Company Registration No. 10667541 (England and Wales)
WEST HEATH PLACE (FREEHOLD) LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
WEST HEATH PLACE (FREEHOLD) LTD
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
WEST HEATH PLACE (FREEHOLD) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2020.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J D Baars
S Cowan
V Creegor
J Morgan
M N Whiteson MBE
P B Freedman CBE
(Appointed 11 March 2020)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
S Cowan
Director
13 September 2021
WEST HEATH PLACE (FREEHOLD) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
52
409,600
Capital and reserves
Called up share capital
6
52
52
Other reserves
5
-
409,548
Total equity
52
409,600
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.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2021 and are signed on its behalf by:
S Cowan
J Morgan
Director
Director
Company Registration No. 10667541
WEST HEATH PLACE (FREEHOLD) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company 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.
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
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
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.
Deferred tax
Deferred taxation is provided on any gains at the prevailing rate.
WEST HEATH PLACE (FREEHOLD) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
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
6
5
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2020 and 31 December 2020
409,600
Depreciation and impairment
At 1 January 2020
Impairment losses
409,548
At 31 December 2020
409,548
Carrying amount
At 31 December 2020
52
At 31 December 2019
409,600
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 are now receivable by the company the directors consider that the freehold interest has no more than a nominal value. In the circumstances they are now taking the opportunity to write down the freehold interest to £52, being the equivalent to the nominal paid-up share capital of the company.
WEST HEATH PLACE (FREEHOLD) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
5
Reserves
Profit and loss account
The profit and loss account reserve records retained earnings and accumlated losses.
Capital contribution
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.
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
52 Ordinary shares of £1 each
52
52
7
Control
The company is under the control of the shareholders collectively who each hold one share for each apartment owned.