Registration number:
for the Year Ended 24 June 2020
Hinton & Charlotte Road (Wallington) Management Co. Limited
Contents
Section |
Page |
Company Information |
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Directors' Report |
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Statement of Income and Retained Earnings |
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Statement of financial position |
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Notes to the Financial Statements |
Hinton & Charlotte Road (Wallington) Management Co. Limited
Company Information
Directors |
E M Hitchcock B Patel |
Company secretary |
CECPM Limited |
Registered office |
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Independent Auditor |
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Hinton & Charlotte Road (Wallington) Management Co. Limited
Directors' Report for the Year Ended 24 June 2020
The directors present their annual report on the affairs of Hinton & Charlotte Road (Wallington) Management Co. Limited, together with the financial statements and auditor's report for the year ended 24 June 2020.
Principal activity
The principal activity of the company is the maintenance and management of flats at Hinton Road and Charlotte Road, Wallington, Surrey, on a non profit basis.
Directors of the company
The directors who served throughout the year and up to date of authorisation of this report were as follows:
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Statement of disclosure to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information (as defined by section 418 of the Companies Act 2006) and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
The directors' report was approved by the Board on
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CECPM Limited
Company secretary
Hinton & Charlotte Road (Wallington) Management Co. Limited
Statement of Income and Retained Earnings
for the Year Ended 24 June 2020
Note |
2020 |
2019 |
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Service charge income |
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Service charge expenditure |
( |
( |
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Service charge surplus |
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Surplus before tax |
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Surplus for the financial year |
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Retained earnings brought forward |
27,855 |
23,993 |
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Retained earnings carried forward |
32,478 |
27,855 |
Continuing operations
All results are derived wholly from continuing operations.
Hinton & Charlotte Road (Wallington) Management Co. Limited
(Registration number: 01269994)
Statement of financial position as at 24 June 2020
Note |
2020 |
2019 |
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Current assets |
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Receivables |
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Cash at bank |
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Payables: Amounts falling due within one year |
( |
( |
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Net assets |
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Equity |
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Called up share capital |
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Revenue account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
Approved and authorised by the
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Director
Hinton & Charlotte Road (Wallington) Management Co. Limited
Notes to the Financial Statements
for the Year Ended 24 June 2020
General information |
Hinton & Charlotte Road (Wallington) Management Co. Limited (the 'company') is a private company limited by share capital incorporated in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the Directors' Report on page 2.
Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Statement of compliance
These 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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Hinton & Charlotte Road (Wallington) Management Co. Limited
Notes to the Financial Statements
for the Year Ended 24 June 2020 (continued)
2 |
Accounting policies (continued) |
Departures from Companies Act requirements
The financial statements depart from the standard format of the Companies Act 2006 in that turnover has been replaced by service charge income, cost of sales has been replaced by service charge expenditure and profit/(loss) has been replaced by surplus/(deficit). This departure, as permitted by s396 of the Companies Act 2006, has arisen because the directors consider that this presentation is more appropriate given the nature of the company's activity. The result for the year is unaffected by the accounting treatment adopted |
Judgements
There are no critical judgements made by the directors in the process of applying the company’s accounting policies which have the most significant effect on the amounts recognised in the financial statements. |
Revenue recognition
Service charge income represents various service charges receivable from the lessees for the year. Service charges collected are held on trust for the purpose of meeting the relevant costs in relation to the property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987.
Taxation
The company acts as a trustee in respect of funds held to manage the property at Hinton and Charlotte Road, Wallington, Surrey. In consequence, service charge contributions and service charge expenditure items are neither taxable nor allowable for corporation tax purposes and therefore there is no liability to UK corporation tax.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and are subject to an insignificant risk of change in value.
Receivables
Service charge debtors are amounts due from the leaseholders for variable service charges demands.
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Hinton & Charlotte Road (Wallington) Management Co. Limited
Notes to the Financial Statements
for the Year Ended 24 June 2020 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Receivables |
2020 |
2019 |
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Service charge arrears |
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Service charges receivable re advance charge to 24/06/20 |
- |
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Prepayments |
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Cash and cash equivalents |
2020 |
2019 |
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Cash at bank - Metro Bank Plc |
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All funds are held in trust in a designated client account at Metro Bank Plc under the title Hinton & Charlotte Road Management Company Ltd.
Hinton & Charlotte Road (Wallington) Management Co. Limited
Notes to the Financial Statements
for the Year Ended 24 June 2020 (continued)
Payables |
2020 |
2019 |
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Due within one year |
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Receipts in advance from lessees |
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- |
Other creditors - ground rent provision |
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Accrued expenses |
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Deferred income - advance charges to 24/06/20 |
- |
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Share capital and reserves |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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140 |
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140 |
The company has one class of share capital which carries no right to fixed income.
Reserves
The revenue account represents cumulative surpluses and deficits.
Related party transactions |
There were no related party transactions to disclose.
Audit report |