Company Registration No. 02631078 (England and Wales)
CHARMGOOD LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
CHARMGOOD LIMITED
COMPANY INFORMATION
Directors
Ms H D O' Connor
Ms J C Mutch
Mr A R D MacLeod
Ms H Duggan
Secretary
Ms H D O' Connor
Company number
02631078
Registered office
60 Barnsbury Road
Islington
London N1 OHD
Accountants
Beatty & Co
Suites 3 & 4
63-67 Athenaeum Place
Muswell Hill
London
N10 3HL
Business address
60 Barnsbury Road
Islington
London N1 OHD
Bankers
Barclays Bank plc
38 Islington Green
N1 8EH
CHARMGOOD LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
CHARMGOOD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2015
- 1 -
The directors present their report and financial statements for the year ended 31 December 2015.
Directors
The following directors have held office since 1 January 2015:
Ms H D O' Connor
Ms J C Mutch
Mr A R D MacLeod
Ms H Duggan
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
By order of the board
Ms H D O' Connor
Secretary
30 September 2016
CHARMGOOD LIMITED
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHARMGOOD LIMITED FOR THE YEAR ENDED 31 DECEMBER 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 Charmgood Limited for the year ended 31 December 2015 set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Charmgood Limited, as a body, in accordance with the terms of our engagement letter dated 29 September 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Charmgood Limited and state those matters that we have agreed to state to the Board of Directors of Charmgood Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charmgood Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Charmgood 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 Charmgood Limited. You consider that Charmgood 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 Charmgood 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.
Beatty & Co
30 September 2016
Chartered Certified Accountants
Suites 3 & 4
63-67 Athenaeum Place
Muswell Hill
London
N10 3HL
CHARMGOOD LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
2015
2014
Notes
£
£
Turnover
699
800
Administrative expenses
(2,770)
34,791
Operating (loss)/profit
(2,071)
35,591
Other interest receivable and similar income
2
144
75
(Loss)/profit on ordinary activities before taxation
(1,927)
35,666
Tax on (loss)/profit on ordinary activities
3
385
(7,059)
(Loss)/profit for the year
10
(1,542)
28,607
CHARMGOOD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 4 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,824
3,228
Current assets
Debtors
6
985
775
Cash at bank and in hand
30,330
49,964
31,315
50,739
Creditors: amounts falling due within one year
7
(2,979)
(12,765)
Net current assets
28,336
37,974
Total assets less current liabilities
31,160
41,202
31,160
41,202
Capital and reserves
Called up share capital
9
5
5
Profit and loss account
10
31,155
41,197
Shareholders' funds
31,160
41,202
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 January 2015).
Approved by the Board for issue on 30 September 2016
Ms H D O' Connor
Director
Company Registration No. 02631078
CHARMGOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for ground rent for the year. The company is also entitled to a small fee when a lease is transferred.
1.4
Tangible fixed assets and depreciation
No depreciation is provided on the freehold land and buildings as the directors do not regard the value as being less than that shown.
Land and buildings Freehold
Nil
2
Investment income
2015
2014
£
£
Bank interest
144
75
144
75
3
Taxation
2015
2014
£
£
Domestic current year tax
U.K. corporation tax
-
7,059
Total current tax
-
7,059
Deferred tax
Deferred tax charge/credit current year
(385)
-
(385)
7,059
The company has estimated losses of £ 1,927 (2014 - £ nil) available for carry forward against future trading profits.
The amount of £1,927 above is split between trading losses of £1,523 and a capital loss of £404.
CHARMGOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 6 -
4
Dividends
2015
2014
£
£
Ordinary interim paid
8,500
-
5
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2015
3,228
Disposals
(404)
At 31 December 2015
2,824
Depreciation
At 1 January 2015 & at 31 December 2015
-
Net book value
At 31 December 2015
2,824
At 31 December 2014
3,228
The original freehold was subject to ten 99 year leases with annual ground rents payable. During the year one lease was extended by 90 years and the ground rent reduced to a peppercorn. This extension has been treated for accounting purposes as a part disposal of one tenth of the original freehold cost.
6
Debtors
2015
2014
£
£
Trade debtors
600
775
Deferred tax asset (see note 8)
385
-
985
775
7
Creditors: amounts falling due within one year
2015
2014
£
£
Taxation and social security
-
7,059
Other creditors
2,979
5,706
2,979
12,765
CHARMGOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 7 -
8
Provisions for liabilities
The deferred tax asset (included in debtors, note 6) is made up as follows:
2015
£
Profit and loss account
(385)
2015
2014
£
£
Tax losses available
(385)
-
9
Share capital
2015
2014
£
£
Allotted, called up and fully paid
5 Ordinary shares of £1 each
5
5
10
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 January 2015
41,197
Loss for the year
(1,542)
Dividends paid
(8,500)
Balance at 31 December 2015
31,155
For accounting purposes the 2009 service charge income and expenditure had been treated as belonging to the company, together with the associated assets and liabilities. Due to guidance issued by the ICAEW in October 2010 this treatment was amended in 2010 by way of a prior period adjustment and the comparative figures were restated. The reserves in respect of the historical ground rent up to 31 December 2009 have been treated as part of the service charge reserves.
11
Control
The directors control the company.
CHARMGOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 8 -
12
Related party relationships and transactions
Loans to directors
The loan balances owing to each of the directors listed below were repaid during the year as follows:
Ms H.D. O' Connor £806
Ms J.C. Mutch £806
Mr A.R.D McLeod £806
Ms H.Duggan £806
At the balance sheet there were no amounts owing to or from the directors above.
Other related party transactions
The loan of £806 owing to the 20% shareholder Mr P. Ni at 1 January 2015 was repaid during the year. During the year a lease extension was granted to Mr. Ni for a £nil premium.
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