The directors present their annual report and financial statements for the year ended 31 December 2022.
The company acts as Trustee for the tenants of a block of flats known as Westfield, Kidderpore Avenue, London NW3 7SF. The company manages the block through an agency, Faraday Property Management Ltd. It collects Service Charges from the tenants of the block, and makes payments on their behalf, acting at all times as Trustee. Because of this Trust relationship, the accounts recognise that the company does not beneficially hold title to any assets or liabilities. A separate set of Service Charge accounts have been prepared that incorporate all Service Charge income and expenditure, debtors and creditors. Accordingly, this company's accounts do not reflect such transactions or balances. Both the current and the previous year have been presented on the basis that the company does not have a beneficial interest in the assets, liabilities, income or expenditure.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Westfield Management Company (UK) Limited for the year ended 31 December 2022 set out on pages 3 to 4 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
It is your duty to ensure that Westfield Management Company (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Westfield Management Company (UK) Limited. You consider that Westfield Management Company (UK) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Westfield Management Company (UK) Limited. 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 statutory financial statements.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Westfield Management Company (UK) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 73 Cornhill, London, England, EC3V 3QQ.
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 company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
The average monthly number of persons (including directors) employed by the company during the year was:
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.