Company registration number 01821516 (England and Wales)
THAMES HAVEN (WATERSIDE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THAMES HAVEN (WATERSIDE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THAMES HAVEN (WATERSIDE) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Current assets
Debtors
3
74,088
71,940
Cash at bank and in hand
4
122,285
103,101
196,373
175,041
Creditors: amounts falling due within one year
5
(37,208)
(55,218)
Net current assets
159,165
119,823
General Fund for future expenditure
6
(131,638)
(113,970)
Net assets
27,527
5,853
Capital and reserves
Called up share capital
7
5
5
Profit and loss reserves
27,522
5,848
Total equity
27,527
5,853
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 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 by the board of directors and authorised for issue on 10 April 2024 and are signed on its behalf by:
J A Baylis
Director
Company registration number 01821516 (England and Wales)
THAMES HAVEN (WATERSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Thames Haven (Waterside) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alliance Managing Agents Limited, 6 Cochrane House, Admirals Way, London, E14 9UD.
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 format of the profit and loss account has been changed in accordance with the Companies Act 2006 Statutory Instrument 2008/409 to reflect the special nature of the Company's business.
The business of the company is to manage the common parts of the estate situated at Thames Haven, London E14. The company is non-profit making and any surplus or excess over expenditure for the service charge is taken to the General Fund for future expenditure.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have assessed the Company's ability to continue as a going concern for at least 12 months from the date of the approval of these financial statements. Having prepared forecasts based on current resources, the directors believe the Company has sufficient resources to meet its obligations for 12 months from the approval date of these financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Service charge income
Service charge income represents amount receivable from leaseholders for the maintenance and servicing of the common parts of the estate.
Service charge income is accounted for on a quarterly basis as service charge expenditure is incurred. Any element of the service that relates to a future period is deferred to that period.
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.
THAMES HAVEN (WATERSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 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, 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
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.
1.7
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
THAMES HAVEN (WATERSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charge arrears
73,476
71,392
Other debtors
612
548
74,088
71,940
4
Cash at bank and in hand
Bank balances are held within client bank accounts operated by Alliance Managing Agents Limited in respect of the service charge. The balances are held on behalf of contributors to the service charge and do not form part of the company's own assets.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Service charge creditors
16,320
12,486
Taxation and social security
5,987
8,705
Other creditors
14,901
34,027
37,208
55,218
6
General Fund for future expenditure
2023
2022
£
£
General Fund for major works expenditure
131,638
113,970
Movements on General Fund:
General Fund for major works expenditure
£
At 1 April 2022
113,970
General Fund contributions
10,000
Service charge surplus/(deficit)
7,668
At 31 March 2023
131,638
THAMES HAVEN (WATERSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
5
5
5
5
8
Related party transactions
Transactions with related parties
Thames Haven (Waterside) Limited incurred costs in respect of estate charges for the year with the directors and shareholders of the Company and billed service charges as follows:
Beaufort Court (Waterside) Limited £54,095 (2022: £62,921)
Quay Management (Waterside) Limited £72,304 (2022: £70,980)
Ensign House (EFC) Limited £17,123 (2022: £nil)
Ensign House Management (Waterside) Limited £51,367 (2022: £67,236)
Quay House Admirals Way Land Limited £37,526 (2022: £nil)
Thames Haven (Waterside) Limited incurred costs in respect of estate charges for the year with the shareholders of the Company and billed service charges as follows:
Jemstock Properties Limited £80,805 (2022: £79,325)
9
Ultimate controlling party
In the opinion of the directors, there is no ultimate controlling party.
10
Annual Declaration
Alliance Managing Agents Limited are regulated by RICS and ARMA. Commissions may be received from our bulk utility scheme, bankers and insurance.
11
Prior period adjustment
A prior year adjustment has been made to reallocate the balance for General Fund which in turn affected creditors and retained earnings for prior years. The adjustments had the following effect on the balance sheet and profit and loss:
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2022
£
£
£
Reserve fund for future expenditure
General Fund for major works
-
(113,970)
(113,970)
Capital and reserves
Profit and loss reserves
119,818
(113,970)
5,848
THAMES HAVEN (WATERSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Prior period adjustment
(Continued)
- 6 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2022
£
£
£
Profit for the financial period
22,462
-
22,462
Reconciliation of changes in equity
1 April
31 March
2021
2022
£
£
Adjustments to prior year
Profit & loss reserves transfer to General fund for future expenditure
-
(113,970)
Equity as previously reported
-
119,823
Equity as adjusted
-
5,853
Analysis of the effect upon equity
Profit and loss reserves
-
(113,970)
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
22,462
Profit as adjusted
22,462