Company Registration No. 05273075 (England and Wales)
79-81 WESTBOURNE TERRACE (FREEHOLD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
ACCOUNTS FOR FILING WITH REGISTRAR
79-81 WESTBOURNE TERRACE (FREEHOLD) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
79-81 WESTBOURNE TERRACE (FREEHOLD) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
172,203
172,203
Current assets
Debtors
3
94
275
Creditors: amounts falling due within one year
4
(180)
(180)
Net current (liabilities)/assets
(86)
95
Total assets less current liabilities
172,117
172,298
Capital and reserves
Called up share capital
5
9
9
Share premium account
172,125
172,125
Profit and loss reserves
(17)
164
Total equity
172,117
172,298
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 period ended 31 March 2019 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.
T
he members have not required the company to obtain an audit of its financial statements for the period 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 14 October 2019 and are signed on its behalf by:
Y. Mathieu
Director
Company Registration No. 05273075
79-81 WESTBOURNE TERRACE (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
79-81 Westbourne Terrace (Freehold) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Egale 1, 80 St Albans Road, Watford, Hertfordshire, WD17 1DL.
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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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
Reporting period
The company has chosen to lengthen its reporting year date from 31 December to 31 March to report a 15 month period. The reason for the change is to align the dormant company accounts with the service charge year end for which they own the freehold interest and act as agent on behalf of the lessees.
1.3
Turnover
Turnover represents ground rents receivable under the term of the lease on the land and buildings held by the company.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets - the freehold property is maintained to secure its value does not diminish over time. In the directors' opinion depreciation would be immaterial and has not been charged.
Land and buildings Freehold
No depreciation is charged
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 profit or loss
.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
79-81 WESTBOURNE TERRACE (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans,
other
loans and preference shares that are classified as debt, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
During the year the company has acted as agent for the lessees of the property at 79-81 Westbourne Terrace, London, W2 6QS. The funds in relation to the maintenance of the property are held in trust. As at 31 March 2019 the cash balance held on behalf of the lessees amounted to £27,020.
The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from 79-81 Westbourne Terrace (Freehold) Limited.
2
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2018 and 31 March 2019
172,203
Depreciation and impairment
At 1 January 2018 and 31 March 2019
-
Carrying amount
At 31 March 2019
172,203
At 31 December 2017
172,203
3
Debtors
2019
2017
Amounts falling due within one year:
£
£
Other debtors
94
275
4
Creditors: amounts falling due within one year
2019
2017
£
£
Other creditors
180
180
79-81 WESTBOURNE TERRACE (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 4 -
5
Called up share capital
2019
2017
£
£
Ordinary share capital
Issued and fully paid
7 'A' Shares of £1 each
7
7
2 'B' Shares of £1 each
2
2
9
9