|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TORADELL MANAGEMENT COMPANY LIMITED |
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TORADELL MANAGEMENT COMPANY LIMITED |
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
|
|
|
|
|
TORADELL MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 03240568) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
TORADELL MANAGEMENT COMPANY LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
SECRETARY: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
135/137, Station Road, |
Chingford, |
London |
E4 6AG |
|
|
|
BANKERS: |
|
301 St Vincent Street, |
Glasgow, |
G2 5NB |
|
|
|
MANAGING AGENTS: |
|
22 Courtland Avenue, |
North Chingford, |
London, |
E4 6DU |
TORADELL MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 03240568) |
|
BALANCE SHEET |
31ST DECEMBER 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
|
|
|
CURRENT ASSETS |
Debtors | 4 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 5 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
TORADELL MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 03240568) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
|
1. | STATUTORY INFORMATION |
|
Toradell Management Company Limited is a
|
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover represents the amount receivable by the company in respect of annual service charges, together with |
any additional charges, rendered to lessees during the year. |
|
Tangible fixed assets |
|
Freehold property | - |
|
|
It is the company's practice to maintain its freehold buildings in a continual state of sound repair and to make |
improvements thereto from time to time. Accordingly the directors' assessment of the lives of these assets and |
their residual values is such that any depreciation relating thereto would be immaterial. Consequently no charge |
for depreciation is made. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
TORADELL MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 03240568) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
|
3. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1st January 2017 |
and 31st December 2017 |
|
NET BOOK VALUE |
At 31st December 2017 |
|
At 31st December 2016 |
|
|
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Owed by lessees for |
service charges levied |
|
|
|
|
|
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Held by company |
in Trust for lessees | 15,830 | 14,131 |
Accrued expenses |
|
|
|
|
|
6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
As each director is also a lessee of the property, service charges and ground rent were levied on normal |
commercial terms. The amounts due by each director and the balances due either to the company or to the lessee |
as at the year end date are as shown below: |
|
2017 | 2016 |
£ | £ |
|
B.A. Millan | Service charges, etc. | 1,200 | 1,130 |
Balance due to the lessee at the year end date | - | - |
|
D.J. Bradbury | Service charges, etc. | 1,200 | 1,130 |
Balance due by the lessee at the year end date | - | 50 |
Service charges and supplementary service charges shown above only relate to the period each individual was a |
director. None of these transactions are with the company directly but they are with the company acting as agent |
on behalf of the lessees. |
|
7. | RELATED PARTY DISCLOSURES |
|
There is no overall controlling party. Each individual lessee is also a shareholder of the company and owns no |
more than 20% of the issued ordinary shares of £1 each. |
TORADELL MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 03240568) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2017 |
|
8. | TRUST ACCOUNT |
|
The company's previous accounts have been restated to account for the exclusion of transactions made as agent, |
involving the re-allocation of income and expenditure between that of the company and that as an agent, and of |
revenue reserves to amounts held in trust for lessees. Sums previously shown within the profit and loss account |
are now included as liabilities held within a Trust. Any surplus or deficit for the year is shown as a service charge |
balance on the service charge account. If there is an overall surplus the company holds these funds on Trust for |
the lessees. |
|
The movement in the Trust account for the year is as follows, and the balance as at the balance sheet date |
effectively represents the net surplus or retained provisions to date: |
|
2017 | 2016 |
£ | £ |
Balance as at 1st January 2017 | 14,131 | 12,501 |
Surplus for the year |
- Service charge balance | 1,699 | 1,630 |
Balance as at 31st December 2017 | 15,830 | 14,131 |
|
|