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REGISTERED NUMBER:
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THE OSBORNE (SWANSEA) MANAGEMENT |
COMPANY LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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REGISTERED NUMBER:
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THE OSBORNE (SWANSEA) MANAGEMENT |
COMPANY LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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THE OSBORNE (SWANSEA) MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 04855655) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 7 |
THE OSBORNE (SWANSEA) MANAGEMENT |
COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Langdon House |
Langdon Road |
SA1 Swansea Waterfront |
Swansea |
SA1 8QY |
THE OSBORNE (SWANSEA) MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 04855655) |
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BALANCE SHEET |
30 SEPTEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Prepayments and accrued income |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
5 |
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NET ASSETS |
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RESERVES |
Non distributable reserves | 8 |
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Income and expenditure account | 8 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
THE OSBORNE (SWANSEA) MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 04855655) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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THE OSBORNE (SWANSEA) MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 04855655) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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1. | STATUTORY INFORMATION |
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The Osborne (Swansea) Management Company Limited is a
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registered in Not specified/Other. The company's registered number and registered office address can |
be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents maintenance income received for management of properties. |
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Tangible fixed assets |
This comprises of the freehold reversion in the land at The Osborne Estate. The freehold reversion is |
not considered by the Directors to be a depreciating asset, accordingly no depreciation is charged in |
the Accounts. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Transition to frs 102 |
These financial statements for the year ended 30 September 2017 are the first financial statements |
that comply with FRS 102 Section 1A small entities. There have been no adjustments on transition. |
The transition date was 1 October 2015. |
THE OSBORNE (SWANSEA) MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 04855655) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. |
Prepayments are valued at the amount prepaid net of any trade discounts due. |
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Cash at bank and in hand |
Cash at bank and cash in hand includes cash and short term highly liquid investments held within a |
deposit or similar account. |
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Creditors and provisions |
Creditors and provisions are recognised where the Company has a present obligation resulting from a |
past event that will probably result in the transfer of funds to a third party and the amount due to settle |
the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised |
at their settlement amount after allowing for any trade discounts due. |
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3. | TANGIBLE FIXED ASSETS |
Freehold |
Reversion |
£ |
COST |
At 1 October 2016 |
and 30 September 2017 |
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NET BOOK VALUE |
At 30 September 2017 |
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At 30 September 2016 |
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The company purchased the Freehold Reversion on 21st December 2007 for £119,319. This was |
financed by way of a mortgage and contribution from some shareholders willing to participate in the |
scheme. The balance was financed by an interest only mortgage. |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Taxation and social security |
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Other creditors |
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5. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Building society loan |
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The building society loan represents an interest only mortgage drawn to part fund the purchase of the |
Freehold Reversion. During the year interest of £696 was charged. |
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This mortgage was repaid in full in September 2017. |
THE OSBORNE (SWANSEA) MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 04855655) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Building society loan |
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The loan is secured against the related asset. |
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7. | CALLED UP SHARE CAPITAL |
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The company is limited by guarantee and has no share capital. The liability of each member is limited |
to £25. |
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8. | RESERVES |
Income |
and | Non |
expenditure | distributable |
account | reserves | Totals |
£ | £ | £ |
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At 1 October 2016 |
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246,106 |
Surplus for the year |
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At 30 September 2017 |
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291,376 |
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The non-distributable reserve represents an amount equal to the amount paid by some shareholders to |
the company as a contribution towards the purchase of the Freehold Reversion. |
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9. | RELATED PARTY DISCLOSURES |
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C Ashcroft, a director of the company paid service charges totalling £3,469 |
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K Beck, a director of the company paid service charges totalling £3,143 |
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D B Lewis, a director of the company paid service charges totalling £3,143 |
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E Lewis, a director of the company paid service charges totalling £2,333 |
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P A Payne, a director of the company paid service charges totalling £3,753 |
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H Richards, a director of the company paid service charges totalling £2,399 |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
THE OSBORNE (SWANSEA) MANAGEMENT |
COMPANY LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain |
other primary statements and the Report of the Directors are not required to be filed with the |
Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of The Osborne (Swansea) Management Company Limited for the year ended |
30 September 2017 which comprise the Income Statement, Balance Sheet and the related notes from the |
company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of The Osborne (Swansea) Management Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Osborne (Swansea) Management Company Limited and state those matters that we have agreed to state to the Board of Directors of The Osborne (Swansea) Management Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Osborne (Swansea) Management Company Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that The Osborne (Swansea) Management Company 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 The Osborne (Swansea) Management Company Limited. You consider that The Osborne (Swansea) Management Company Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of The Osborne (Swansea) Management Company 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. |
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Chartered Accountants |
Langdon House |
Langdon Road |
SA1 Swansea Waterfront |
Swansea |
SA1 8QY |
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Date: ............................................. |