REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
West Heath Place (Freehold) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
West Heath Place (Freehold) Limited |
West Heath Place (Freehold) Limited (Registered number: 10667541) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
West Heath Place (Freehold) Limited |
Company Information |
for the year ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1st Floor |
Healthaid House |
Marlborough Hill |
Harrow |
Middlesex |
HA1 1UD |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
West Heath Place (Freehold) Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West Heath Place (Freehold) Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of West Heath Place (Freehold) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of West Heath Place (Freehold) Limited and state those matters that we have agreed to state to the Board of Directors of West Heath Place (Freehold) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than West Heath Place (Freehold) Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that West Heath Place (Freehold) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of West Heath Place (Freehold) Limited. You consider that West Heath Place (Freehold) Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of West Heath Place (Freehold) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
1st Floor |
Healthaid House |
Marlborough Hill |
Harrow |
Middlesex |
HA1 1UD |
West Heath Place (Freehold) Limited (Registered number: 10667541) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 5 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
West Heath Place (Freehold) Limited (Registered number: 10667541) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
West Heath Place (Freehold) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is West Heath Place, 1B Hodford Road, London, NW11 8NL. |
The company owns the freehold interest in the property at West Heath Place, 1B Hodford Road, London, NW11 8NL. The company is responsible for the management of the property and service charges are collected and expenses paid through the managing agents designated client account. Reserve account funds are held in trust by the managing agent on behalf of the shareholders. |
2. | ACCOUNTING POLICIES |
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 amounts 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. |
Significant judgements and estimates |
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. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Tangible fixed assets |
The freehold interest is initially recorded at cost which includes purchase price and any directly attributable expenditure. Subsequently, the property is revalued at each balance sheet date to its fair value, where this can be measured reliably. |
The surplus or deficit arising on a revaluation in the financial year is recognised in the profit and loss account for that year, and any surplus transferred to a non-distributable reserve (fair value reserve) in the balance sheet. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
West Heath Place (Freehold) Limited (Registered number: 10667541) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The freehold interest of the property at West Heath Place was acquired by the lessees in July 2017 for £409,600, including costs. The price paid was a factor of 24 times the ground rents payable at that time under each of the 52 leases. Immediately thereafter the company cancelled all future ground rents payable. |
On the basis that no ground rents were the receivable by the company, the directors considered that the freehold interest had no more than a nominal value. In the circumstances the freehold interest was written down to £52, being equivalent to the nominal paid-up share capital of the company. |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary Share Capital | £1 | 52 | 52 |
6. | RESERVES |
The profit and loss account reserve records retained earnings and accumulated losses. |
The capital contribution reserve records the value of contributions received from the members to |
acquire the freehold property at West Heath Place, 1B Hodford Road, London, NW11 8NL. As detailed in Note 4 this reserve has now been written down to £52. |
In February 2020 the company raised £750,000 from the members by means of a capital contribution. This contribution was used to fund the legal and professional costs incurred in connection with the company's claim against the developer Albany Homes (International) Limited for substantial defects in the construction of West Heath Place. |
7. | ULTIMATE CONTROLLING PARTY |
The company is under the control of the shareholders collectively who each hold one share for each apartment owned. |