Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2019
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ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
CONTENTS
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ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2019
The directors present their report and the financial statements for the year ended 31 October 2019.
The directors who served during the year were:
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
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 to 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.
Each of the persons who are
directors at the time when this Directors' report is approved has confirmed that:
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ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
In 2020, the existence of COVID-19 was confirmed as present in the UK which resulted in lockdown measures implemented in April 2020. The Directors consider the pandemic to be a non-adjusting post balance sheet event as the World Health Organisation did not declare the outbreak to be a public health emergency of international concern until after the reporting period.
The ultimate parent company continues to support the entity.
The auditor, MHA MacIntyre Hudson, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
We have audited the financial statements of Ellis Mews (Park Central) Management Company Limited (the 'Company') for the year ended 31 October 2019, which comprise the Statement of income and retained earnings, the Balance sheet
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED (CONTINUED)
As explained more fully in the Directors' responsibilities statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Rutland House
148 Edmund Street
B3 2FD
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ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2019
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ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
REGISTERED NUMBER:
06216216
BALANCE SHEET
AS AT
31 OCTOBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 8 to 10 form part of these financial statements.
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ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
Ellis Mews (Park Central) Management Limited ("the Company") is a limited company incorporated in England. The address of its registered office and principal place of business is Crest House, Pycroft Road, Chertsy, Surrey, KT16 9GN. The Company is involved in the collection and sale of ground rents.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:
The Company is dependent upon the financial support of its parent undertaking, the directors have received assurances from its parent undertaking that it will continue to provide the fianncial support necessary to enable the Company to continue in operational existence for the foreseeable future. Accordingly, these financial statements have been prepared on the going concern basis.
Turnover represents the sale of ground rents and the income from those ground rents whilst being held for resale.
Revenue from the sale of ground rents is recognised upon unconditional legal completion. Revenue from the collection of ground rents is recognised when received.
Stocks, being interests in ground rents, are valued at the lower of cost and net realisable value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Short term creditors are measured at the transaction price.
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ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
2.
Accounting policies (continued)
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance sheet date.
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ELLIS MEWS (PARK CENTRAL) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
The immediate parent company is Crest Nicholson Operations Limited, a limited company incorporated in England.
The ultimate parent company is Crest Nicholson Holdings Plc, a public company incorporated in England. Crest Nicholson Holdings Plc is the highest group entity in which the results of the group are consolidated. The smallest group in which they are consolidated is that headed by Crest Nicholson Plc. Copies of Crest Nicholson Holdings Plc consolidated financial statements can be obtained from the Company's registered office which can be found in Note 1. The ultimate parent company continues to support the entity.
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