Company Registration No. 02631078 (England and Wales)
CHARMGOOD LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
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
Paul Anthony House
724 Holloway Road
London
N19 3JD
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 - 7
CHARMGOOD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2014
- 1 -
The directors present their report and financial statements for the year ended 31 December 2014.
Directors
The following directors have held office since 1 January 2014:
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 2015
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 2014
- 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 2014 set out on pages 3 to 7 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.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
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 AAF 2/10 as detailed at http://www.accaglobal.com/uk/en/technical-activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-companies.html. 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 profit of Charmgood Limited. You consider that Charmgood Limited is exempt from the statutory audit requirement for the year.
Beatty & Co
30 September 2015
Chartered Certified Accountants
Paul Anthony House
724 Holloway Road
London
N19 3JD
CHARMGOOD LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
2014
2013
Notes
£
£
Turnover
800
725
Administrative expenses
34,791
14,376
Operating profit
35,591
15,101
Other interest receivable and similar income
2
75
128
Profit on ordinary activities before taxation
35,666
15,229
Tax on profit on ordinary activities
3
(7,059)
(2,976)
Profit for the year
8
28,607
12,253
CHARMGOOD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 4 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,228
3,632
Current assets
Debtors
5
775
725
Cash at bank and in hand
49,964
16,314
50,739
17,039
Creditors: amounts falling due within one year
6
(12,765)
(8,076)
Net current assets
37,974
8,963
Total assets less current liabilities
41,202
12,595
Capital and reserves
Called up share capital
7
5
5
Profit and loss account
8
41,197
12,590
Shareholders' funds
41,202
12,595
For the financial year ended 31 December 2014 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 April 2008).
Approved by the Board for issue on 30 September 2015
Ms H D O' Connor
Director
Company Registration No. 02631078
CHARMGOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 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
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
2014
2013
£
£
Bank interest
75
32
Other interest
-
96
75
128
3
Taxation
2014
2013
£
£
Domestic current year tax
U.K. corporation tax
7,059
2,976
Total current tax
7,059
2,976
Profits are liable to corporation tax at the prevailing small company rate.
CHARMGOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 6 -
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2014
3,632
Disposals
(404)
At 31 December 2014
3,228
Depreciation
At 1 January 2014 & at 31 December 2014
-
Net book value
At 31 December 2014
3,228
At 31 December 2013
3,632
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.
5
Debtors
2014
2013
£
£
Trade debtors
775
725
6
Creditors: amounts falling due within one year
2014
2013
£
£
Taxation and social security
7,059
2,976
Other creditors
5,706
5,100
12,765
8,076
7
Share capital
2014
2013
£
£
Allotted, called up and fully paid
5 Ordinary shares of £1 each
5
5
CHARMGOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 7 -
8
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 January 2014
12,590
Profit for the year
28,607
Balance at 31 December 2014
41,197
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.
9
Control
The directors control the company.
10
Related party relationships and transactions
Directors Loans
At the balance sheet the directors were owed the following amounts:
Ms H.D. O' Connor £806
Ms J.C. Mutch £806
Mr A.R.D McLeod £806
Ms H.Duggan £806
Other related party transactions
At the balance sheet date, a 20% shareholder Mr P.Ni, was owed £806 by the company.
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