Company registration number 10504818 (England and Wales)
1 DENMARK TERRACE (FREEHOLD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
1 DENMARK TERRACE (FREEHOLD) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
1 DENMARK TERRACE (FREEHOLD) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
41,144
41,144
Current assets
Debtors
5
355
294
Creditors: amounts falling due within one year
6
(41,499)
(41,139)
Net current liabilities
(41,144)
(40,845)
Net assets
299
Capital and reserves
Called up share capital
6
6
Profit and loss reserves
(6)
293
Total equity
299
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 2021 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.
The financial statements were approved by the board of directors and authorised for issue on 1 December 2022 and are signed on its behalf by:
F E Edwards
Director
Company Registration No. 10504818
1 DENMARK TERRACE (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
1 Denmark Terrace (Freehold) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Flat 4a, 1 Denmark Terrace, Brighton, East Sussex, BN1 3AN.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents ground rents and service charges receivable from the Lessees of
1 Denmark Terrace
during the year, in order to meet the relevant costs in relation to the property in accordance with the provisions of Section 42 of the Landlord and Tenant Act 1987.
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. Included at cost in tangible fixed assets is the freehold interest of
1 Denmark Terrace, Brighton, East Sussex, BN1 3AN
, which is not depreciated or revalued.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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.
1 DENMARK TERRACE (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2021 and 31 December 2021
41,144
Depreciation and impairment
At 1 January 2021 and 31 December 2021
Carrying amount
At 31 December 2021
41,144
At 31 December 2020
41,144
The company owns the freehold interest and manages the property
1 Denmark Terrace
. The majority of the lessees of the property are also the company's directors and shareholders. The lessees are responsible for the cost and maintaining the property such that the residual value of the freehold interest continues to be not less that the original cost of £41,144. On this basis no depreciation is required to be provided at the balance sheet date.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
355
294
6
Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
41,499
41,139
1 DENMARK TERRACE (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
7
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2020
£
£
£
Net assets
6
293
299
Capital and reserves
Share capital
6
-
6
Profit and loss reserves
-
293
293
Total equity
6
293
299