0
28/09/2021
2021-09-28
false
false
false
false
true
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
true
false
2020-09-29
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
02296250
2020-09-29
2021-09-28
02296250
2021-09-28
02296250
2020-09-28
02296250
2020-09-28
02296250
core:FurnitureFittingsToolsEquipment
2020-09-29
2021-09-28
02296250
bus:RegisteredOffice
2020-09-29
2021-09-28
02296250
bus:LeadAgentIfApplicable
2020-09-29
2021-09-28
02296250
bus:Director1
2020-09-29
2021-09-28
02296250
bus:Director2
2020-09-29
2021-09-28
02296250
bus:Director3
2020-09-29
2021-09-28
02296250
bus:Director4
2020-09-29
2021-09-28
02296250
bus:Director5
2020-09-29
2021-09-28
02296250
bus:Director6
2020-09-29
2021-09-28
02296250
bus:Director7
2020-09-29
2021-09-28
02296250
bus:Director9
2020-09-29
2021-09-28
02296250
bus:CompanySecretary1
2020-09-29
2021-09-28
02296250
core:LandBuildings
2020-09-28
02296250
core:PlantMachinery
2020-09-28
02296250
core:LandBuildings
2021-09-28
02296250
core:PlantMachinery
2021-09-28
02296250
core:WithinOneYear
2021-09-28
02296250
core:WithinOneYear
2020-09-28
02296250
core:RevaluationReserve
2021-09-28
02296250
core:RevaluationReserve
2020-09-28
02296250
core:RetainedEarningsAccumulatedLosses
2021-09-28
02296250
core:RetainedEarningsAccumulatedLosses
2020-09-28
02296250
core:LandBuildings
2020-09-29
2021-09-28
02296250
core:PlantMachinery
2020-09-29
2021-09-28
02296250
core:AcceleratedTaxDepreciationDeferredTax
2021-09-28
02296250
core:AcceleratedTaxDepreciationDeferredTax
2020-09-28
02296250
core:RevaluationPropertyPlantEquipmentDeferredTax
2021-09-28
02296250
core:RevaluationPropertyPlantEquipmentDeferredTax
2020-09-28
02296250
core:TaxLossesCarry-forwardsDeferredTax
2021-09-28
02296250
core:TaxLossesCarry-forwardsDeferredTax
2020-09-28
02296250
core:LandBuildings
2020-09-28
02296250
core:PlantMachinery
2020-09-28
02296250
bus:SmallEntities
2020-09-29
2021-09-28
02296250
bus:Audited
2020-09-29
2021-09-28
02296250
bus:FullAccounts
2020-09-29
2021-09-28
02296250
bus:SmallCompaniesRegimeForAccounts
2020-09-29
2021-09-28
02296250
bus:CompanyLimitedByGuarantee
2020-09-29
2021-09-28
02296250
core:CapitalReserve
2021-09-28
02296250
core:CapitalReserve
2020-09-28
Company registration number:
02296250
Bedford Court Mansions Limited
Company limited by guarantee
Filleted financial statements
28 September 2021
Bedford Court Mansions Limited
Company limited by guarantee
Contents
Directors and other information
Directors responsibilities statement
Balance sheet
Notes to the financial statements
Bedford Court Mansions Limited
Company limited by guarantee
Directors and other information
|
|
|
|
|
Directors
|
J Hare
|
|
|
|
D Judd
|
|
|
|
P Spyker
|
|
|
|
R Myddelton
|
|
|
|
P Piecha
|
(Resigned 3 December 2021)
|
|
|
D Ghosh
|
|
|
|
J Earle
|
|
|
|
D Harrison
|
|
|
|
|
|
|
|
|
|
|
Secretary
|
R. Myddelton
|
|
|
|
|
|
|
|
|
|
|
Company number
|
02296250
|
|
|
|
|
|
|
|
|
|
|
Registered office
|
First Floor Shropshire House
|
|
|
|
179 Tottenham Court Road
|
|
|
|
London
|
|
|
|
W1T 7NZ
|
|
|
|
|
|
|
|
|
|
|
Auditor
|
Couch Bright King & Co
|
|
|
|
First Floor Shropshire House
|
|
|
|
179 Tottenham Court Road
|
|
|
|
London
|
|
|
|
W1T 7NZ
|
|
|
|
|
|
Bedford Court Mansions Limited
Company limited by guarantee
Directors responsibilities statement
Year ended 28 September 2021
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Bedford Court Mansions Limited
Company limited by guarantee
Balance sheet
28 September 2021
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
4
|
555,582
|
|
|
|
581,895
|
|
|
Investments
|
|
|
1,874,317
|
|
|
|
1,860,799
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
2,429,899
|
|
|
|
2,442,694
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Debtors
|
|
5
|
74,131
|
|
|
|
50,059
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
74,131
|
|
|
|
50,059
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
6
|
(
66,725)
|
|
|
|
(
38,169)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
7,406
|
|
|
|
11,890
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
2,437,305
|
|
|
|
2,454,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
215,458)
|
|
|
|
(
214,289)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
2,221,847
|
|
|
|
2,240,295
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Revaluation reserve
|
|
|
|
|
1,365,013
|
|
|
|
1,354,064
|
User defined reserve 1
|
|
|
|
|
800,000
|
|
|
|
800,000
|
Profit and loss account
|
|
|
|
|
56,834
|
|
|
|
86,231
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Members funds
|
|
|
|
|
2,221,847
|
|
|
|
2,240,295
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Income and Expenditure account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
02 March 2022
, and are signed on behalf of the board by:
D Ghosh
Director
Company registration number:
02296250
Bedford Court Mansions Limited
Company limited by guarantee
Notes to the financial statements
Year ended 28 September 2021
1.
General information
The Company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is First Floor Shropshire House, 179 Tottenham Court Road, London, W1T 7NZ.The company is a residents' management company and holds tenant service charge monies on trust in accordance with section 42 of the Landlord and Tenant Act 1987.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company had small net current liabilities as at 28 September 2019. The directors believe that operating profits will be be maintained in future years and have prepared the financial statements on a going concern basis accordingly.
Changes in accounting estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.The useful economic lives and residual values of tangible assets are re-assessed annually. They are amended when necessary to reflect current estimates, based on new information or new developments and the physical condition of the assets. See note 5 for the carrying amount of the tangible assets, and Depreciation note below for the useful economic lives for each class of assets.
Income and Expenditure
Income represents ground rents, flat rents and other charges receivable. Income is recognised in the financial statements as it becomes receivable. Expenditure is recognised in the financial statements as it becomes due and includes VAT where applicable as the company cannot reclaim it. Service charge income and expenditure is not recognised in the company's financial statements. Such monies are collected and expended by the company in a trustee capacity on behalf of the tenants.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Land and Buildings - over 15 years or over the length of the lease
|
|
|
|
|
|
Fittings fixtures and equipment
|
-
|
15 %
|
straight line
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property, being property held to earn rentals or for capital appreciation or both, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the income and expenditure account. As accumulated fair value gains in respect of investment properties are not realised they are transferred to a revaluation reserve which is separately presented in the balance sheet.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date for tangible assets, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Service Charge Funds
Service charge contributions paid by tenants towards the property costs but unspent as at the reporting date constitute service charge assets which are held in trust by the company for tenants' benefit in accordance with Section 42 of the Landlord and Tenants Act 1987. As the company has no beneficial interest in these funds they are not recognised as an asset in the company's financial statements.
4.
Tangible assets
|
|
Freehold and leasehold properties
|
Plant and machinery
|
Total
|
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 29 September 2020 and 28 September 2021
|
625,410
|
19,177
|
644,587
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 29 September 2020
|
46,874
|
15,818
|
62,692
|
|
|
|
|
|
Charge for the year
|
23,437
|
2,876
|
26,313
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 28 September 2021
|
70,311
|
18,694
|
89,005
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 28 September 2021
|
555,099
|
483
|
555,582
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 28 September 2020
|
578,536
|
3,359
|
581,895
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in Land and Buildings above is a Reversionary Interest capitalised and depreciated over the remaining life of the Lease
.
Investment property
Investment property comprises certain flats in Bedford Court Mansions, not subject to long leases, which are let by the company in order to generate rental income or held for capital appreciation. The fair value of the investment has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and generally available capital value indices.
5.
Debtors
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
73,020
|
45,427
|
|
Other debtors
|
|
1,111
|
4,632
|
|
|
|
_______
|
_______
|
|
|
|
74,131
|
50,059
|
|
|
|
_______
|
_______
|
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Other creditors
|
|
66,725
|
38,169
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Deferred tax
The deferred tax included in the Balance Sheet is as follows:
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Included in provisions (note )
|
|
215,458
|
214,289
|
|
|
|
_______
|
_______
|
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Accelerated capital allowances
|
|
92
|
638
|
|
Revaluation of tangible assets
|
|
227,519
|
224,951
|
|
Unused tax losses
|
|
(
12,153)
|
(
11,300)
|
|
|
|
_______
|
_______
|
|
|
|
215,458
|
214,289
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so.The deferred tax liability set out above is not expected to reverse within 12 months and relates to cumulative revaluation gains of investment property. This liability will reverse as a result of: sale of the relevant property, future decreases in the fair value of the property or through the offset of future losses of the company against which relevant gains can be relieved.
8.
Contingent Liabilities
As at the reporting date the company had the following contingent liability in respect of potential penalties payable to HMRC of £9,100 (2020: £9,100) for late Annual Tax on Enveloped Dwellings returns for 2016/17, 2017/18 and 2018/19. Penalties of £5,400 are still in the process of being appealed.
9.
Summary audit opinion
The auditor's report for the year dated
03 March 2022
was unqualified.
The senior statutory auditor was
Dean Cates
for and on behalf of
Couch Bright King & Co
10.
Related party transactions
The directors are reimbursed by the company for expenditure incurred by them on the company's behalf. During the year ended 28th September 2021
D Judd
was reimbursed £ 2,286.
11.
Service charge funds
Reconciliation of movement in service charge funds in the period:-
£
Funds as at 29 September 2020
324,489
Part I surplus for the period
13,633
Part II surplus for the period
207,200
_______
Funds as at 28 September 2021
545,322
_______
The service charge assets and liabilities held on trust by the company on behalf
of the leaseholders comprised:-
Debtors
38,172
Cash
735,826
Creditors
(228,676)
_______
Service charge net assets
545,322
_______
12.
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
13.
Revaluation reserve
2021
2020
£
£
At the beginning of the year
1,354,064
1,451,126
Transfer from/(to) retained earnings
10,949
(97,062)
_______
_______
At the year end
1,365,013
1,354,064
_______
_______