Trench Property Management Ltd Company Accounts

Trench Property Management Ltd Company Accounts

TRENCH PROPERTY MANAGEMENT LTD - Company Information

Print Friendly Version

false false false false false false false false false true false false false false false false false No description of principal activity 2016-01-01 Sage Accounts Production Advanced 2017 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP NI620409 2016-01-01 2016-12-31 NI620409 2016-12-31 NI620409 2015-12-31 NI620409 bus:LeadAgentIfApplicable 2016-01-01 2016-12-31 NI620409 bus:Director1 2016-01-01 2016-12-31 NI620409 core:WithinOneYear 2016-12-31 NI620409 core:WithinOneYear 2015-12-31 NI620409 core:ShareCapital 2016-12-31 NI620409 core:ShareCapital 2015-12-31 NI620409 core:RetainedEarningsAccumulatedLosses 2016-12-31 NI620409 core:RetainedEarningsAccumulatedLosses 2015-12-31 NI620409 bus:FRS102 2016-01-01 2016-12-31 NI620409 bus:AuditExemptWithAccountantsReport 2016-01-01 2016-12-31 NI620409 bus:FullAccounts 2016-01-01 2016-12-31 NI620409 bus:SmallCompaniesRegimeForAccounts 2016-01-01 2016-12-31 NI620409 bus:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 NI620409 core:AllAssociates 2016-01-01 2016-12-31 NI620409 core:Associate1 2016-01-01 2016-12-31 NI620409 core:Associate2 2016-01-01 2016-12-31 NI620409 core:Associate1 2015-12-31 NI620409 core:Associate2 2015-12-31 NI620409 core:Associate3 2016-01-01 2016-12-31 NI620409 core:Associate1 2016-12-31 NI620409 core:Associate2 2016-12-31 NI620409 core:Associate3 2016-12-31
COMPANY REGISTRATION NUMBER: NI620409
Trench Property Management Ltd
Unaudited Financial Statements
Filleted
31 December 2016
BMK ACCOUNTING LIMITED
Chartered accountant
43 Lockview Road
Stranmillis
Belfast
BT9 5FJ
Trench Property Management Ltd
Financial Statements
Year ended 31 December 2016
Contents
Page
Report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Trench Property Management Ltd
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Trench Property Management 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 financial statements of Trench Property Management Ltd for the year ended 31 December 2016, which comprise the 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 Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the director of Trench Property Management Ltd in accordance with the terms of our engagement letter dated 20 September 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Trench Property Management Ltd and state those matters that we have agreed to state you in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trench Property Management Ltd and its director for our work or for this report.
It is your duty to ensure that Trench Property Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Trench Property Management Ltd. You consider that Trench Property Management 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 financial statements of Trench Property Management 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 financial statements.
BMK ACCOUNTING LIMITED Chartered accountant
43 Lockview Road Stranmillis Belfast BT9 5FJ
14 October 2017
Trench Property Management Ltd
Statement of Financial Position
31 December 2016
2016
2015
Note
£
£
£
Current assets
Debtors
5
14,236
28,665
Cash at bank and in hand
57,747
50,976
--------
--------
71,983
79,641
Creditors: amounts falling due within one year
6
71,713
79,077
--------
--------
Net current assets
270
564
----
----
Total assets less current liabilities
270
564
----
----
Net assets
270
564
----
----
Capital and reserves
Called up share capital
1
1
Profit and loss account
269
563
----
----
Members funds
270
564
----
----
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 October 2017 , and are signed on behalf of the board by:
C O'Kane
Director
Company registration number: NI620409
Trench Property Management Ltd
Notes to the Financial Statements
Year ended 31 December 2016
1. General information
The company is a private company limited by shares, registered in N. Ireland. The address of the registered office is 43 Lockview Road, Belfast, N. Ireland, BT9 5FJ.
2. Statement of compliance
These 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 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 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 8.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
4. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to 1 (2015: 1).
5. Debtors
2016
2015
£
£
Trade debtors
11,716
12,793
Other debtors
2,520
15,872
--------
--------
14,236
28,665
--------
--------
6. Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
11,836
1,920
Corporation tax
2,052
1,912
Other creditors
57,825
75,245
--------
--------
71,713
79,077
--------
--------
7. Related party transactions
The following are considered related party transactions for the purposes FRS 102 1A - related party transactions: Company director C O'Kane is a shareholder in Cedareast Investments Limited and is both a shareholder and director of Fruit of the Vine (Belfast) Limited. Income Management fees were charged by the company during the period as follows:
2016 2015
£ £
Cedareast Investments Limited 11,036 9,891
Debtors (included in Note 5) Balances were due to the company at 31st December 2016 as follows:
2016 2015
£ £
Cedareast Investments Limited – 1,071
Fruit of the Vine (Belfast) Limited – 460
Creditors (included in Note 6) Balances were due by the company at 31st December 2016 as follows:
2016 2015
£ £
Cedareast Investments Limited 39,130 26,245
Fruit of the Vine (Belfast) Limited 16,069 30,500
C. O'Kane 2,375 –
8. Transition to FRS 102
These are the first 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.