Company Registration No. 06777048 (England and Wales)
CROMWELL MANAGEMENT COMPANY (STAINES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
CROMWELL MANAGEMENT COMPANY (STAINES) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
CROMWELL MANAGEMENT COMPANY (STAINES) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
6,143
4,951
Cash at bank and in hand
10,921
9,197
17,064
14,148
Creditors: amounts falling due within one year
4
(6,455)
(6,635)
Net current assets
10,609
7,513
Reserves
Income and expenditure account
10,609
7,513
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 2020 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 12 June 2020 and are signed on its behalf by:
D Hooper
Director
Company Registration No. 06777048
CROMWELL MANAGEMENT COMPANY (STAINES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Cromwell Management Company (Staines) Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
77 Church Road, Ashford, Middlesex, TW15 2PE.
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
Going concern
In light of the rapid global spread of the Coronavirus “COVID-19” in early 2020, the
true
directors
ha
ve
reviewed projections and budgets for the next twelve months
from the approval of the financial statements
. Following this review, the
directors
consider the
company
to still be a going concern
.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Income is recognised in respect of management fees received throughout the year.
Expenses include VAT where applicable as the company cannot reclaim it.
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
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
CROMWELL MANAGEMENT COMPANY (STAINES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2019 - 2).
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Service charges due
3,723
2,532
Other debtors
2,420
2,419
6,143
4,951
4
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
6,455
6,635
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.
6
Events after the reporting date
The Covid-19 pandemic has led to a significant shut-down of both social and economic activity in the UK and in many other countries around the globe.
This is an unprecedent global event and it is impossible to determine what the likely future impact will be on the company, the local and national economy or indeed, the wider global economy. The crisis gives' rise to uncertainty in relation to the timing of future activity.
This may impact on future company activities, but no adjustment is required in respect of the company's results to
31
March 2020
.