Company Registration No. 10033327 (England and Wales)
AUDLEY HOUSE RESIDENT MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
AUDLEY HOUSE RESIDENT MANAGEMENT COMPANY LIMITED
COMPANY INFORMATION
Director
Mr B T Page
Secretary
Mainstay (Secretaries) Limited
Company number
10033327
Registered office
Whittington Hall
Whittington Road
Worcester
Worcestershire
WR5 2ZX
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AUDLEY HOUSE RESIDENT MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 4
AUDLEY HOUSE RESIDENT MANAGEMENT COMPANY LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AUDLEY HOUSE RESIDENT MANAGEMENT COMPANY LIMITED FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Audley House Resident Management Company Limited for the year ended 31 March 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Audley House Resident 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 Audley House Resident Management Company Limited and state those matters that we have agreed to state to the Board of Directors of Audley House Resident Management Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Audley House Resident Management Company Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Audley House Resident 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 loss of Audley House Resident Management Company Limited. You consider that Audley House Resident Management Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Audley House Resident 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.
Ormerod Rutter Limited
13 September 2022
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AUDLEY HOUSE RESIDENT MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
60,000
60,000
Current assets
Debtors
4
2,248
2,248
Creditors: amounts falling due within one year
5
(8,496)
(8,496)
Net current liabilities
(6,248)
(6,248)
Total assets less current liabilities
53,752
53,752
Provisions for liabilities
(11,400)
(11,400)
Net assets
42,352
42,352
Capital and reserves
Profit and loss reserves
42,352
42,352
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 and signed by the director and authorised for issue on 11 September 2022.
Mr B T Page
Director
Company Registration No. 10033327
AUDLEY HOUSE RESIDENT MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Audley House Resident Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Whittington Hall, Whittington Road, Worcester, Worcestershire, WR5 2ZX.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable in respect of ground rents charged in the period.
1.3
Investment properties
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account,
1.4
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2021 - 1).
AUDLEY HOUSE RESIDENT MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
3
Investment property
2022
£
Fair value
At 1 April 2021 and 31 March 2022
60,000
The 2017 valuations were made by the directors on an open market valuation for existing use basis.
If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been held at a carrying value of £Nil.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
2,248
2,248
5
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
4,445
4,445
Other creditors
4,051
4,051
8,496
8,496
6
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
11,400
11,400
7
Limited by Guarantee
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.