ACCOUNTS - Final Accounts

WARWICK RESIDENTS ASSOCIATION LIMITED(THE) - Company Information

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Registered number: 01551914

THE WARWICK RESIDENTS ASSOCIATION LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2018

THE WARWICK RESIDENTS ASSOCIATION LIMITED

REGISTERED NUMBER: 01551914

BALANCE SHEET

AS AT 31 MARCH 2018

		2018		2017
Note		£		£


Fixed assets
Tangible assets	3		4,815		4,815
			4,815		4,815
Current assets
Debtors: amounts falling due within one year	4	8,077		5,457
Cash at bank and in hand		16,752		10,365
		24,829		15,822
Creditors: amounts falling due within one year	5	(9,600)		(2,540)
Net current assets			15,229		13,282
Total assets less current liabilities			20,044		18,097
Net assets			20,044		18,097

Capital and reserves
Called up share capital	4,968	4,968
Other reserves	8,247	8,247
Profit and loss account	6,829	4,882
	20,044	18,097

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 by:

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THE WARWICK RESIDENTS ASSOCIATION LIMITED

REGISTERED NUMBER: 01551914

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2018

A Fasano

Director

Date: 27 December 2018

The notes on pages 3 to 5 form part of these financial statements.

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THE WARWICK RESIDENTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

1.	General information

Warwick Residents Association Limited is a private company, limited by shares, registered in England and Wales. The company's registration number is 01551914. The company's registered office is 1 The Green, Richmond, Surrey, TW9 1PL.

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 following principal accounting policies have been applied:

2.2

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.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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THE WARWICK RESIDENTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

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.

2.5

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

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THE WARWICK RESIDENTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

3.	Tangible fixed assets

		Freehold property
		£
	Cost or valuation
	At 1 April 2017	4,815
	At 31 March 2018	4,815

	Net book value
	At 31 March 2018	4,815

Debtors

					2018	2017
					£	£


Trade debtors	6,719	4,100
Prepayments and accrued income	1,358	1,357
	8,077	5,457

5.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Bank overdrafts	108	-
Trade creditors	-	1,290
Accruals and deferred income	9,492	1,250
	9,600	2,540

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