Syndicate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Egale 1, 80 St Albans Road, Watford, Hertfordshire, WD17 1DL.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 28 September 2017 are the first financial statements of Syndicate Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 29 September 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 4.
The company has not traded during the year or the preceding financial period . During this time the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Status
During the year the company has acted as agent for the lessees of the property at 7/9 Prince Arthur Road, London. The funds in relation to the maintenance of the property are held in trust. As at 28 September 2017 the cash balance held on behalf of the lessees amounted to £41,627.
The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from Syndicate Limited.
There were no adjustments to the prior year accounts as a result of the adoption of FRS 102.