Company Registration No. 02879685 (England and Wales)
QUEENS COURT ST JOHNS WOOD LTD
(A COMPANY LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
ACCOUNTS FOR FILING WITH REGISTRAR
QUEENS COURT ST JOHNS WOOD LTD
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
QUEENS COURT ST JOHNS WOOD LTD
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,777
1,777
Current assets
Debtors
3
82,537
80,684
Cash at bank and in hand
828
93,214
83,365
173,898
Creditors: amounts falling due within one year
4
(67,217)
(45,962)
Net current assets
16,148
127,936
Total assets less current liabilities
17,925
129,713
Reserves
Other reserves
2,400
2,400
Income and expenditure account
15,525
127,313
Members' funds
17,925
129,713
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 23 May 2019 and are signed on its behalf by:
T Faithful
Director
Company Registration No. 02879685
QUEENS COURT ST JOHNS WOOD LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Queens Court St Johns Wood Ltd is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
c/o Urang Property Management Ltd, 196 New Kings Road, London, SW6 4NF.
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.
1.2
Income and expenditure
Turnover represents amounts receivable for ground rent.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Freehold reversionary interest is not depreciated
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
QUEENS COURT ST JOHNS WOOD LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans,
other
loans that are classified as debt, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
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.
1.7
During the year the company has acted as agent for the lessees of the property at Queens Court, 4-8 Finchley Road, London, NW8 6DR. The funds in relation to the maintenance of the property are held in trust. As at 31 March 2018 the cash balance held on behalf of the lessees amounted to £421.
Income and expenditure in relation to the maintenance of the common parts of the property are 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 Queens Court St Johns Wood Ltd.
2
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2017 and 31 March 2018
1,777
Depreciation and impairment
At 1 April 2017 and 31 March 2018
-
Carrying amount
At 31 March 2018
1,777
At 31 March 2017
1,777
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
400
-
Other debtors
82,137
80,684
82,537
80,684
QUEENS COURT ST JOHNS WOOD LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
-
16,776
Other taxation and social security
-
18,666
Other creditors
67,217
10,520
67,217
45,962
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.