Company Registration No. 02677412 (England and Wales)
THE TOWERS ENGEL PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
ACCOUNTS FOR FILING WITH REGISTRAR
THE TOWERS ENGEL PARK LIMITED
COMPANY INFORMATION
Director
Nikunj Rawal
Secretary
Bushey Secretaries & Registrars Limited
Company number
02677412
Registered office
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
Accountants
Myers Clark
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
THE TOWERS ENGEL PARK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE TOWERS ENGEL PARK LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
11,485
11,665
Creditors: amounts falling due within one year
3
(2,317)
(2,476)
Net current assets
9,168
9,189
Capital and reserves
Called up share capital
4
5
5
Profit and loss reserves
9,163
9,184
Total equity
9,168
9,189
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 29 November 2017 and are signed on its behalf by:
Nikunj Rawal
Director
Company Registration No. 02677412
THE TOWERS ENGEL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 2 -
1
Accounting policies
Company information
The Towers Engel Park Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Egale 1, 80 St Albans Road, Watford, Hertfordshire, WD17 1DL.
1.1
Accounting convention
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 30 June 2017
are the
first
financial statements of The Towers Engel Park Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 5.
1.2
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price
.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities
are
initially recognised at transaction price
.
1.3
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE TOWERS ENGEL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.5
During the year the company has acted as agent for the lessees of the property at
10 Engel Park , Mill Hill London NW7 2HB
.
The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. 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 and are not filed at Companies House. The accounts can be obtained from The Towers Engel Park Limited.
The funds in relation to the maintenance of the property are held in trust. As at 30 June 2017 the cash balance held on behalf of the lessees amounted to £ 13,392.
2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
11,485
11,665
3
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
2,317
2,296
Other creditors
-
180
2,317
2,476
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
5 Ordinary Shares of £1 each
5
5
5
5
THE TOWERS ENGEL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 4 -
5
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 July
30 June
2015
2016
£
£
Equity as reported under previous UK GAAP and under FRS 102
5
9,189
Reconciliation of profit for the financial period
2016
£
Profit as reported under previous UK GAAP and under FRS 102
9,184
Notes to reconciliations on adoption of FRS 102
There were no adjustments to the prior year accounts as a result of the adoption of FRS102.