Graves Mill Estate Management Company Limited (The) Company Accounts

GRAVES MILL ESTATE MANAGEMENT COMPANY LIMITED(THE) - Company Information

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COMPANY REGISTRATION NUMBER: 01714796

GRAVES MILL ESTATE MANAGEMENT COMPANY LIMITED (THE)

Company Limited by Guarantee

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 September 2017

GRAVES MILL ESTATE MANAGEMENT COMPANY LIMITED (THE)

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

Year ended 30 September 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

GRAVES MILL ESTATE MANAGEMENT COMPANY LIMITED (THE)

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

30 September 2017

	2017		2016
Note	£	£	£	£

Current assets

Debtors	5	3,240	2,951
Cash at bank and in hand		8,771	2,305
		---------	--------
		12,011	5,256

Creditors: amounts falling due within one year	6	359		470
		---------		--------
Net current assets			11,652		4,786
			---------		--------
Total assets less current liabilities			11,652		4,786

Provisions

Other provisions	7	7,500	4,500
		---------	--------
Net assets		4,152	286
		---------	--------

Capital and reserves

Profit and loss account	4,152	286
	--------	-----
Members funds	4,152	286
	--------	-----

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 30 September 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 .

GRAVES MILL ESTATE MANAGEMENT COMPANY LIMITED (THE)

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 16 February 2018 , and are signed on behalf of the board by:

K Little
Director

Company registration number: 01714796

GRAVES MILL ESTATE MANAGEMENT COMPANY LIMITED (THE)

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

Year ended 30 September 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 Unit 3a Lakeland Business Park, Lamplugh Road, Cockermouth, CA13 0QT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

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 and represents amounts receivable for ground rent and service charges.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Company limited by guarantee

The company is limited by guarantee and does not have a share capital.

5. Debtors

	2017	2016
	£	£
Other debtors	3,240	2,951
	--------	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	359	470
	-----	-----

7. Provisions

	Contingency fund
	£
At 1 October 2016	4,500
Additions	3,000
	--------
At 30 September 2017	7,500
	--------

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.