Residential Landlords Association Limited

Transcription

1 Registration number: Residential Landlords Association Limited Directors' Report and Unaudited Financial Statements for the Year Ended 31 December

2 Contents Company Information 1 Directors' report 2 to 3 Accountants' report 4 Income and Expenditure Account 5 Balance sheet 6 Notes to the financialstatements 7 to 11 The following pages do not form part of the statutory financial statements: Detailed income and expenditure account 12 to 15

3 Company Information Chairman Directors Secretary Registered office Solicitors Bank Accountants Mr A R Ward Mr M Butterworth Mr L J Dribben Mr D B Melen Mr C J Town Mr A R Ward Mr A V Burton Mr P A Bamber Mr R W Newey (appointed 29 January ) Mr R Jones 1 Roebuck Lane Sale Manchester England M33 7SY Bury & Walkers 4 Butts Court Leeds LS1 5JS The Royal Bank of Scotland Ramsbottom 27 Bridge Street Ramsbottom Bury BLO 9AD Becketts Chartered Accountants Sovereign Court, Wyrefields, Poulton Business Park Poulton Le Fylde Lancashire FY6 8JX Page 1

4 Directors' Report for the Year Ended 31 December The directors present their report and the financialstatements forthe year ended 31 December. Directors' responsibilities The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Directors are required by company law to prepare financialstatements which givea true and fair view of the state of affairs of the company at the end of the financial year and of the surplus or deficit of the company for the period ending on that date. In preparing those financial statements, directors are required to: - select suitable accounting policies and apply them consistently; - make judgements and estimatesthat are reasonable and prudent; - prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure the financial statements comply with the Companies Act They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities. Principal activity The principal activity of the company is the promotion of activities for the benefit of the members as residential landlords. Directors The directors who held officeduring the year were as follows: - Mr M Butterworth - Mr L J Dribben - Mr D B Melen - Mr C J Town - Mr A R Ward - Mr A V Burton - Mr P A Bamber - Mr R W Newey (appointed 29 January ) Small company provisions This report has been prepared in accordance with the small companies regime under the Companies Act Page 2

5 Directors' Report for the Year Ended 31 December... continued Approved by the Board and signed on its behalf by:... Mr R Jones Company Secretary Date:... Page 3

6 Chartered Accountants' Report to the Directors on the Unaudited Financial Statements of In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company which comprise the Income and Expenditure 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 financial 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 and Wales and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements. You have acknowledged on the balance sheet as at 31 December your duty to ensure that the company has kept proper accounting records and to prepare financialstatements that givea true and fairviewunder the Companies Act You consider that the company is exemptfrom the statutory requirement for an audit for the year. We have not been instructed to carry out an audit of the financial 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 financial statements.... Becketts Chartered Accountants Date:... Sovereign Court, Wyrefields, Poulton Business Park Poulton Le Fylde Lancashire FY6 8JX Page 4

7 Income and Expenditure Account for the Year Ended 31 December Note Income 803, ,637 Cost of sales (348,036) (332,170) Gross surplus 455, ,467 Administrative expenses (371,315) (348,447) Operating surplus 2 83,818 58,020 Other interest receivable and similar income 254 9,036 Interest payable and similar charges - (8) Surplus on ordinary activities before taxation 84,072 67,048 Tax on surplus on ordinary activities 4 (14,200) (85,266) Surplus/(deficit) for the financial year 10 69,872 (18,218) Income and expenditure reserve brought forward 220, ,275 Income and expenditure reserve carried forward 289, ,057 The notes on pages 7 to 11 form an integral part of these financial statements. Page 5

8 Balance Sheet as at 31 December Note Fixed assets Tangible assets 5 18,411 7,149 Investments ,412 7,150 Current assets Debtors 7 30,044 26,138 Cash at bank and in hand 316, , , ,860 Creditors: Amounts falling due within one year 8 (74,741) (85,953) Net current assets 271, ,907 Net assets 289, ,057 Capital and reserves Income and expenditure reserve , , , ,057 For the financial year ended 31 December, the company was entitled to exemption from audit under section 477(1) of the Companies Act 2006; and no notice has been deposited under section 476(1) requesting an audit. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the year and of its surplus or deficit for the financial year in accordance with the requirements of section 394 and which otherwise comply with the Companies Act 2006, so far as applicable to the company. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime under the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April ). Approved by the Board on...and signed on its behalf by:... Mr A R Ward Director The notes on pages 7 to 11 form an integral part of these financial statements. Page 6

9 Notes to the Financial Statements for the Year Ended 31 December 1 Accounting policies Basis of preparation The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April ). Turnover Income in the income and expenditure account represents amounts received from the provision of member and non member services. This includes income from the provision of training courses. In order to preserve its VAT exempt status, income and expenditure relating to the provision of training courses is identifiedseparately in the accounting records of the company. Depreciation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic lifeas follows: Equipment and fixtures 50% straight line basis Fixed asset investments Fixedasset investmentsare stated at historical cost less provision for any diminutionin value. Operating leases Rentals payable under operating leases are charged in the income and expenditure account on a straight line basis over the lease term. 2 Operating surplus Operating surplus is stated after charging: Depreciation of tangible fixed assets 25,559 7,792 3 Directors' remuneration The directors' remuneration for the year are as follows: Directors' remuneration 46,334 46,008 Page 7

10 Notes to the Financial Statements for the Year Ended 31 December... continued 4 Taxation Analysis of current period tax charge Current tax Corporation tax charge 12,325 12,759 (Over)/under provision in previous year 1,875 72,507 UK Corporation tax 14,200 85,266 Page 8

11 Notes to the Financial Statements for the Year Ended 31 December... continued 5 Tangible fixed assets Equipment and fixtures Cost As at 1 January 40,656 Additions 36,822 As at 31 December 77,478 Depreciation As at 1 January 33,507 Charge for the year 25,560 As at 31 December 59,067 Net book value As at 31 December 18,411 As at 31 December 7,149 Page 9

12 Notes to the Financial Statements for the Year Ended 31 December... continued 6 Investments held as fixed assets Shares in group undertakings and participating interests Cost As at 1 January and 31 December 1 Net book value As at 31 December 1 As at 31 December 1 The company holds more than 20% of the share capital of the followingcompany: Country of incorporation Principal activity Class % Subsidiary undertakings RLA Publishing Ltd England and Wales Advertising Ordinary shares 100 Capital & reserves Profit/(loss) for the period Subsidiary undertakings RLA Publishing Ltd 18,948 (7,140) 7 Debtors Other debtors 13, Prepayments and accrued income 16,332 25,761 30,044 26,138 Page 10

13 Notes to the Financial Statements for the Year Ended 31 December... continued 8 Creditors: Amounts fallingdue withinoneyear Trade creditors 50,507 67,520 Taxation and social security 17,860 15,738 Other creditors 6,374 2,695 74,741 85,953 9 Company status The company is a privatecompany limitedby guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding 1 towards the assets of the company in the event of liquidation. 10 Reserves Income and expenditure reserve Balance at 1 January 220,057 Transfer from income and expenditure account for the year 69,872 Balance at 31 December 289, Related parties Related party transactions The company made payments of 12,924 ( - 45,114) to RLA Publishing Limited, a wholly owned subsidiary undertaking under normal commercialtermsinrespect of publishing costs. Mr A Ward (a director) is the majorityshareholder insalespoint Limited,a company incorporated in England and Wales (registration number ). During the year ended 31st December, the company made payments of 43,903 ( - 48,373) to Salespoint Ltd under normal commercial terms. The company made payments to Mr P A Bamber (a director) of 8,602 ( - 6,275) in respect of consultancy fees. The company made payments to Mr R W Newey (a director) of 17,250 ( - nil) in respect of management fees. Page 11

14 Detailed Income and Expenditure Account for the Year Ended 31 December Income (analysed below) 803, ,637 Cost of sales (analysed below) (348,036) (332,170) Gross surplus 56.67% ( %) 455, ,467 Administrative expenses (analysed below) Employment costs 197, ,890 Establishment costs 28,597 18,599 General administrative expenses 103, ,832 Finance charges 16,351 17,334 Depreciation costs 25,559 7,792 (371,315) (348,447) Operating surplus 83,818 58,020 Other interest receivable and similar income Bank interest receivable 251 9,036 Other interest receivable ,036 Interest payable and similar charges Other interest payable - (8) Surplus on ordinary activities before taxation 84,072 67,048 This page does not form part of the statutory financial statements. Page 12

15 Detailed Income and Expenditure Account for the Year Ended 31 December... continued Income Members fees 609, ,953 Income from training - Members 26,447 30,808 Income from training - Non members 29,577 31,944 Tenancy agreements - Members 595 3,435 Tenancy agreements - Non members 8,656 22,371 Mortgage commission 266 8,494 Insurance commission 104,642 96,429 Tax cafe Court papers 1,930 4,341 Section 8 notices Section 21 notices 286 1,226 Miscellaneous income 7,845 3,116 Income from credit searches 12,785 31, , ,637 Cost of sales Lobbying costs 108,325 77,052 Tenancy agreements RPI publishing 12,924 45,114 Training costs (per supplementary note) 50,167 45,743 Credit searches 9,364 22,657 Miscellaneous direct costs 1,814 4,973 Website maintenance 40,080 49,881 Website development - 11,553 Advertising and public relations 83,471 74,397 Consulting and councils (other than training) 41, , ,170 Employment costs Wages and salaries 89,510 77,477 Staff NIC (Employers) 8,630 7,449 Directors remuneration 46,334 46,008 Directors NIC (Employers) Temporary staff and recruitment 1, Subcontractors 50,593 62, , ,890 This page does not form part of the statutory financial statements. Page 13

16 Detailed Income and Expenditure Account for the Year Ended 31 December... continued Establishment costs Rates 4,586 3,918 Rent 19,272 13,051 Insurance 2, Repairs and maintenance 2,624 1,247 28,597 18,599 General administrative expenses Telephone 8,593 7,912 Computer costs 2, Postages 14,113 9,669 Stationery and printing 9,394 9,334 Subscriptions 9,394 9,681 Sundry expenses 3,660 5,183 Motor expenses - 3,044 Travel and subsistence 14,151 23,635 Accountancy and bookkeeping 5,060 7,276 Consultancy fees 36,541 31,391 Legal fees 335 2, , ,832 Finance charges Bank charges 16,351 17,334 Depreciation costs Depreciation 25,559 7,792 This page does not form part of the statutory financial statements. Page 14

17 Detailed Income and Expenditure Account for the Year Ended 31 December... continued Summary of Net Surplus arising from Training Income Members 23,255 30,808 E Learning Members 3,192 - Non-Members 29,399 31,944 E Learning Non-Members ,024 62,752 Expenditure Tutor costs 22,126 27,949 Room hire 8,974 17,784 Distance learning costs and set up costs 18,947 - Bank charges ,167 45,743 Net surplus for the year 5,857 17,009 This page does not form part of the statutory financial statements. Page 15