29_VENTNOR_VILLAS_RESIDEN - Accounts

The directors present their annual report and financial statements for the year ended 31 December 2016.

Under the Articles of Association only leaseholders of 29 Ventnor Villas may serve as directors.The directors' interests in the shares of the company were as stated below:

The company has no income or expenses in its own right. All transactions in the year relate to maintenance of the common parts in accordance with the lease. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. All service charge monies received from the residents of 29 Ventnor Villas are held on trust.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

29 Ventnor Villas Residents Association Limited is a private company limited by shares incorporated in England and Wales. The registered office is Flat 2, 29 Ventnor Villas, Hove, East Sussex, BN3 3DA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

These financial statements for the year ended 31 December 2016 are the first financial statements of 29 Ventnor Villas Residents Association Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The company has the following basic financial instruments:

- Short term debtors and creditors.

Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Bank account

At the balance sheet date the company bank account contained £4,657 (2015 - £5,765) which is held on trust for the leaseholders of 29 Ventnor Villas, Hove, East Sussex, BN3 3DA under section 42 of the Landlords and Tenant Act 1987.

This represents the freehold reversion in the land and buildings at 29 Ventnor Villas, Hove, Sussex, BN3 3DA, stated at cost.

The company contracts with third parties in its own name for the supply of services to the property for maintenance of the common parts in accordance with the terms of the leases. At 31 December 2016 the company had not entered into any non-cancellable contractual commitments (2015 - £Nil).

The directors are of the opinion that no one person has ultimate control of the company, due to the fact that there are four shareholders, each holding 4 shares.