The Willows Woodcote Close Management Company Limited - Period Ending 2017-05-31

THE WILLOWS WOODCOTE CLOSE MANAGEMENT COMPANY LIMITED - Company Information

The Willows Woodcote Close Management Company Limited 06602509 false 2016-06-01 2017-05-31 2017-05-31 The principal activity of the company is the management of common areas of The Willows, Woodcote Close. Digita Accounts Production Advanced 6.18.8247.0 Software true true 06602509 2016-06-01 2017-05-31 06602509 2017-05-31 06602509 core:RetainedEarningsAccumulatedLosses 2017-05-31 06602509 core:CurrentFinancialInstruments 2017-05-31 06602509 core:CurrentFinancialInstruments core:WithinOneYear 2017-05-31 06602509 bus:SmallEntities 2016-06-01 2017-05-31 06602509 bus:AuditExemptWithAccountantsReport 2016-06-01 2017-05-31 06602509 bus:FullAccounts 2016-06-01 2017-05-31 06602509 bus:RegisteredOffice 2016-06-01 2017-05-31 06602509 bus:Director16 2016-06-01 2017-05-31 06602509 bus:CompanyLimitedByGuarantee 2016-06-01 2017-05-31 06602509 countries:UnitedKingdom 2016-06-01 2017-05-31 06602509 2016-05-31 06602509 core:RetainedEarningsAccumulatedLosses 2016-05-31 06602509 core:CurrentFinancialInstruments 2016-05-31 06602509 core:CurrentFinancialInstruments core:WithinOneYear 2016-05-31 iso4217:GBP

Registration number: 06602509

The Willows Woodcote Close Management
Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

The Willows Woodcote Close Management Company Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 3

The Willows Woodcote Close Management Company Limited

(Registration number: 06602509)
Balance Sheet as at 31 May 2017

	Note	2017 £	2016 £
Current assets
Debtors	3	-	900
Cash at bank and in hand		6,664	6,275
		6,664	7,175
Creditors: Amounts falling due within one year	4	(1,677)	(537)
Net assets		4,987	6,638
Capital and reserves
Profit and loss account		4,987	6,638
Total equity		4,987	6,638

For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 October 2017 and signed on its behalf by:

PJ Rouse

Director

The notes on pages 2 to 3 form an integral part of these financial statements.

Page 1

The Willows Woodcote Close Management Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

1	General information

The company is a company limited by guarantee incorporated in United Kingdom.

The address of its registered office is:
35 Broadway
Peterborough
PE1 1SQ
England

These financial statements were authorised for issue by the Board on 22 October 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. These are the first financial statements that comply with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The date of transition is 1 June 2015.

The transition to Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' is explained in note 5 below.

Basis of preparation

These 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.

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 2

The Willows Woodcote Close Management Company Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

Debtors

	2017 £	2016 £
Trade debtors	-	900
Total current trade and other debtors	-	900

Creditors

	Note	2017 £	2016 £
Due within one year
Other creditors		1,677	537

5	Transition to FRS 102

This is the first year that the company has adopted FRS 102 Section 1A. The transition took place on 1 June 2015, no adjustments were required on transition.

6	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 3