Company registration number NI062566 (Northern Ireland)
JAMES CLOW APARTMENTS MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE 3 MONTH PERIOD ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
JAMES CLOW APARTMENTS MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JAMES CLOW APARTMENTS MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
Notes
£
£
Current assets
Debtors
5
79,985
Cash at bank and in hand
76,405
156,390
Creditors: amounts falling due within one year
6
(54,707)
Net current assets
101,683
Capital and reserves
Called up share capital
137
Profit and loss reserves
101,546
Total equity
101,683
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 3 Month Period ended 30 April 2023 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 members have not required the company to obtain an audit of its financial statements for the 3 Month Period 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 30 January 2024
M.B. Wilson & Co.
Director
Company Registration No. NI062566
JAMES CLOW APARTMENTS MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 3 MONTH PERIOD ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information
James clow apartments management company limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 561 Upper Newtownards Road, Belfast, Northern Ireland, BT4 3LP.
1.1
Reporting period
The accounts have been prepared for a 3 month period as the financial year has been shortened from 31 January 2024 to 30 April 2023.
1.2
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover relates to the non trading receipts of the company in respect of management fees received from the shareholders of the company. These have been recognised to the extent that management fees are due form the shareholders.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Cash and cash equivalents
Cash and cash equivalents 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.
JAMES CLOW APARTMENTS MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 3 MONTH PERIOD ENDED 30 APRIL 2023
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 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 payments 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. Amounts 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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Change in accounting policy
The company is a residential management company. The company does not receive taxable income but does receive contributions from it's shareholders to allow communal running costs to be paid and also to save for future expenditure related to the running of the property. The company has previously accounted for these contributions on a trust basis and from the 1 May 2022 the directors have made the decision to account for contributions, expenses, assets, liabilities and reserves under FRS 102. This has resulted in reserves brought forward which have been account for in the Statement of Changes in Equity.
JAMES CLOW APARTMENTS MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 3 MONTH PERIOD ENDED 30 APRIL 2023
- 4 -
3
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4
Employees
The average monthly number of persons (including directors) employed by the company during the 3 Month Period was:
2023
Number
Total
5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
71,278
Other debtors
8,707
79,985
6
Creditors: amounts falling due within one year
2023
£
Bank loans and overdrafts
25,069
Trade creditors
6,812
Other creditors
22,826
54,707