COMPANY REGISTRATION NUMBER:
03903527
Filleted Unaudited Financial Statements
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Statement of Financial Position
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31 January 2020
Fixed assets
Tangible assets
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5
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3,015
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3,015
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|
|
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Current assets
Cash at bank and in hand
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33
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33
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----
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----
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Net current assets
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33
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33
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------
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------
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Total assets less current liabilities
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3,048
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3,048
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------
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------
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Capital and reserves
Called up share capital
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33
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33
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Other reserves
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3,015
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3,015
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------
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------
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Shareholders funds
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3,048
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3,048
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------
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------
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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 statement of income and retained earnings has not been delivered.
For the year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
27 May 2020
, and are signed on behalf of the board by:
Company registration number:
03903527
Notes to the Financial Statements
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Year ended 31 January 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mark Mansions, Westville Road, London, W12 9PS.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Income and expenditure
The company has no income or expenditure in its own right. All funds collected from flat owners by way of service charge relate to the maintenance of common parts in accordance with the leases. These funds are handled by a managing agent. The only transactions handled by the company itself are in relation to the administration of the company and these transactions are set out in the separate service charge accounts on page 6 which do not form part of these financial statements. Any service charge monies held in relation to the administration of the company are held on trust for the residents.
4.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
5.
Tangible assets
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Freehold property
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£
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Cost
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At 1 February 2019 and 31 January 2020
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3,015
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Depreciation
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At 1 February 2019 and 31 January 2020
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–
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Carrying amount
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At 31 January 2020
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3,015
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At 31 January 2019
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3,015
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The company has adopted a policy that all costs incurred in preparing for the purchase of the freehold of Mark Mansions, be capitalised in the balance sheet prior to the purchase. However the value of the freehold is carried at a value to reflect the issue of 999 year leases to all participating flat owners. The directors consider this value to be £1,000. The company purchased the freehold of all 36 flats within Mark Mansions in 2003 for the total sum of £400,383 including taxes and legal costs. The value of tangible fixed asset reflects a residual value of 35 flats given the issue of 999 year leases to participating flat owners. The residual value of the 35 flats is considered to be £1,000. In addition, one flat did not participate initially and the freehold of that flat is reflected at a cost of £2,015. When the owner of this flat is able to participate the cost of £2,015, and an equal share of the company's expenses, will be demanded. Existing shareholders will be compensated accordingly.