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REPORT OF THE DIRECTORS AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2007
FOR
GOODWOOD COURT (HOVE’ MANAGEMENT LIMITED

GOOD WOOD COURT (HOVE) MANAGEMENT LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2007
Page
Company Information 1
Report of the Directors 2
Profit and Loss Account 3
Balance Sheet 4
Notes to the Financial Statements 6
Chartered Accountants’ Report 8
Profit and Loss Account 9

GOOD WOOD COURT (HOVE) MANAGEMENT LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2007
DIRECTORS: Dr N Higson
M Randall
SECRETARY: J Foley
REGISTERED OFFICE: Goodwood Court Medical Centre
52 Cromwell Road
Hove
East Sussex
BN3 3DX
REGISTERED NUMBER: 4553312 (England and Wales)
ACCOUNTANTS: Sykes Dalby & Truelove
Chartered Accountants
63 High Street
Hurstpierpoint
West Sussex
BN6 9RE
SOLICITORS: Dean Wilson Laing
96 Church Street
Brighton
East Sussex
Page 1

GOOD WOOD COURT (HOVE’ MANAGEMENT LIMITED
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2007
The directors present their report with the financial statements of the company for the year ended 30 September 2007.
PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the self management of a block of flats.
DIRECTORS
Dr N Higson has held office during the whole of the period from 1 October 2006 to the date of this report.
Other changes in directors holding office are as follows:
J H Sibthorp - resigned 5 May 2007
Ms. J Srinivasan - resigned 30 March 2007
M Randall - appointed 1 November 2006
This report has been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies.
ON BEHALF OF THE BOARD:
J Foley - Secretary
DateS
Page 2

                  GOOD WOOD COURT (HOVE) MANAGEMENT LIMITED
                  PROFIT AND LOSS ACCOUNT
                  FOR THE YEAR ENDED 30 SEPTEMBER 2007

                                      • 30.9.07     30.9.06

                                  Notes                 £                £

                              TURNOVER                           34,017       33,579


                              Administrative expenses         43,464     124,363

                                      • (9,447)      (90,784)


                              Other operating income             213            174


                              OPERATING LOSS 2                (9,234)     (90,610)

                              Interest receivable and similar income  553     597


                              LOSS ON ORDINARY ACTIVITIES


                              BEFORE TAXATION                  (8,681)    (90,013)


                              Tax on loss on ordinary activities 3 108        57


                              LOSS FOR THE FINANCIAL YEAR


                              AFTER TAXATION                   (8,789)     (90,070)


                              The notes form part of these financial statements
                              Page                               3

      GOODWOOD COURT (HOVE) MANAGEMENT LIMITED
      BALANCE SHEET
      30 SEPTEMBER 2007

                    • 30.9.07                             30.9.06


      Notes                                                     £                 £                             £                     £


      FIXED ASSETS


      Tangible assets 4                                     100,000                                 100,000


      CURRENT ASSETS


      Debtors 5                                                 13,410                                     13,402


      Cash at bank                                             22,994                                     30,913

                  •        36,404                                    44,315


      CREDITORS


      Amounts falling due within one year 6                             1,272                                                 394

      NET CURRENT ASSETS                                 35,132                                     43,921


      TOTAL ASSETS LESS CURRENT LIABILITIES         135,132                                                 143,921


      CAPITAL AND RESERVES


      Called up share capital 7                                         8                                                 8


      Share premium 8                                                 96,655                                         96,655


      Profit and loss account 8                                      38,469                                         47,258


      SHAREHOLDERS’ FUNDS                                         135,132                                                 143,921


      The notes form part of these financial statements
      Page 4 continued...

       

GOODWOOD COURT (HOVE) MANAGEMENT LIMITED
BALANCE SHEET - continued
30 SEPTEMBER 2007
The company is entitled to exemption from audit under Section 249A(1) of the Companies Act 1985 for the year ended 30 September 2007.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2007 in accordance with Section 249B(2) of the Companies Act 1985.
The directors acknowledge their responsibilities for:
(a) ensuring that the company keeps accounting records which comply with Section 221 of the Companies Act 1985 and
(b) preparing fmancial statements which give a true and fair view of the state of affairs of the company as at the end of each fmancial year and of its profit or loss for each fmancial year in accordance with the requirements of Section 226 and which otherwise comply with the requirements of the Companies Act 1985 relating to fmancial statements, so far as applicable to the company.
These fmancial statements have been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2005).
The fmancial statements were approved by the Board of Directors on and were signed on its behalf
by:
Dr N Higson - Director
M Randall - Director
The notes form part of these fmancial statements
Page 5

GOODWOOD COURT (HOVE’ MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2007
ACCOUNTING POLICIES
Accounting convention
The fmancial statements have been prepared under the historical cost convention and in accordance with the Financial
Reporting Standard for Smaller Entities (effective January 2005).
Turnover
Turnover represents maintenance contributions made by individual flat owners.
2. OPERATING LOSS
The operating loss is stated after charging:
30.9.07 30.9.06
£ £
Directors’ emoluments and other benefits etc –


3. TAXATION
Analysis of the tax charge
The tax charge on the loss on ordinary activities for the year was as follows:

                              30.9.07             30.9.06

                            • £                             £


Current tax:


          UK corporation tax                                                                             108                         57


          Tax on loss on ordinary activities                                                         108                         57

4. TANGIBLE FIXED ASSETS
The freehold property is located in Hove. An assessment of the net realisable value of the property at historic cost has been undertaken. On the basis that the property will be well maintained and such repair costs will be charged to the profit and loss account, it is the view of the directors that the net realisable value at historic cost equates to cost. Depreciation is charged on freehold property (excluding land) on the cost less the estimated residual value over 50 years. On the basis of the above no charge is deemed necessary. An impairment review is carried out on an annual basis to assess whether the market value of the property is at least as much as the carrying value in the accounts. Provision is made for any permanent fall in value.


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


                                  30.9.07     30.9.06


                                  £                 £


Maintenance debtors                                                                                                                             10,073             10,166

Prepaid insurance                                                                                                                                   3,337                3,236

                              •     13,410           13,402

Page 6 continued...

GOODWOOD COURT (HOVE’ MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2007


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


                                  30.9.07 30.9.06


                                  £                 £


          Trade creditors                                                                                                     283          (515)


          Tax                                                                                                                     108             57


          Accrued expenses                                                                                                 881            852


                                  1,272            394


7. CALLED UP SHARE CAPITAL


Authorised:


Number:                         Class:                                             Nominal value                            30.9.07                 30.9.06

                                                                  £                        £


3,200                             A Ordinary shares                                     £0.01                                     32                         32


Allotted, issued and fully paid:


Number:                         Class:                                         Nominal value                                 30.9.07                     30.9.06    


                                                   £                         £


809                                 A Ordinary shares                                 £0.01                                             8                         8


8. RESERVES

              • Profit
                and loss             Share account premium                     Totals
              • £                                 £                                                         £


At 1 October 2006                                                 47,258                         96,655                                             143,913


Deficit for the year                                                 (8,789)                                                                                 (8,789)


At 30 September 2007                                             38,469                       96,655                                             135,124


9. BANK
Unspent amounts of maintenance contributions held in the company’s bank account are held by the company in trust in accordance with section 42 of The Landlord and Tenant Act 1987.
Page 7

CHARTERED ACCOUNTANTS’ REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GOOD WOOD COURT (HOVE’ MANAGEMENT LIMITED
In accordance with our tenns of engagement and in order to assist you to fulfil your duties under the Companies Act 1985, we have compiled the financial statements of the company for the year ended 30 September 2007 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.
This report is made to the company’s Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the fmancial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s Board of Directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England & Wales and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of fmancial statements.
You have acknowledged on the Balance Sheet as at 30 September 2007 your duty to ensure that the company has kept proper accounting records and to prepare fmancial statements that give a true and fair view under the Companies Act 1985. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the fmancial statements. 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 fmancial statements.
Sykes Dalby & Truelove
Chartered Accountants
63 High Street
Hurstpierpoint
West Sussex
BN6 9RE
Date
This page does not form part of the statutory financial statements
Page 8

GOOD WOOD COURT (HOVE) MANAGEMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2007


                              30.9.07                                 30.9.06


                              £                     £                 £                 £


Maintenance contributions                                                                                         34,017                                 33,579


Other income


Rents received                                                                                                28                                  28


Sundry receipts                                                                                             185                                 146


Bank interest received                                                                                     553                                 597


                                 766                                 771


                              34,783                                34,350


Expenditure


Insurance                                                                                                                     3,943                             3,741


Light and heat                                                                                                                 322                                 776


Repairs & maintenance                                                                                                   25,169                          111,559

Lift maintenance                                                                                                           10,659                              3,630

Subscriptions -                                                                                                                                                         50

Sundry expenses                                                                                                                 28                                    29

Accountancy                                                                                                                                                 881                                         852

Legal & professional fees                                                                                                   1,962                                 -

Surveyors fees                                                                                                                   500                             3,726

                                  43,464                                     124,363

NET LOSS                                                                                                                                 (8,681)                             (90,013)


This page does not form part of the statutory financial statements
Page 9

 

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Last modified: 08/09/08