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Unaudited Financial Statements |
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for the Year Ended 23 June 2019 |
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for |
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270 NORTH MANAGEMENT COMPANY LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 23 June 2019 |
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for |
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270 NORTH MANAGEMENT COMPANY LIMITED |
270 NORTH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 05737357) |
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Contents of the Financial Statements |
for the year ended 23 June 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 6 |
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270 NORTH MANAGEMENT COMPANY LIMITED |
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Company Information |
for the year ended 23 June 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Accountants |
Unit A |
Woodlands Court |
Truro Business Park |
Truro |
Cornwall |
TR4 9NH |
270 NORTH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 05737357) |
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Balance Sheet |
23 June 2019 |
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23/6/19 | 23/6/18 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Capital maintenance reserve |
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270 NORTH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 05737357) |
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Balance Sheet - continued |
23 June 2019 |
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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 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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270 NORTH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 05737357) |
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Notes to the Financial Statements |
for the year ended 23 June 2019 |
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1. | STATUTORY INFORMATION |
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270 North Management Company Limited is a private company, limited by guarantee, registered in |
England and Wales. The company's registered number and registered office address can be found on |
the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with Financial Reporting Standard 102 |
Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the |
Companies Act 2006. The financial statements have been prepared under the historical cost |
convention. |
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The financial statements are prepared in sterling which is the functional currency of the company. |
Monetary amounts in these financial statements are rounded to the nearest pound sterling. |
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Going concern |
The directors, after making enquiries and having considered the company's business, its financial |
plans and the facilities available to finance the business, have a reasonable expectation that the |
company has adequate resources to continue in operational existence for the foreseeable future. |
Accordingly, the going concern basis is adopted in preparing the financial statements. |
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Turnover |
Turnover is the maintenance fees received for the upkeep and maintenance of the communal areas of |
270 North. |
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Tangible fixed assets |
Tangible assets are initially measured at cost. Such costs include costs directly attributable to making |
the asset capable of operating as intended. Subsequent to initial recognition, tangible assets such as |
plant and machinery, fixtures and fittings and motor vehicles are stated at cost less accumulated |
depreciation and accumulated impairment. |
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Tangible assets are depreciated as follows: |
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Plant and machinery | - | 25% reducing balance |
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Impairment of fixed assets |
At each reporting end date, the company reviews the carrying amounts of its tangible assets to |
determine whether there is any indication that those assets have suffered an impairment loss. If any |
such indication exists, the recoverable amount of the asset is estimated in order to determine the |
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of |
an individual asset, the company estimates the recoverable amount of the cash-generating unit to |
which the asset belongs. |
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The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing |
value in use, the estimated future cash flows are discounted to their present value using a pre-tax |
discount rate that reflects current market assessments of the time value of money and the risks |
specific to the asset for which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying |
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable |
amount. An impairment loss is recognised immediately in profit or loss. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have |
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset |
(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the |
increased carrying amount does not exceed the carrying amount that would have been determined had |
no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of |
an impairment loss is recognised immediately in profit or loss. |
270 NORTH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 05737357) |
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Notes to the Financial Statements - continued |
for the year ended 23 June 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and |
Section 12 "Other Financial Instruments" of FRS102 to all of its financial instruments. |
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Financial assets and liabilities are recognised in the company's statement of financial position when |
the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are classified into specified categories. The classification depends on |
the nature and purpose of the financial asset or liability and is determined at the time of recognition. |
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Basic financial assets, which include trade and other receivables 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 constitute a financing |
transaction, where the transaction is measure at the present value of the future receipts discounted at |
a market rate of interest. |
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Basic financial liabilities, which include trade and other payables are initially measured at transaction |
price, unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future payments discounted at a market rate of interest. |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 24 June 2018 |
and 23 June 2019 |
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DEPRECIATION |
At 24 June 2018 |
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Charge for year |
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At 23 June 2019 |
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NET BOOK VALUE |
At 23 June 2019 |
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At 23 June 2018 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
23/6/19 | 23/6/18 |
£ | £ |
Trade debtors |
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Maintenance fees in arrears |
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Prepayments |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
23/6/19 | 23/6/18 |
£ | £ |
Maintenance fees paid in advance | 2,166 | 2,086 |
Accrued expenses |
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270 NORTH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 05737357) |
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Notes to the Financial Statements - continued |
for the year ended 23 June 2019 |
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6. | RELATED PARTY DISCLOSURES |
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During the year the director, A Winston, paid for expenses on behalf of the company totalling £500 that |
were subsequently reimbursed. At the balance sheet date the company owed to A Winston £Nil (2018: |
£Nil). |
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7. | RESERVES |
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Maintenance fees received by this company are taken as capital receipts and transfers will be made to |
and from the capital maintenance reserve each year to cover the year's actual expenses. |
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8. | LIMITED BY GUARANTEE |
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The company is a private company limited by guarantee and consequently does not have share |
capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of |
the company in the event of liquidation. |