7 Gloucester Street Management Limited Company Accounts

7 Gloucester Street Management Limited Company Accounts

7 GLOUCESTER STREET MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04391438
7 Gloucester Street Management Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 March 2017
7 Gloucester Street Management Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2017
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
7 Gloucester Street Management Limited
Company Limited by Guarantee
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of 7 Gloucester Street Management Limited
Year ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 7 Gloucester Street Management Limited for the year ended 31 March 2017, 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of 7 Gloucester Street Management Limited, as a body, in accordance with the terms of our engagement letter dated 15 November 2016. Our work has been undertaken solely to prepare for your approval the financial statements of 7 Gloucester Street Management Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 7 Gloucester Street Management Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that 7 Gloucester Street Management Limited 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 7 Gloucester Street Management Limited. You consider that 7 Gloucester Street 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 financial statements of 7 Gloucester Street 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 financial statements.
MOORE GREEN Chartered accountant
22 Friars Street Sudbury Suffolk CO10 2AA
20 December 2017
7 Gloucester Street Management Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
4
1
1
Current assets
Cash at bank and in hand
3,575
4,341
Creditors: amounts falling due within one year
5
3,574
4,340
-------
-------
Net current assets
1
1
----
----
Total assets less current liabilities
2
2
----
----
Net assets
2
2
----
----
Capital and reserves
Profit and loss account
2
2
----
----
Members funds
2
2
----
----
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 comprehensive income has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their 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 December 2017 , and are signed on behalf of the board by:
A F Magauran
Director
Company registration number: 04391438
7 Gloucester Street Management Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 22 Friars Street, Sudbury, Suffolk, CO10 2AA.
2. 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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Tangible assets
Freehold land and buildings are not included at valuation and nor are they depreciated, both of which are not in accordance with FRS102(1A). The freehold land and buildings value is considered to be £1 as the true value lies within the leasehold of each individual property of which there are four held on 999 year leases. The leaseholds are not held in the company.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
3. Company limited by guarantee
The company has no share capital as it is limited by guarantee.
4. Tangible assets
Land and buildings
£
Cost
At 1 April 2016 and 31 March 2017
1
----
Depreciation
At 1 April 2016 and 31 March 2017
–
----
Carrying amount
At 31 March 2017
1
----
At 31 March 2016
1
----
The freehold land and buildings value is considered to be £1 as the true value lies within the leasehold of each individual property of which there are four held on 999 year leases. The leaseholds are not held in the company.
5. Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
3,574
4,340
-------
-------
6. Directors' advances, credits and guarantees
There are no such transactions for the accounting period.
7. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.