Lovat Mead Residents Company Limited - Limited company - abbreviated - 11.6

Lovat Mead Residents Company Limited - Limited company - abbreviated - 11.6

LOVAT MEAD RESIDENTS COMPANY LIMITED - Company Information

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REGISTERED NUMBER: 02420121 (England and Wales)















LOVAT MEAD RESIDENTS COMPANY LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014






LOVAT MEAD RESIDENTS COMPANY LIMITED (REGISTERED NUMBER: 02420121)






CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

LOVAT MEAD RESIDENTS COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2014







DIRECTOR: Mr S P Jackson





SECRETARY: Mrs P E Jones





REGISTERED OFFICE: 26 Primrose Road
Bradwell Village
Milton Keynes
Buckinghamshire
MK13 9AT





REGISTERED NUMBER: 02420121 (England and Wales)





ACCOUNTANTS: Blencowes
15 High Street
Brackley
Northamptonshire
NN13 7DH
Page 1
LOVAT MEAD RESIDENTS COMPANY LIMITED (REGISTERED NUMBER: 02420121)

ABBREVIATED BALANCE SHEET
31 MARCH 2014

2014 2013
Notes £    £   
CURRENT ASSETS
Debtors 527 241
Cash at bank 4,047 25,105
4,574 25,346
CREDITORS
Amounts falling due within one year 2,859 2,153
NET CURRENT ASSETS 1,715 23,193
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,715
23,193

CAPITAL AND RESERVES
Called up share capital 2 210 210
Share premium 1,050 1,050
Maintenance reserve 455 21,933
SHAREHOLDERS' FUNDS 1,715 23,193

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the director on 22 December 2014 and were signed by:





Mr S P Jackson - Director


The notes form part of these abbreviated accounts

Page 2
LOVAT MEAD RESIDENTS COMPANY LIMITED (REGISTERED NUMBER: 02420121)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014

1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the
Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover
Turnover represents the amounts derived from the provision of services to customers during the year.

Service charges are charged to the tenants each year based on the budgeted expenditure. Any deficit or surplus
arising where the actual expenditure does not equal budgeted expenditure is reflected in the accounts as a debtor
or creditor and is recovered from, or refunded to tenants in the following year.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or
a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only
to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits
from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in
which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance
sheet date.

Maintenance reserve
The company is liable to ensure that certain areas, external to the flats, are kept in good repair and decorative
order. This includes major decorative work every few years. It has been decided that a separate maintenance
reserve should be maintained to cover the expected costs and appropriations are made from the profit and loss
account for this purpose.

Taxation
The company operates on a mutual trading basis and is not liable to corporation tax. Funds held by the company
on behalf of the residents are deemed to be a trust under Section 42 of the Landlord and Tenant Act 1987 and
liable to taxation of 20% on interest received.

2. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2014 2013
value: £    £   
210 Ordinary £1 210 210

Page 3