The directors present their annual report and financial statements for the year ended 31 December 2016.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Birchcroft Flat Management Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Market House, 10 Market Walk, Saffron Walden, Essex, CB10 1JZ.
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 31 December 2016 are the first financial statements of Birchcroft Flat Management Company Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Ireland. The date of transition to FRS 102 was 1 January 2015. As a result of the transition to FRS 102, there has been no effect on the previously reported financial position or performance of the company.
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
The company has no income and expenditure in its own right. All transactions in the year relate to maintenance of the common parts in accordance with the lease. 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. All service charge monies received from the residents of the property are held on trust for the residents.
Contractual commitments
The company contracts with third parties for the supply of services to the property for maintenance of the common parts in accordance with the terms of the lease. At 31 December 2016, the company had not entered into any non-cancellable contractual commitments.
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.