The Gateways and Elystan Management Company Limited
|
Registered number: |
02505556
|
Directors' Report |
|
The directors present their report and accounts for the year ended 24 December 2015. |
|
Principal activities |
The company's principal activity during the year continued to be the regular maintenance of both The Gateways and Elystan Estates, Chelsea, London SW3.
|
|
Directors |
The following persons served as directors during the year: |
|
|
Mrs S Tedesco
|
|
Mr J C Fraser
|
|
Mr L de Salinas Harnden
|
|
Small company provisions |
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
This report was approved by the board on 7 April 2016 and signed on its behalf. |
|
|
......................................... |
Mr J C Fraser |
Director |
|
The Gateways and Elystan Management Company Limited |
|
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of The Gateways and Elystan Management Company Limited for the year ended 24 December 2015 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Gateways and Elystan Management Company Limited for the year ended 24 December 2015 which comprise of the Profit and Loss Account, the Balance Sheet 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
This report is made solely to the Board of Directors of The Gateways and Elystan Management Company Limited, as a body, in accordance with the terms of our engagement letter dated 15 September 2015. Our work has been undertaken solely to prepare for your approval the accounts of The Gateways and Elystan Management Company Limited and state those matters that we have agreed to state to the Board of Directors of The Gateways and Elystan Management Company Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Gateways and Elystan Management Company Limited and its Board of Directors as a body for our work or for this report. |
It is your duty to ensure that The Gateways and Elystan Management Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Gateways and Elystan Management Company Limited. You consider that The Gateways and Elystan Management Company Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the accounts of The Gateways and Elystan Management Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts. |
|
Lachman Livingstone |
Chartered Accountants |
136 Pinner Road |
Northwood |
Middlesex |
HA6 1BP |
|
7 April 2016 |
|
The Gateways and Elystan Management Company Limited
|
Balance Sheet |
as at 24 December 2015
|
|
Notes |
|
|
2015 |
|
|
2014 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
488,450 |
|
|
488,450 |
|
Current assets |
Debtors |
4 |
|
565 |
|
|
2,884 |
Cash at bank and in hand |
|
|
35,933 |
|
|
28,584 |
|
|
|
36,498 |
|
|
31,468 |
|
Creditors: amounts falling due within one year |
5 |
|
(6,679) |
|
|
(4,813) |
|
Net current assets |
|
|
|
29,819 |
|
|
26,655 |
|
Net assets |
|
|
|
518,269 |
|
|
515,105 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
6 |
|
|
60 |
|
|
60 |
Share premium |
7 |
|
|
19,090 |
|
|
19,090 |
Revaluation reserve |
8 |
|
|
350,291 |
|
|
350,291 |
Profit and loss account |
9 |
|
|
148,828 |
|
|
145,664 |
|
Shareholders' funds |
|
|
|
518,269 |
|
|
515,105 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
|
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
|
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
|
|
|
|
................................. |
Mr J C Fraser |
Director |
Approved by the board on 7 April 2016
|
|
The Gateways and Elystan Management Company Limited
|
Notes to the Accounts |
for the year ended 24 December 2015
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
|
|
Turnover |
|
Turnover represents the value, net of value added tax of rents and ground rents receivable.
|
|
|
Depreciation |
|
No depreciation is provided for on leasehold and freehold property. The property is considered an investment property and as such no depreciation is required under the Financial Reporting Standard for Smaller Entities. |
|
|
2 |
Taxation |
2015 |
|
2014 |
£ |
£ |
|
|
UK corporation tax |
16 |
|
- |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 25 December 2014 |
488,450 |
|
At 24 December 2015 |
488,450 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 24 December 2015 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 24 December 2015 |
488,450 |
|
At 24 December 2014 |
488,450 |
|
|
|
|
|
|
|
|
|
|
4 |
Debtors |
2015 |
|
2014 |
£ |
£ |
|
|
Rents and ground rents |
235 |
|
235 |
|
Amounts owed by related company |
|
- |
|
1,921 |
|
Corporation tax recoverable |
|
|
|
|
- |
|
97 |
|
Other debtors |
330 |
|
631 |
|
|
|
|
|
|
565 |
|
2,884 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2015 |
|
2014 |
£ |
£ |
|
|
Corporation tax |
- |
|
- |
|
Rents received in advance |
1,029 |
|
1,103 |
|
Other creditors |
5,650 |
|
3,710 |
|
|
|
|
|
|
6,679 |
|
4,813 |
|
|
|
|
|
|
|
|
|
|
6 |
Share capital |
Nominal |
|
2015 |
|
2015 |
|
2014 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
60 |
|
60 |
|
60 |
|
|
|
|
|
|
|
|
|
|
7 |
Share premium |
2015 |
£ |
|
|
At 25 December 2014 |
19,090 |
|
|
At 24 December 2015 |
19,090 |
|
|
|
|
|
|
|
|
8 |
Revaluation reserve |
2015 |
£ |
|
|
At 25 December 2014 |
350,291 |
|
|
At 24 December 2015 |
350,291 |
|
|
|
|
|
|
|
|
9 |
Profit and loss account |
2015 |
£ |
|
|
At 25 December 2014 |
145,664 |
|
Profit for the year |
3,164 |
|
|
At 24 December 2015 |
148,828 |
|
|
|
|
|
|
|
|
10 |
Related party transactions |
|
|
The shareholders of the company also pay rent for boxrooms, garages and licences, and as such are considered related parties. |
|
11 |
Ultimate controlling party |
|
|
The company is controlled by the shareholders.
|