ACCOUNTS - Final Accounts

INHOLMES ORCHARD RESIDENTS COMPANY LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-01-01 01646674 2017-01-01 2017-12-31 01646674 2017-12-31 01646674 2016-12-31 01646674 c:Director2 2017-01-01 2017-12-31 01646674 d:CurrentFinancialInstruments 2017-12-31 01646674 d:CurrentFinancialInstruments 2016-12-31 01646674 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 01646674 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 01646674 d:ShareCapital 2017-12-31 01646674 d:ShareCapital 2016-12-31 01646674 d:RetainedEarningsAccumulatedLosses 2017-12-31 01646674 d:RetainedEarningsAccumulatedLosses 2016-12-31 01646674 c:FRS102 2017-01-01 2017-12-31 01646674 c:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 01646674 c:FullAccounts 2017-01-01 2017-12-31 01646674 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 iso4217:GBP

Registered number: 01646674

INHOLMES ORCHARD RESIDENTS COMPANY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 December 2017

INHOLMES ORCHARD RESIDENTS COMPANY LIMITED

CONTENTS

	Page
Balance sheet	1
Notes to the financial statements	2 - 4

INHOLMES ORCHARD RESIDENTS COMPANY LIMITED

Registered number: 01646674

BALANCE SHEET

As at 31 December 2017

		2017		2016
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	3,908		3,322
Cash at bank and in hand	5	80,548		69,890
		84,456		73,212
Creditors: amounts falling due within one year	6	(783)		(740)
Net current assets			83,673		72,472
Total assets less current liabilities			83,673		72,472

Net assets			83,673		72,472

Capital and reserves
Called up share capital	42	42
Profit and loss account	83,631	72,430
	83,673	72,472

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 September 2018.

Ian Keith Pinney

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

INHOLMES ORCHARD RESIDENTS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2017

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

1.4

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

Page 2

INHOLMES ORCHARD RESIDENTS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2017

1.Accounting policies (continued)

1.5

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

1.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.	General information

The company exists to administer the maintenance of Inholmes Orchard Residents. During the year the company collected contributions from leaseholders of £33,811 and made expenditure on their behalf. The financial statements are presented in Sterling, which is the functional currency of the company.

Employees

	The Company has no employees other than the directors, who did not receive any remuneration (2016 - £NIL).
	The average monthly number of employees, including directors, during the year was 0 (2016 - 0).

Debtors

					2017	2016
					£	£


Trade debtors	975	390
Prepayments and accrued income	2,933	2,932
	3,908	3,322

Page 3

INHOLMES ORCHARD RESIDENTS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2017

4.Debtors (continued)

5.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	80,548	69,890
	80,548	69,890

6.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Other creditors	351	320
Accruals and deferred income	432	420
	783	740

Page 4