Company Registration No. 01298025 (England and Wales)
TERMHOUSE (GROSVENOR COURT) MANAGEMENT LIMITED
(A COMPANY LIMITED BY GUARANTEE)
DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2015
TERMHOUSE (GROSVENOR COURT) MANAGEMENT LIMITED
COMPANY INFORMATION
Director
Mr Simon Phillips
Company number
01298025
Registered office
Klaco House
28-30 St John's Square
London
EC1M 4DN
Accountants
KLSA LLP
28-30 St. John's Square
London
EC1M 4DN
TERMHOUSE (GROSVENOR COURT) MANAGEMENT LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 6
TERMHOUSE (GROSVENOR COURT) MANAGEMENT LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 1 -
The director presents his report and financial statements for the year ended 30 September 2015.
Principal activities
The principal activity of the company continued to be that of the management of the property at Grosvenor Court, 75 Christchurch Avenue, London, NW6 7XN (Grosvenor Court). The company deals with administration of variable service charges as agents of the statutory trust for the residents of the property. Major transactions in the year are related to the maintenance of the common parts in accordance with the lease. Income and expenditure arising from those transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company, and are not filed at Companies House. 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 Section 42 of the Landlord and Tenant Act 1987.
Major transactions in the year are related to the maintenance of the common parts in accordance with the lease. Income and expenditure arising from those transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company, and are not filed at Companies House. 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 Section 42 of the Landlord and Tenant Act 1987.
Director
The following director has held office since 1 October 2014:
Mr Simon Phillips
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Simon Phillips
Director
27 June 2016
TERMHOUSE (GROSVENOR COURT) MANAGEMENT LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TERMHOUSE (GROSVENOR COURT) MANAGEMENT LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Termhouse (Grosvenor Court) Management Limited for the year ended 30 September 2015 set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Termhouse (Grosvenor Court) Management Limited, as a body, in accordance with the terms of our engagement letter dated 21 September 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Termhouse (Grosvenor Court) Management Limited and state those matters that we have agreed to state to the Board of Directors of Termhouse (Grosvenor Court) Management Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Termhouse (Grosvenor Court) Management Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Termhouse (Grosvenor Court) Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Termhouse (Grosvenor Court) Management Limited. You consider that Termhouse (Grosvenor Court) Management Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Termhouse (Grosvenor Court) Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
KLSA LLP
27 June 2016
Chartered Accountants
28-30 St. John's Square
London
EC1M 4DN
TERMHOUSE (GROSVENOR COURT) MANAGEMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 3 -
2015
2014
Notes
£
£
Loss on ordinary activities before taxation
-
-
Tax on loss on ordinary activities
2
-
-
Loss for the year
6
-
-
TERMHOUSE (GROSVENOR COURT) MANAGEMENT LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2015
30 September 2015
- 4 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,284
6,284
Current assets
Debtors
4
-
995
Cash at bank and in hand
3,345
309
3,345
1,304
Creditors: amounts falling due within one year
5
(4,909)
(2,868)
Net current liabilities
(1,564)
(1,564)
Total assets less current liabilities
4,720
4,720
Capital and reserves
Other reserves
6
6,284
6,284
Profit and loss account
6
(1,564)
(1,564)
Shareholders' funds
4,720
4,720
For the financial year ended 30 September 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 27 June 2016
Mr Simon Phillips
Director
Company Registration No. 01298025
TERMHOUSE (GROSVENOR COURT) MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2015
30 September 2015
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Tangible Fixed Assets
This represents the freehold reversion in the land and buildings at Grosvenor Court, stated at cost.
1.3
Company Status
The company is limited by guarantee of the members and therefore, does not have a share capital.
Membership of the company is restricted to the lessees of Grosvenor Court.
The liabitily of members is set out in Clause 5 of the Memorandum and Articles of Association of the Company and is reproduced hereunder: "Every member of the company undertakes to contribute to the assets of the company in the event of its being wound up while he is a member or within one year after he shall cease to be a member, for payment of the debts and liabilities of the company contracted before he ceases to be a member and the costs, charges and expenses of winding up and for the adjustments of the rights of contributories among themselves such amount as may be required not exceeding £1".
2
Taxation
On the basis of these financial statements no provision has been made for corporation tax.
3
Tangible fixed assets
Freehold reversion
£
Cost
At 1 October 2014 & at 30 September 2015
6,284
Depreciation
At 1 October 2014 & at 30 September 2015
-
Net book value
At 30 September 2015
6,284
At 30 September 2014
6,284
4
Debtors
2015
2014
£
£
Other debtors
-
995
TERMHOUSE (GROSVENOR COURT) MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2015
30 September 2015
- 6 -
5
Creditors: amounts falling due within one year
2015
2014
£
£
Other creditors
4,909
2,868
6
Statement of movements on reserves
Other reserves
(see below)
Profit and loss
account
£
£
Balance at 1 October 2014
6,284
(1,564)
Balance at 30 September 2015
6,284
(1,564)
Other reserves
Freehold Reversion
Balance at 1 October 2014 & at 30 September 2015
6,284
7
Control
The lessees of Grosvenor Court, have ultimate control of the company.
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