Lincoln Court Management (Warwick) Limited Company Accounts

Lincoln Court Management (Warwick) Limited Company Accounts

LINCOLN COURT MANAGEMENT (WARWICK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01313029
Lincoln Court Management (Warwick) Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 December 2017
Lincoln Court Management (Warwick) Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2017
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4
Lincoln Court Management (Warwick) Limited
Company Limited by Guarantee
Officers and Professional Advisers
The board of directors
C. Drage
C. Jones
G. McMullen
M. J. Lambeth
H. A. Jones
Company secretary
Gillian McMullen
Registered office
8 Jury Street
Warwick
CV34 4EW
Accountants
Edwards Pearson & White LLP
Chartered Certified Accountants
Warwick & Coventry
Lincoln Court Management (Warwick) Limited
Company Limited by Guarantee
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Lincoln Court Management (Warwick) Limited
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 financial statements of Lincoln Court Management (Warwick) Limited for the year ended 31 December 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Lincoln Court Management (Warwick) Limited, as a body, in accordance with the terms of our engagement letter dated 25 July 2007. Our work has been undertaken solely to prepare for your approval the financial statements of Lincoln Court Management (Warwick) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lincoln Court Management (Warwick) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Lincoln Court Management (Warwick) 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 loss of Lincoln Court Management (Warwick) Limited. You consider that Lincoln Court Management (Warwick) 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 Lincoln Court Management (Warwick) 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.
Edwards Pearson & White LLP Chartered Certified Accountants
Warwick & Coventry
23 February 2018
Lincoln Court Management (Warwick) Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2017
2017
2016
Note
£
£
£
Current assets
Debtors
5
–
45
Cash at bank and in hand
10,422
10,334
-------
-------
10,422
10,379
Prepayments and accrued income
2,608
2,608
Creditors: amounts falling due within one year
6
960
879
-------
-------
Net current assets
12,070
12,108
-------
-------
Total assets less current liabilities
12,070
12,108
-------
-------
Capital and reserves
Profit and loss account
12,070
12,108
-------
-------
Members funds
12,070
12,108
-------
-------
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 December 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 22 February 2018 , and are signed on behalf of the board by:
C. Jones
Director
Company registration number: 01313029
Lincoln Court Management (Warwick) Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 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 8 Jury Street, Warwick, CV34 4EW.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical 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 company and rounded to the nearest £.
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. No significant judgements have had to be made by the directors in preparing these financial statements.
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
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Equipment
-
10% straight line
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.
Financial instruments
The company only has basic financial instruments. - Financial assets Financial assets comprise cash at bank and in hand and trade debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at amortised cost under the effective interest method. The company considers evidence of impairment for all individual trade and other debtors and any subsequent impairment is recognised in profit or loss. - Financial liabilities Financial liabilities comprise corporation tax, social security and other taxes and accruals; these are initially recorded at cost on the date they originate, and are subsequently carried at amortised cost under the effective interest rate method. - Debtors Short term debtors are measured at transaction price, less any impairment. - Creditors Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. - Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice or not more than 24 hours.
3. Company limited by guarantee
The members' liability is limited by guarantee to the maximum value of £1. The company does not have share capital.
4. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 January 2017 and 31 December 2017
333
333
----
----
Depreciation
At 1 January 2017 and 31 December 2017
333
333
----
----
Carrying amount
At 31 December 2017
–
–
----
----
At 31 December 2016
–
–
----
----
5. Debtors
2017
2016
£
£
Trade debtors
–
45
----
----
6. Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
960
879
----
----