Regency Management Company Ltd
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Registered number: |
00726144
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Directors' Report |
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The directors present their report and accounts for the year ended 25 March 2017. |
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Principal activities |
The company's principal activity during the year continued to be that of a small mutual non-profit making company that exists to enable leases to be assigned and to manage the property at Abbotts, 129 Kings Road, Brighton East Sussex BN1 2FA. Leaseholders are charged with the actual expenses and thus no profits or losses accrue and no dividends are paid.
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Directors |
The following persons served as directors during the year: |
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M F G McClymont FCCA FMAAT
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M Holland (Resigned 20/04/17)
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R Hinton
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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.
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This report was approved by the board on 24 July 2017 and signed on its behalf. |
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M F G McClymont FCCA FMAAT |
Director |
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Regency Management Company Ltd |
Accountants' Report |
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Accountants' report to the directors of |
Regency Management Company Ltd |
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You consider that the company is exempt from an audit for the year ended 25 March 2017. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year. |
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us. |
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts. |
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Albion Accounting and Taxation Services Ltd |
Chartered Certified Accountants |
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35 Roman Avenue |
Angmering |
Littlehampton |
West Sussex |
BN16 4GH |
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24 July 2017 |
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Regency Management Company Ltd
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Registered number: |
00726144
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Balance Sheet |
as at 25 March 2017
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Notes |
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2017 |
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2016 |
£ |
£ |
Fixed assets |
Tangible assets |
2 |
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175,000 |
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175,000 |
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Current assets |
Debtors |
3 |
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89,645 |
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42,307 |
Cash at bank and in hand |
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589 |
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3,082 |
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90,234 |
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45,389 |
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Creditors: amounts falling due within one year |
4 |
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(4,799) |
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(5,308) |
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Net current assets |
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85,435 |
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40,081 |
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Net assets |
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260,435 |
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215,081 |
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Capital and reserves |
Called up share capital |
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15 |
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15 |
Revaluation reserve |
5 |
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175,000 |
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175,000 |
General reserve |
7 |
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85,420 |
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40,066 |
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Shareholders' funds |
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260,435 |
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215,081 |
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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.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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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.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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M F G McClymont FCCA FMAAT |
Director |
Approved by the board on 24 July 2017
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Regency Management Company Ltd
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Notes to the Accounts |
for the year ended 25 March 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Income |
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Maintenance contributions and reserve collections represent the whole of the turnover of the company. Any incidental income is recognised as a reduction of maintenance expenditure and in turn reduces the amount of maintenance contributions payable by flat owners.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Freehold land and buildings |
not depreciated |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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2 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 26 March 2016 |
175,000 |
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At 25 March 2017 |
175,000 |
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Depreciation |
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At 25 March 2017 |
- |
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Net book value |
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At 25 March 2017 |
175,000 |
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At 25 March 2016 |
175,000 |
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The Company owns the Freehold of the building known as 'Abbotts' and also Flat 17 which was |
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historically the Flat used by the caretaker of the building. |
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The freehold including the flat was purchased on the 06/02/67. |
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The Directors of the Company have included this asset in these accounts at valuation in order |
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to give a true and fair view of the Company's financial position at the balance sheet date. |
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3 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Monies held by Managing Agents |
88,868 |
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41,477 |
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Other debtors |
777 |
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830 |
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89,645 |
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42,307 |
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4 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Trade creditors |
4,799 |
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5,308 |
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5 |
Revaluation reserve |
2017 |
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2016 |
£ |
£ |
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At 26 March 2016 |
175,000 |
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- |
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Gain on revaluation of land and buildings |
- |
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175,000 |
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At 25 March 2017 |
175,000 |
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175,000 |
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The revaluation reserve is a non distributable reserve under Company Law. |
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6 |
Related party transactions |
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The directors and shareholders are all leaseholders of the property, the freehold reversionary interest of which is owned by the company. The maintenance and reserve fund contributions receivable for the year of £106,312 (2016 £103,198) are all derived from shareholders. The amounts due from leaseholders as at 25th March 2017 totalled £Nil (2016 £Nil) and amounts received in advance from leaseholders as at 25th March 2017 totalled £Nil (2016 £60).
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7 |
General reserve |
2017 |
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2016 |
£ |
£ |
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At 26 March 2016 |
40,066 |
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46,355 |
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Surplus/(Deficit) for the year |
45,354 |
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(6,289) |
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At 25 March 2017 |
85,420 |
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40,066 |
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The General Reserve includes the Contingency fund and the Planned maintenance fund and any |
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surplus maintenance fund contributions. |
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8 |
Communal heating |
2017 |
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2016 |
£ |
£ |
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The charge for the year for communal heating costs are as follows:- |
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Boiler Servicing and repairs |
3,856 |
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9,107 |
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Heating gas |
14,691 |
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16,469 |
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18,547 |
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25,576 |
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7 |
Other information |
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Regency Management Company Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Room 18 Abbotts |
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129 Kings Road |
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Brighton |
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East Sussex |
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BN1 2FA |