Grove Farm (Little Paxton) Management Company Limited Company accounts

Grove Farm (Little Paxton) Management Company Limited Company accounts

GROVE FARM (LITTLE PAXTON) MANAGEMENT COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02060180
Grove Farm (Little Paxton) Management Company Limited
Unaudited Financial Statements
31 March 2018
Grove Farm (Little Paxton) Management Company Limited
Financial Statements
Year ended 31 March 2018
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Report to the board of directors on the preparation of the unaudited statutory financial statements
7
Detailed income statement
8
Notes to the detailed income statement
9
Grove Farm (Little Paxton) Management Company Limited
Directors' Report
Year ended 31 March 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2018 .
Directors
The directors who served the company during the year were as follows:
Mr A Dixon
Mrs H Townson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 1 October 2018 and signed on behalf of the board by:
Mr A White
Company Secretary
Registered office:
Oakpark Business Centre
Alington Road
St Neots
Cambs
PE19 6WA
Grove Farm (Little Paxton) Management Company Limited
Statement of Income and Retained Earnings
Year ended 31 March 2018
2018
2017
Note
£
£
Turnover
47,552
44,057
--------
--------
Gross profit
47,552
44,057
Administrative expenses
28,342
33,135
Other operating income
–
340
--------
--------
Operating profit
19,210
11,262
Other interest receivable and similar income
4
22
13
--------
--------
Profit before taxation
19,232
11,275
Tax on profit
–
–
--------
--------
Profit for the financial year and total comprehensive income
19,232
11,275
--------
--------
Retained earnings at the start of the year
39,262
27,987
--------
--------
Retained earnings at the end of the year
58,494
39,262
--------
--------
All the activities of the company are from continuing operations.
Grove Farm (Little Paxton) Management Company Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
5
160
160
Current assets
Debtors
6
–
33
Cash at bank and in hand
66,738
41,443
--------
--------
66,738
41,476
Creditors: amounts falling due within one year
7
8,361
2,331
--------
--------
Net current assets
58,377
39,145
--------
--------
Total assets less current liabilities
58,537
39,305
--------
--------
Capital and reserves
Called up share capital
43
43
Profit and loss account
58,494
39,262
--------
--------
Shareholders funds
58,537
39,305
--------
--------
These financial statements have been prepared 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'.
For the 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 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 1 October 2018 , and are signed on behalf of the board by:
Mrs H Townson
Director
Company registration number: 02060180
Grove Farm (Little Paxton) Management Company Limited
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oakpark Business Centre, Alington Road, St Neots, Cambs, PE19 6WA.
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.
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.
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.
4. Other interest receivable and similar income
2018
2017
£
£
Interest on cash and cash equivalents
22
13
----
----
5. Tangible assets
Equipment
£
Cost
At 1 April 2017 and 31 March 2018
160
----
Depreciation
At 1 April 2017 and 31 March 2018
–
----
Carrying amount
At 31 March 2018
160
----
At 31 March 2017
160
----
6. Debtors
2018
2017
£
£
Trade debtors
–
33
----
----
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
612
613
Other creditors
7,749
1,718
-------
-------
8,361
2,331
-------
-------
Grove Farm (Little Paxton) Management Company Limited
Management Information
Year ended 31 March 2018
The following pages do not form part of the financial statements.
Grove Farm (Little Paxton) Management Company Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Grove Farm (Little Paxton) Management Company Limited
Year ended 31 March 2018
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
GRH ACCOUNTANCY LIMITED
First Floor, CQL House Alington Road Little Barford St Neots Cambridgeshire PE19 6YH
1 October 2018
Grove Farm (Little Paxton) Management Company Limited
Detailed Income Statement
Year ended 31 March 2018
2018
2017
£
£
Turnover
Sales
47,552
44,057
--------
--------
Gross profit
47,552
44,057
Overheads
Administrative expenses
28,342
33,135
Other operating income
–
340
--------
--------
Operating profit
19,210
11,262
Other interest receivable and similar income
22
13
--------
--------
Profit before taxation
19,232
11,275
--------
--------
Grove Farm (Little Paxton) Management Company Limited
Notes to the Detailed Income Statement
Year ended 31 March 2018
2018
2017
£
£
Administrative expenses
Light and heat
2,272
2,392
Insurance
4,332
4,407
Repairs and maintenance (allowable)
950
2,124
Cleaning costs
2,625
3,102
Gardening
7,992
9,768
External decorating
2,550
2,702
Hire costs (non-operating leases)
–
24
Equipment repairs and renewals
1,049
2,195
Management charges payable
6,000
6,000
Legal and professional fees (allowable)
164
13
Accountancy fees
408
408
--------
--------
28,342
33,135
--------
--------
Other operating income
Other operating income
–
340
----
----
Other interest receivable and similar income
Interest on cash and cash equivalents
22
13
----
----