Western Court (Sidmouth) Residents Association Limited - Period Ending 2018-03-31

Registration number: 01391702

Western Court (Sidmouth) Residents Association Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

Western Court (Sidmouth) Residents Association Limited

Company Information

Directors

Mrs L M Thomas Mr A H J Holland Mrs. S. P. Highieak Mr G M Corr Mr B Lancaster Mr S G Cole

Company secretary

Mr S I Jarrett

Registered office

Hillsdon House High Street Sidmouth Devon EX10 8LD

Accountants

Easterbrook Eaton Limited Chartered Accountants Cosmopolitan House Old Fore Street Sidmouth Devon EX10 8LS

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Western Court (Sidmouth) Residents Association Limited

Directors' Report for the Year Ended 31 March 2018

The directors present their report and the financial statements for the year ended 31 March 2018.

Directors of the company

The directors who held office during the year were as follows:

Mrs L M Thomas (appointed 30 June 2017)

Mr A H J Holland

Mr J R Pearcey (resigned 14 December 2017)

Mrs. S. P. Highieak

Mr G M Corr

Mr B Lancaster

Mr S G Cole

Principal activity

The principal activity of the company is residents flat management company

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 Board on 29 June 2018 and signed on its behalf by:

.........................................
Mr S I Jarrett
Company secretary

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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Western Court (Sidmouth) Residents Association Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Western Court (Sidmouth) Residents Association Limited for the year ended 31 March 2018 as set out on pages 4 to 6 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 Western Court (Sidmouth) Residents Association 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 Western Court (Sidmouth) Residents Association Limited and state those matters that we have agreed to state to the Board of Directors of Western Court (Sidmouth) Residents Association 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 Western Court (Sidmouth) Residents Association Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Western Court (Sidmouth) Residents Association 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 loss of Western Court (Sidmouth) Residents Association Limited. You consider that Western Court (Sidmouth) Residents Association 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 Western Court (Sidmouth) Residents Association 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.

......................................

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

4 July 2018

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Western Court (Sidmouth) Residents Association Limited

(Registration number: 01391702)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	36,083	36,083
Current assets
Debtors	4	8,792	12,861
Cash at bank and in hand		39,701	71,807
		48,493	84,668
Creditors: Amounts falling due within one year	5	(2,563)	(3,003)
Net current assets		45,930	81,665
Net assets		82,013	117,748
Capital and reserves
Capital reserve		36,083	36,083
High expenditure emergency fund		50,101	50,101
Profit and loss/Maintenance account		(4,171)	31,564
Total equity		82,013	117,748

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and
•	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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 June 2018 and signed on its behalf by:
 

.........................................

Mr A H J Holland

Director

The notes on pages 5 to 6 form an integral part of these financial statements.

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Western Court (Sidmouth) Residents Association Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Hillsdon House
High Street
Sidmouth
Devon
EX10 8LD

These financial statements were authorised for issue by the Board on 29 June 2018.

2	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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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 debtors

Trade debtors are amounts due from lessees for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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Western Court (Sidmouth) Residents Association Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

3	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 April 2017	36,083	36,083
At 31 March 2018	36,083	36,083
Depreciation
Carrying amount
At 31 March 2018	36,083	36,083
At 31 March 2017	36,083	36,083

Included within the net book value of land and buildings above is £36,083 (2017 - £36,083) in respect of freehold land and buildings.
 

4

Debtors

	2018 £	2017 £
Trade debtors	2,745	3,095
Other debtors	6,047	9,766
Total current trade and other debtors	8,792	12,861

5

Creditors

	Note	2018 £	2017 £
Due within one year
Trade creditors		1,276	1,143
Other creditors		1,287	1,860
		2,563	3,003

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