ACCOUNTS - Final Accounts

TREGOLLS (TRURO) MANAGEMENT COMPANY LIMITED - Company Information

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Registered number: 05916500

TREGOLLS (TRURO) MANAGEMENT COMPANY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 24 MARCH 2018

TREGOLLS (TRURO) MANAGEMENT COMPANY LIMITED

REGISTERED NUMBER:05916500

STATEMENT OF FINANCIAL POSITION

AS AT 24 MARCH 2018

		2018		2017
Note		£		£


Current assets
Debtors	439		20
Cash at bank and in hand	9,996		9,080
	10,435		9,100
Creditors: amounts falling due within one year	(4,031)		(1,571)
Net current assets		6,404		7,529
Total assets less current liabilities		6,404		7,529
Net assets		6,404		7,529
Difference to be cleared		1

Capital and reserves
Profit and loss account	6,405	7,529
	6,405	7,529

The director considers 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 director acknowledges his 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 by:

Mr N J Seaton-Burridge

Director

Date: 14 December 2018

The notes on pages 3 to 4 form part of these financial statements.

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TREGOLLS (TRURO) MANAGEMENT COMPANY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 24 MARCH 2018

	Profit and loss account	Total equity
	£	£
At 25 March 2016	9,204	9,204
Comprehensive income for the year
Loss for the year	(1,675)	(1,675)

At 25 March 2017	7,529	7,529
Comprehensive income for the year
Loss for the year	(1,124)	(1,124)
At 24 March 2018	6,405	6,405

The notes on pages 3 to 4 form part of these financial statements.

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TREGOLLS (TRURO) MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 MARCH 2018

1.	General information

The company is a private company limited by guarantee and consequently does not have share capital.
Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the
company in the event of liquidation.
The company was incorporated and is registered in England and Wales.
The company's registered number is 05916500 and registered office is Chy Nyverow, Newham Road, Truro, Cornwall, TR1 2DP.

2.Accounting policies

2.1

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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements use British punds Sterling as the presentation currency, and are rounded to the nearest £1 throughout.

The following principal accounting policies have been applied:

2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

2.3

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

2.4

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.

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TREGOLLS (TRURO) MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 MARCH 2018

2.Accounting policies (continued)

2.5

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.

2.6

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.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 1 (2017: 1).

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