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REGISTERED NUMBER: 02067821 (England and Wales)















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 23 JUNE 2013

FOR

2 - 14 ORSETT TERRACE MANAGEMENT COMPANY
LIMITED
2 - 14 ORSETT TERRACE MANAGEMENT COMPANY
LIMITED (REGISTERED NUMBER: 02067821)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 JUNE 2013




Page

Company Information 1

Report of the Directors 2

Income and Expenditure Account 3

Balance Sheet 4

Notes to the Financial Statements 5

2 - 14 ORSETT TERRACE MANAGEMENT COMPANY
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 23 JUNE 2013







DIRECTORS: P M Hewett
Ms L A Hankins
D H Williams
Ms D A Cannell
Ms S L Abreu
D Stadlmann
J M Peartree





SECRETARY: Encore Estate Management Ltd





REGISTERED OFFICE: 2, Hills Road
Cambridge
CB2 1JP





REGISTERED NUMBER: 02067821 (England and Wales)





ACCOUNTANT: Lescott Courts Limited
Chartered Certified Accountants
Unit 11 Mildmay House
Foundry Lane
Burnham on Crouch
Essex
CM0 8BL
2 - 14 ORSETT TERRACE MANAGEMENT COMPANY
LIMITED (REGISTERED NUMBER: 02067821)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 23 JUNE 2013

The directors present their report with the financial statements of the company for the year ended 23 June 2013.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of managing the property at 2-14 Orsett Terrace
on behalf of the lessees.

DIRECTORS
The directors shown below have held office during the whole of the period from 24 June 2012 to the date of this report.

P M Hewett
Ms L A Hankins
D H Williams
Ms D A Cannell
Ms S L Abreu
D Stadlmann
J M Peartree

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating
to small companies.

ON BEHALF OF THE BOARD:





D H Williams - Director


19 September 2013
2 - 14 ORSETT TERRACE MANAGEMENT COMPANY
LIMITED (REGISTERED NUMBER: 02067821)

INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 23 JUNE 2013

2013 2012
Notes £    £   

TURNOVER - -

Cost of sales 7,096 8,481
GROSS DEFICIT (7,096 ) (8,481 )

Administrative expenses 5,037 (3,609 )
(12,133 ) (4,872 )

Other operating income 13,405 13,522
OPERATING SURPLUS and
SURPLUS ON ORDINARY ACTIVITIES
BEFORE TAXATION

2

1,272

8,650

Tax on surplus on ordinary activities 3 1,272 1,892
SURPLUS FOR THE FINANCIAL YEAR - 6,758
2 - 14 ORSETT TERRACE MANAGEMENT COMPANY
LIMITED (REGISTERED NUMBER: 02067821)

BALANCE SHEET
23 JUNE 2013

2013 2012
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 215,000 215,000

CURRENT ASSETS
Debtors 5 1,712 2,312

CREDITORS
Amounts falling due within one year 6 1,712 2,312
NET CURRENT LIABILITIES - -
TOTAL ASSETS LESS CURRENT
LIABILITIES

215,000

215,000

CREDITORS
Amounts falling due after more than one
year

7

70,091

70,091
NET ASSETS 144,909 144,909

RESERVES
Revaluation reserve 8 138,151 138,151
Income and expenditure account 8 6,758 6,758
144,909 144,909

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 23 June 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 23 June 2013 in accordance with Section 476 of the Companies Act 2006.

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 surplus or deficit 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.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).


The financial statements were approved by the Board of Directors on 19 September 2013 and were signed on its behalf
by:



D H Williams - Director

2 - 14 ORSETT TERRACE MANAGEMENT COMPANY
LIMITED (REGISTERED NUMBER: 02067821)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 JUNE 2013

1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention as modified by the revaluation
of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April
2008).

Changes in accounting policies and prior year adjustment
Following a joint Technical release by the Institute of Accounts England and Wales (ICAEW), Association of
managing agents (ARMA) and Royal institute of chartered surveyors (RICS) ref 01/10 the company has had to
remove all references to service charge monies held or expended on behalf of the leaseholders.These are now
prepared on a separate set of service charge accounts for the leaseholders.

The limited company accounts now only deal with the freehold property ownership.

There are no changes to the companies reserves overall reserves but the prior year current asset and liabilities
have been removed form the accounts. These have always netted of in the past as the cash at bank figure always
equalled the balance held on behalf of leaseholders.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings - not provided

Freehold property
On the 20 September 1991 the company acquired the freehold of 2-14 Orsett Terrace. This purchase was
financed by loans from 22 leaseholders and the company's bankers. The bank loan has been serviced by
contributions from the remaining leaseholders to cover both the interest and capital repayments. It had been
intended that, when the bank loan was repaid in 1999, the company would extend the original 125 year leases to
those with a term of 999 years. At the annual general meeting on 24 September 1999 it was resolved to defer
this decision as it appeared that proposed new legislation may considerably simplify the legal process involved.

From 20 September 1991 no ground rents have been collected from the leaseholders.

On 20 November 1992 the company acquired the leasehold of the caretakers flat. The premises were previously
leased by the company and an appropriate amount included in the service charge to cover this expenditure. With
effect from 20 November 1992 an amount was included in the service charge to cover the repayments to the
company's bankers for the loan made to finance the acquisition. The bank loan has now been repaid.

Company limited by guarantee
The company is limited by guarantee with all sixty seven leaseholders being members. In the event of a
liquidation the members undertake to contribute an amount not exceeding £1.

2. OPERATING SURPLUS

The operating surplus is stated after charging:

2013 2012
£    £   

Directors' remuneration and other benefits etc - -
2 - 14 ORSETT TERRACE MANAGEMENT COMPANY
LIMITED (REGISTERED NUMBER: 02067821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 23 JUNE 2013

3. TAXATION

Analysis of the tax charge
The tax charge on the surplus on ordinary activities for the year was as follows:
2013 2012
£    £   
Current tax:
UK corporation tax 1,272 1,892
Tax on surplus on ordinary activities 1,272 1,892

UK corporation tax was charged at 20%) in 2012.

No provision has been made for deferred tax on gains recognised on revaluing property to its market value. Such
tax would become payable only if the property were sold. The total amount unprovided is £29,012 (2012 -
£29,012). At present, it is not envisaged that any tax will become payable in the foreseeable future.

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 24 June 2012
and 23 June 2013 215,000
NET BOOK VALUE
At 23 June 2013 215,000
At 23 June 2012 215,000

Cost or valuation at 23 June 2013 is represented by:

Land and
buildings
£   
Valuation in 2004 108,151
Valuation in 2006 30,000
Cost 76,849
215,000

If land and buildings had not been revalued they would have been included at the following historical cost:

2013 2012
£    £   
Cost 76,849 76,849

Value of land in freehold land and buildings 76,849 76,849

Freehold land and buildings were valued on an open market basis on 23 June 2006 by the directors. .
2 - 14 ORSETT TERRACE MANAGEMENT COMPANY
LIMITED (REGISTERED NUMBER: 02067821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 23 JUNE 2013

4. TANGIBLE FIXED ASSETS - continued

No depreciation is provided in respect of these properties. The company had lost contact with one leaseholder
and was unable to recover outstanding service charges. Application was made to the court to recover the flat
which was successful.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2013 2012
£    £   
Other debtors 1,712 2,312

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2013 2012
£    £   
Taxation and social security 1,262 1,892
Other creditors 450 420
1,712 2,312

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2013 2012
£    £   
Other creditors 70,091 70,091

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 70,091 70,091

8. RESERVES
Income
and
expenditure Revaluation
account reserve Totals
£    £    £   

At 24 June 2012 6,758 138,151 144,909
Surplus for the year - -
At 23 June 2013 6,758 138,151 144,909

In the opinion of the directors the freehold property has a market value of £215,000. The property originally
cost £76,849 and the resulting surplus of £138,151 has been transferred to revaluation reserve.

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