ACCOUNTS - Final Accounts preparation
ACCOUNTS - Final Accounts preparation
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Registered number:
UNAUDITED
FOR THE YEAR ENDED 31 MARCH 2018
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JAMES STREET AND PICTON PLACE TENANTS MAINTENANCE ASSOCIATION LIMITED
COMPANY INFORMATION
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JAMES STREET AND PICTON PLACE TENANTS MAINTENANCE ASSOCIATION LIMITED
CONTENTS
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JAMES STREET AND PICTON PLACE TENANTS MAINTENANCE 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.
The company also owns the head lease of the property. There is a shortfall between the ground rents collected from tenants and the ground rent payable to the freeholder. The directors have decided that this shortfall should be covered using funds held by the company in respect of future lease extensions/freehold purchase.
The directors who served during the year were:
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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JAMES STREET AND PICTON PLACE TENANTS MAINTENANCE ASSOCIATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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JAMES STREET AND PICTON PLACE TENANTS MAINTENANCE ASSOCIATION LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JAMES STREET AND PICTON PLACE TENANTS MAINTENANCE 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 financial statements of James Street And Picton Place Tenants Maintenance Association Limited for the year ended 31 March 2018 which comprise the Statement of comprehensive income, the Statement of financial position and the related notes 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 James Street And Picton Place Tenants Maintenance 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 financial statements of James Street And Picton Place Tenants Maintenance Association Limited and state those matters that we have agreed to state to the Board of directors of James Street And Picton Place Tenants Maintenance Association Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than James Street And Picton Place Tenants Maintenance Association Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that James Street And Picton Place Tenants Maintenance Association Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of James Street And Picton Place Tenants Maintenance Association Limited. You consider that James Street And Picton Place Tenants Maintenance Association Limited is exempt from the statutory audit requirement for the year.
1-3 Ship Street
West Sussex
BN43 5DH
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JAMES STREET AND PICTON PLACE TENANTS MAINTENANCE ASSOCIATION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2018
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JAMES STREET AND PICTON PLACE TENANTS MAINTENANCE ASSOCIATION LIMITED
REGISTERED NUMBER: 01185237
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2018
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 6 to 7 form part of these financial statements.
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JAMES STREET AND PICTON PLACE TENANTS MAINTENANCE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
James Street and Picton Place Tenants Maintenance Association Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is The Studio, 16 Cavaye Place, London, SW10 9PT.
2.Accounting policies
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:
Turnover represents service charges receivable for the period.
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.
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.
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.
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JAMES STREET AND PICTON PLACE TENANTS MAINTENANCE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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