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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 |
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THE ABBEY SPRINGS MANAGEMENT COMPANY LTD |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 |
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FOR |
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THE ABBEY SPRINGS MANAGEMENT COMPANY LTD |
THE ABBEY SPRINGS MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 04095121) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2015 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Profit and Loss Account | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 5 |
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THE ABBEY SPRINGS MANAGEMENT COMPANY LTD |
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COMPANY INFORMATION |
for the Year Ended 31st December 2015 |
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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 |
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THE ABBEY SPRINGS MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 04095121) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31st December 2015 |
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The directors present their report with the financial statements of the company for the year ended 31st December 2015. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2015 to the date of this |
report. |
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Other changes in directors holding office are as follows: |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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THE ABBEY SPRINGS MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 04095121) |
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PROFIT AND LOSS ACCOUNT |
for the Year Ended 31st December 2015 |
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31/12/15 | 31/12/14 |
Notes | £ | £ |
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INCOME |
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Service charge expenditure |
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OPERATING LOSS | 2 | ( |
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Interest receivable and similar income |
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PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION |
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( |
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Tax on profit/(loss) on ordinary activities | 3 |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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( |
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THE ABBEY SPRINGS MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 04095121) |
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BALANCE SHEET |
31st December 2015 |
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31/12/15 | 31/12/14 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 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 profit or loss 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. |
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The financial statements were approved by the Board of Directors on
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THE ABBEY SPRINGS MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 04095121) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Income |
During the year the company received monies from lessees, as agent, in respect of service charges and |
associated income, which is held on trust and does not constitute turnover. |
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Tangible fixed assets |
Freehold property is included in these financial statements at directors' valuation which reflects any diminution in |
value due to the granting of leases. For this reason the directors consider that it is inappropriate to charge |
depreciation on the remaining value of the freehold property. Furthermore, the directors consider that the |
residual value of the freehold property in 50 years time would be no less than its current value. |
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Long term creditors |
In December 2005 the lessees made one-off contributions totalling £21,262 to acquire the freehold interest in the |
property referred to in the directors' report. This was achieved by the lessees contributing £1,251 each. This |
amount will only be returned to lessees in the event of a disposal by the company of the freehold interest in the |
property at a later date. |
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Presentation of the profit and loss account |
The presentation of the Profit and Loss Account on page 3 has been modified from the prescribed format for |
Company accounts in order to provide more information to lessees and other parties who may be interested in the |
expenditure incurred in the management of the property. |
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2. | OPERATING LOSS |
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The operating loss is stated after charging: |
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31/12/15 | 31/12/14 |
£ | £ |
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Directors' remuneration and other benefits etc |
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3. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit on ordinary activities for the year was as follows: |
31/12/15 | 31/12/14 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on profit/(loss) on ordinary activities |
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THE ABBEY SPRINGS MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 04095121) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2015 |
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4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
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COST |
At 1st January 2015 |
and 31st December 2015 |
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NET BOOK VALUE |
At 31st December 2015 |
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At 31st December 2014 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/15 | 31/12/14 |
£ | £ |
Trade debtors | 20 | 20 |
Other debtors | 24,510 | 29,194 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/15 | 31/12/14 |
£ | £ |
Trade creditors |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/12/15 | 31/12/14 |
£ | £ |
Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/15 | 31/12/14 |
value: | £ | £ |
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Ordinary | £1 |
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9. | RESERVES |
Profit |
and loss |
account |
£ |
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Profit for the year |
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Transfer to Service Charge Account | (3 | ) |
At 31st December 2015 |
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THE ABBEY SPRINGS MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 04095121) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2015 |
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10. | CONTINGENT LIABILITIES |
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The company had no contingent liabilities at 31st December 2015 (2014 - none). |
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11. | CAPITAL COMMITMENTS |
31/12/15 | 31/12/14 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | - |
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12. | RELATED PARTY DISCLOSURES |
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The company is a mutual trading company and as such received income in the form of service charge from |
residents, some of whom are directors of the company. Service charges payable by the directors are on the same |
basis as for all of the other residents. |