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Unaudited Financial Statements for the Year Ended 31st March 2018 |
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TOWER BEACH MANAGEMENT COMPANY LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31st March 2018 |
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for |
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TOWER BEACH MANAGEMENT COMPANY LIMITED |
TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Contents of the Financial Statements |
for the Year Ended 31st March 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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TOWER BEACH MANAGEMENT COMPANY LIMITED |
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Company Information |
for the Year Ended 31st March 2018 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Balance Sheet |
31st March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
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. |
TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Balance Sheet - continued |
31st March 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Notes to the Financial Statements |
for the Year Ended 31st March 2018 |
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1. | STATUTORY INFORMATION |
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Tower Beach Management Company Limited is a
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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 |
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Revenue recognition |
Revenue is derived from investment property management services, net of value added tax. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investment property |
Investment properties are properties held to earn rentals, they are initially measured at cost, including transaction |
costs. Subsequently they are then measured at fair value on an open market basis. Deferred tax is provided on |
these movements. Gains and losses arising from changes in fair value are included in the Statement of Income |
and Retained Earnings in the period in which they arise. |
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Investment property is shown at most recent valuation, which in this case is currently considered to be original |
cost. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank |
overdrafts, when applicable, are shown within borrowings in current liabilities. |
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Going concern |
The accounts have been prepared on a going concern basis because of the continued support of its creditors. The |
director consider this to be the appropriate basis. |
TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
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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 FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there |
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or |
to realise the asset and settle the liability simultaneously. |
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Basic Financial assets: |
Basic financial assets, which include cash and bank balances, are initially measured at transaction price |
including transaction costs. They are subsequently carried at amortised cost using the effective interest method, |
unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value |
of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one |
year are not amortised. |
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Other financial assets: |
All the company's financial assets fall to be classified as basic financial assets under Section 11 of FRS 102 and |
the company therefore holds no other financial assets. |
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Other financial liabilities: |
All the companies financial liabilities fall to be classified as basic financial liabilities under Section 11 of FRS |
102 and the company therefore has no other financial instruments. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1st April 2017 |
and 31st March 2018 |
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DEPRECIATION |
At 1st April 2017 |
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Charge for year |
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At 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1st April 2017 |
and 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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The director considers that the property purchase price is an accurate reflection of its current market value. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Other Loan |
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9. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 31.3.18 | 31.3.17 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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10. | RELATED PARTY DISCLOSURES |
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Mr TJ Hemmings |
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Creditors due after more than one year is a loan from Mr TJ Hemmings, no interest charged on the outstanding |
loan and there is no formal date for repayment of the loan. |
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31.3.18 | 31.3.17 |
£ | £ |
Amount due to related party at the balance sheet date | 616,151 | 616,151 |
TOWER BEACH MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 02080348) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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