Company Registration No. NI023017 (Northern Ireland)
FLAT MANAGEMENT SERVICES LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
FLAT MANAGEMENT SERVICES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FLAT MANAGEMENT SERVICES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs Carol Boyd
Mr Colin Boyd
Secretary
Mrs Carol Boyd
Company number
NI023017
Registered office
1st Floor Studio 2
Strand Studios
150 Holywood Road
Belfast
BT4 1NY
Independent accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
1st Floor Studio 2
Strand Studios
150 Holywood Road
Belfast
BT4 1NY
Bankers
Danske Bank
PO Box 183
Donegall Square West
Belfast
BT1 6JS
FLAT MANAGEMENT SERVICES LIMITED
BALANCE SHEET
AS AT 31 JULY 2018
31 July 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,890
4,888
Current assets
Debtors
4
169,358
60,176
Cash at bank and in hand
1,066,121
1,074,369
1,235,479
1,134,545
Creditors: amounts falling due within one year
5
(1,095,395)
(1,047,010)
Net current assets
140,084
87,535
Total assets less current liabilities
143,974
92,423
Provisions for liabilities
6
(538)
(683)
Net assets
143,436
91,740
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
143,434
91,738
Total equity
143,436
91,740
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification
FLAT MANAGEMENT SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2018
31 July 2018
- 3 -
Directors' statement in respect of the financial statements
For the financial year ended 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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
of the Companies Act 2006.
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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime
and the Financial Reporting Standard FRS 102 1A - Small Entities
.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2019 and are signed on its behalf by:
Mrs Carol Boyd
Mr Colin Boyd
..............................
..............................
Mrs Carol Boyd
Mr Colin Boyd
Director
Director
Company Registration No. NI023017
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification
FLAT MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
- 4 -
1
Accounting policies
1.1
General information and basis of preparation
Flat Management Services Limited is a
private
company
limited by shares
incorporated in Northern Ireland.
The registered office is
1st Floor Studio 2, Strand Studios, 150 Holywood Road, Belfast, BT4 1NY.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
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:
Maintenance equipment
20% reducing balance
Office equipment
25% reducing balance
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
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’ and Section 12 ‘Other Financial Instruments Issues’ 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.
FLAT MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 5 -
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
FLAT MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 6 -
1.9
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company director.
1.10
Shares are included in shareholders funds. Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2018
2017
Number
Number
4
4
3
Tangible fixed assets
Maintenance equipment
Office equipment
Total
£
£
£
Cost
At 1 August 2017
708
48,548
49,256
Additions
-
299
299
At 31 July 2018
708
48,847
49,555
Depreciation
At 1 August 2017
708
43,660
44,368
Depreciation charged in the year
-
1,297
1,297
At 31 July 2018
708
44,957
45,665
Net book value
At 31 July 2018
-
3,890
3,890
At 31 July 2017
-
4,888
4,888
FLAT MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 7 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
165,825
56,679
Prepayments and accrued income
3,533
3,497
169,358
60,176
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors (secured on £1,025,200 bank balances)
1,025,162
945,463
Corporation tax
14,617
15,917
Other taxation and social security
9,815
10,512
Directors current account
11,980
51,040
Other creditors
7,092
2,650
Accruals and deferred income
26,729
21,428
1,095,395
1,047,010
6
Provisions for liabilities
2017
£
Balance at 1 August 2017
683
Profit and loss account
(145)
Balance at 31 July 2018
538
The deferred tax liability is made up as follows:
2017
£
Accelerated capital allowances
538
7
Share capital
2018
2017
£
£
Ordinary share capital
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
FLAT MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 8 -
8
Financial commitments
The company had no capital commitments or contingent liabilities at
31 July 2018
or at 31 July 2017.
9
Control
The directors control the company.
10
Related party transactions
There were no transactions between the company and any other related party except on an arms length basis.