Company Registration No. 08857709 (England and Wales)
BURNSIDE PROPERTY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
ACCOUNTS FOR FILING WITH REGISTRAR
BURNSIDE PROPERTY MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BURNSIDE PROPERTY MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2017
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
2
12,000
12,000
Current assets
Debtors
3
4
4
Net current assets
4
4
Total assets less current liabilities
12,004
12,004
Capital and reserves
Called up share capital
4
4
4
Other reserves
12,000
12,000
Total equity
12,004
12,004
The directors 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 31 December 2017 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 27 September 2018 and are signed on its behalf by:
G Beagles
Director
Company Registration No. 08857709
BURNSIDE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Burnside Property Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
C/o Prestige Secretarial Services, 26 Northcote Road, Knighton, Leicester, Leicestershire, LE2 3FH.
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 31 December 2017
are the
first
financial statements of Burnside Property Management 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 February 2016. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 5.
1.2
Profit and loss account
The company has not traded during the year or the preceding financial
period
. During
this time
the company received no income and incurred no expenditure and therefore no Profit and loss account is presented
in these financial statements.
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:
Freehold land and buildings
Nil
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 profit or loss
.
1.4
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.
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.
BURNSIDE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price
.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received.
1.6
During the year the company has acted as agent for the lessees of the property at Flats A to E, Burnside, Sandhurst Road, Tunbridge Wells, TN2 3JU. The funds in relation to the maintenance of the property are held in trust. As at 31 December 2017 the cash balance held on behalf of the lessees amounted to £2,462.
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 Burnside Property Management Limited.
2
Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2017 and 31 December 2017
12,000
Depreciation and impairment
At 1 February 2017 and 31 December 2017
-
Carrying amount
At 31 December 2017
12,000
At 31 January 2017
12,000
The land and buildings cost represents the purchase of the freehold interest in 2014.
3
Debtors
2017
2017
Amounts falling due within one year:
£
£
Other debtors
4
4
4
Called up share capital
2017
2017
£
£
Ordinary share capital
Issued and fully paid
4 Ordinary shares of £1 each
4
4
4
4
BURNSIDE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
4
Called up share capital
(Continued)
- 4 -
5
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 February
31 January
2016
2017
£
£
Equity as reported under previous UK GAAP and under FRS 102
2,900
2,681
Adjustments to prior year (note 6)
9,323
9,323
As restated
12,223
12,004
Reconciliation of (loss)/profit for the financial period
2017
£
Loss as reported under previous UK GAAP and under FRS 102
(219)
Adjustments to prior year (note 6)
219
As restated
-
Notes to reconciliations on adoption of FRS 102
There were no adjustments to the prior year as a result of the adoption of FRS 102.
BURNSIDE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
6
Prior period adjustment
It was resolved that the service charge assets and associated liabilities in relation to the maintenance of the property governed by the lease should be held in trust and therefore reported separately from the statutory accounts.
A prior year adjustment was made for the contribution made by the shareholders to purchase the freehold at Flats A to E, Burnside, Sandhurst Road, Tunbridge Wells, TN2 3JU. There were no expectations or contracts for repayment. On this basis, this has been classified to a freehold contribution reserve, as detailed in the reconciliation below:
Changes to the balance sheet
At 31 January 2017
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment at 1 Feb 2016
Adjustment at 31 Jan 2017
As restated
£
£
£
£
Fixed assets
Tangible assets
-
12,000
-
12,000
Current assets
Debtors due within one year
770
(766)
-
4
Creditors due within one year
Loans and overdrafts
2,737
(2,737)
-
-
Other creditors
(826)
826
-
-
Net assets
2,681
9,323
-
12,004
Capital and reserves
Other reserves
-
12,000
-
12,000
Profit and loss
2,677
(2,677)
-
-
Total equity
2,681
9,323
-
12,004
Changes to the profit and loss account
Period ended 31 January 2017
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated
£
£
£
Turnover
6,000
(6,000)
-
Administrative expenses
(6,219)
6,219
-
(Loss)/profit for the financial period
(219)
219
-