

The notes on pages 8 to 13 form an integral part of these abridged financial statements.

Page 6

Resurgam Management Limited

Statement of Changes in Equity for the Year Ended 31 July 2017

	Share capital £	Profit and loss account £	Total £
At 1 August 2016	87,806	(14,305)	73,501
Loss for the year	-	(5,549)	(5,549)
Total comprehensive income	-	(5,549)	(5,549)
At 31 July 2017	87,806	(19,854)	67,952

	Share capital £	Profit and loss account £	Total £
At 1 August 2015	87,806	(7,909)	79,897
Loss for the year	-	(6,396)	(6,396)
Total comprehensive income	-	(6,396)	(6,396)
At 31 July 2016	87,806	(14,305)	73,501

The notes on pages 8 to 13 form an integral part of these abridged financial statements.

Page 7

Resurgam Management Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Wincham House
Back Lane
Greenfield Farm Trad Estate
Congleton
Cheshire
CW12 4TR

These financial statements were authorised for issue by the director on 31 August 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of property rental in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Foreign currency transactions are recorded at the exchange rate ruling on the date of transaction. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the retranslation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the profit and loss account.

Page 8

Resurgam Management Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged across the expected economic life of the assets with reference to the residual values

Asset class	Depreciation method and rate
Freehold Property	No Depreciation

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for as follows:

No depreciation is provided in respect of investment properties. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

The directors recognize that the value of the property at the year-end may be lower than cost but given current market conditions believe prices will recover and that no restatement is necessary.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Included in creditors are loans from directors which are interest free and repayable over more than one year.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 9

Resurgam Management Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

Financial instruments

Classification
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.
 
 

3	Loss before tax

Arrived at after charging/(crediting)

2017 £

2016 £

4	Tangible assets

	Total £
Cost or valuation
At 1 August 2016	93,964
At 31 July 2017	93,964
Depreciation
Carrying amount
At 31 July 2017	93,964
At 31 July 2016	93,964

Included within the net book value of land and buildings above is £93,964 (2016 - £93,964) in respect of freehold land and buildings.
 

5	Related party transactions

Transactions with directors

2017	At 1 August 2016 £	Other payments made to company by director £	At 31 July 2017 £
Dr Eric Sydney Long
Directors Loan Account	19,887	6,554	26,441

Page 10

Resurgam Management Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

2016	At 1 August 2015 £	Other payments made to company by director £	At 31 July 2016 £
Dr Eric Sydney Long
Directors Loan Account	13,491	6,396	19,887

Loans from related parties

2017	Key management £
At start of period	19,887
Advanced	6,554
At end of period	26,441

2016

6	Transition to FRS 102

This is the first time adoption to FRS 102.

Balance Sheet at 1 August 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		93,964	-	-	93,964
Creditors: Amounts falling due within one year		(14,067)	-	-	(14,067)
Net assets		79,897	-	-	79,897
Capital and reserves
Called up share capital		87,806	-	-	87,806
Profit and loss account		(7,909)	-	-	(7,909)
Total equity		79,897	-	-	79,897

Page 11

Resurgam Management Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

Balance Sheet at 31 July 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		93,964	-	-	93,964
Creditors: Amounts falling due within one year		(20,463)	-	-	(20,463)
Net assets		73,501	-	-	73,501
Capital and reserves
Called up share capital		87,806	-	-	87,806
Profit and loss account		(14,305)	-	-	(14,305)
Total equity		73,501	-	-	73,501

Page 12

Resurgam Management Limited

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

Profit and Loss Account for the year ended 31 July 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		-	-	-	-
Administrative expenses		6,396	-	-	6,396
Operating profit		6,396	-	-	6,396
Profit before tax		6,396	-	-	6,396
Profit for the financial year		6,396	-	-	6,396

Page 13

Resurgam Management Limited

Detailed Profit and Loss Account for the Year Ended 31 July 2017

	2017 £	2016 £
Turnover (analysed below)	-	-
Administrative expenses
Establishment costs (analysed below)	(1,172)	(1,023)
General administrative expenses (analysed below)	(4,353)	(5,355)
Finance charges (analysed below)	(24)	(18)
	(5,549)	(6,396)
Operating loss	(5,549)	(6,396)
Loss before tax	(5,549)	(6,396)

This page does not form part of the statutory financial statements.

Page 14

Resurgam Management Limited

Detailed Profit and Loss Account for the Year Ended 31 July 2017

2017 £

2016 £

Establishment costs
Rates	(490)	(439)
Water rates	(146)	(162)
Light, heat and power	(536)	(422)
	(1,172)	(1,023)

General administrative expenses
Printing, postage and stationery	-	(3)
Travel and subsistence	(3,357)	(4,356)
Accountancy fees	(576)	(576)
Legal and professional fees	(420)	(420)
	(4,353)	(5,355)

Finance charges
Bank charges	(24)	(18)

This page does not form part of the statutory financial statements.

Page 15