Waters Edge (Tavistock) Management Company Limited - Period Ending 2017-12-31
Waters Edge (Tavistock) Management Company Limited - Period Ending 2017-12-31
Registration number:
Waters Edge (Tavistock) Management Company Limited
for the Year Ended 31 December 2017
T/A Condy Mathias Chartered Accountants
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP
Waters Edge (Tavistock) Management Company Limited
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Waters Edge (Tavistock) Management Company Limited
Company Information
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Directors |
Mrs SJ Smith Mr PC Chapman Mr A T Monks |
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Registered office |
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Bankers |
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Accountants |
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Page 1 |
Waters Edge (Tavistock) Management Company Limited
Directors' Report for the Year Ended 31 December 2017
The directors present their report and the financial statements for the year ended 31 December 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the management of residential properties at Waters Edge, Parkwood Road, Tavistock and administration of variable charges as agent of the statutory trust for the residents of Waters Edge.
The company has no income or expenditure in its own right, all transactions in the year related to the maintenance of the common parts in accordance with the lease. Service charges collected are held on trust for the purpose of meeting the relevant costs in relation to the property in accordance with the provisions of Section 42 of the Landlord and Tenant Act 1987.
Small companies provision statement
This report has 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.
Approved by the
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Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Waters Edge (Tavistock) Management Company Limited
for the Year Ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Waters Edge (Tavistock) Management Company Limited for the year ended 31 December 2017 as set out on pages 4 to 7 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Waters Edge (Tavistock) Management Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Waters Edge (Tavistock) Management Company Limited and state those matters that we have agreed to state to the Board of Directors of Waters Edge (Tavistock) Management Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Waters Edge (Tavistock) Management Company Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Waters Edge (Tavistock) Management Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of Waters Edge (Tavistock) Management Company Limited. You consider that Waters Edge (Tavistock) Management Company 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 accounts of Waters Edge (Tavistock) Management Company 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 accounts.
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3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP
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Page 3 |
Waters Edge (Tavistock) Management Company Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2017
The company has no income or expenditure in its own right. All transactions in the year relate to maintenance of the common parts in accordance with the lease. Income and expenditure arising from these transactions is shown in seperate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. All service charges monies received from residents of Waters Edge are held on trust for the residents.
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Page 4 |
Waters Edge (Tavistock) Management Company Limited
(Registration number: 06300460)
Balance Sheet as at 31 December 2017
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2017 |
2016 |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
Approved and authorised by the
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Page 5 |
Waters Edge (Tavistock) Management Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Waters Edge
Parkwood Road
Tavistock
Devon
PL19 0AR
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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.
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.
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 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Page 6 |
Waters Edge (Tavistock) Management Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
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Creditors |
Creditors: amounts falling due within one year
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Note |
2017 |
2016 |
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Due within one year |
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Amounts due to Waters Edge Property Service Charge account |
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Share capital |
Allotted, called up and fully paid shares
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2017 |
2016 |
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No. |
£ |
No. |
£ |
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16 |
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16 |
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Related party transactions |
During the year the directors were reimbursed £219 (2016: £363) for expenses relating to the running of Waters Edge.
Control
There is no controlling entity. Each shareholder owns one share. There is a requirement in the Articles of Association for each resident to be a member.
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Taxation |
There is no income received by the company on which it pays corporation tax. H M Revenue & Customs has in any event agreed that the company should be treated as dormant for corporation tax purposes.
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Page 7 |