Registered Number 04400252
KINGSWAY MANSIONS LIMITED
Micro-entity Accounts
31 December 2016
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Fixed Assets |
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Current Assets |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Total net assets (liabilities) |
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Capital and reserves |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Other accounting policies
The financial statements have been prepared on the historical cost basis, as modified by the
revaluation of certain financial assets and liabilities and investment properties measured at fair
value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Contractual commitments
The company contracts with third parties in its own name for the supply of services to the
property for maintenance of the common parts in accordance with the terms of the leases. At
31 December 2016 the company had not entered into any non-cancellable contractual
commitments.
Service charge accounts
The company has no income or expenditure in its own right, all transactions in the year being
related to the maintenance of common parts in accordance with the lease. Service charges
collected are held on trust for the purpose of meeting the relevant costs in relation to the
property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987.
Information relating to service charges is now dealt with as a separate statement of account.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to
continue as a going concern have been identified by the directors.
Income statement
The company is dormant as defined by section 1169 of the Companies Act 2006. The company
received no income and incurred no expenditure during the current year or prior year and
therefore no income statement is presented within these financial statements. There have been no
movements in members funds during the current year or prior year.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates
and assumptions that affect the amounts reported. These estimates and judgements are
continually reviewed and are based on experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any
accumulated depreciation and impairment losses. Any tangible assets carried at revalued
amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated
depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other
comprehensive income and accumulated in equity, except to the extent it reverses a revaluation
decrease of the same asset previously recognised in profit or loss. A decrease in the carrying
amount of an asset as a result of revaluation, is recognised in other comprehensive income to the
extent of any previously recognised revaluation increase accumulated in equity in respect of that
asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in
equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable
amount being estimated where such indicators exist. Where the carrying value exceeds the
recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for
possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable
amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating
unit to which the asset belongs. The cash-generating unit is the smallest identifiable
group of assets that includes the asset and generates cash inflows that largely independent of the
cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the cash-generating units that are expected to benefit from
the synergies of the combination, irrespective of whether other assets or liabilities of the
company are assigned to those units.
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under
FRS 102.
The lessees are the owners of the company and contribute to the service charge for the property
in accordance with the proportions prescribed within their leases on an arms length basis.
There is no ultimate controlling party.