Company Registration No. 06453698 (England and Wales)
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
196,656
198,396
Current assets
Debtors
5
2,526
2,551
Cash at bank and in hand
99,701
106,016
102,227
108,567
Creditors: amounts falling due within one year
6
(119,852)
(120,295)
Net current liabilities
(17,625)
(11,728)
Total assets less current liabilities
179,031
186,668
Creditors: amounts falling due after more than one year
7
(119,828)
(131,871)
Net assets
59,203
54,797
Capital and reserves
Called up share capital
8
22
22
Profit and loss reserves
59,181
54,775
Total equity
59,203
54,797
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 year ended 31 December 2020 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 year 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.
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 July 2021 and are signed on its behalf by:
R C M Butler
Director
Company Registration No. 06453698
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
51/55 Marlborough Hill Freehold Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Flat 7, 53 Marlborough Hill, London, England, NW8 0NG.
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 director
s
ha
ve
reasonable expectation that the Company has adequate resources to continue in operational existence for
the foreseeable future. The director
s
regard the foreseeable future as no less than twelve months following the publication of
these annual financial statements. The director
s
ha
ve
considered the company's balance sheet position as at the year end, its
working capital forecasts, the current COVID19 crisis and projections, taking account of possible changes in trading
performance and the current state of its operating market, and are satisfied that for the foreseeable future the company's
financial position is improving and will enable the company to remain in operational existence. In addition, the director
s
and
shareholder
s
ha
ve
agreed to provide continuing financial support as and when required to enable the company to continue in
operational existence. Consequently, the director
s
consider it to be appropriate to prepare the financial statements on the going
concern basis.
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
Turnover
Turnover represents amounts receivable for ground rents from the leaseholders of 51/55 Marlborough Hill, London, NW8.
1.3
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
50 years
Fixtures, fittings & equipment
5-10% straight line
No depreciation is provided on freehold land. Depreciation on buildings is provided over 50 years.
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
.
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2020 and 31 December 2020
206,977
12,288
219,265
Depreciation and impairment
At 1 January 2020
20,869
20,869
Depreciation charged in the year
1,740
1,740
At 31 December 2020
22,609
22,609
Carrying amount
At 31 December 2020
184,368
12,288
196,656
At 31 December 2019
186,108
12,288
198,396
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
2,526
2,551
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
1,491
1,827
Other borrowings
24,442
24,442
Corporation tax
1,442
1,378
Other creditors
85,727
85,898
Accruals and deferred income
6,750
6,750
119,852
120,295
The bank loan is secured by a 1st legal charge over the freehold property and its associated assets and a debenture over the company.
51/55 MARLBOROUGH HILL FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
25,351
32,895
Other creditors
94,477
98,976
119,828
131,871
The bank loan is secured by a 1st legal charge over the freehold property and its associated assets and a debenture over the company.
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
19,386
25,585
8
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
22
22
22
22
9
Events after the reporting date
The Covid-19 pandemic occurred during the Company’s year-end. The directors have carefully considered the likely effect of the Covid-19 pandemic on the future performance of the company and consider that it is likely to have an adverse impact on this. However, the directors consider that the company has sufficient resources to enable it to remain in business for the foreseeable future.
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year, management services of £1,500 (2019: £1,500) were provided by Integrated Developments Limited (IDL), a company in which one of the directors has an interest.