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Registration number: 03382682

Hide Tower Resident Management Board Limited

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Hide Tower Resident Management Board Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Hide Tower Resident Management Board Limited

Company Information

Directors

Birgit Grasberger

Inge-Lise Dahl

Company secretary

Fatma Matoq

Registered office

Ground Floor Office
Hide Tower
Regency Street
London
SW1P 4AB

Auditors

Blackman Terry LLP
Bolney Place
Cowfold Road
Bolney
Haywards Heath
West Sussex
RH17 5QT

 

Hide Tower Resident Management Board Limited

(Registration number: 03382682)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,000

36,000

Current assets

 

Debtors

5

22,644

2,080

Cash at bank and in hand

 

376,451

415,567

 

399,095

417,647

Creditors: Amounts falling due within one year

6

(3,487)

(17,517)

Net current assets

 

395,608

400,130

Net assets

 

404,608

436,130

Reserves

 

Retained earnings

404,608

436,130

Surplus

 

404,608

436,130

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 September 2023 and signed on its behalf by:
 

.........................................
Birgit Grasberger
Director

 

Hide Tower Resident Management Board Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Ground Floor Office
Hide Tower
Regency Street
London
SW1P 4AB
England

These financial statements were authorised for issue by the Board on 14 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 15 September 2023 was Jonathan Terry, who signed for and on behalf of Blackman Terry LLP.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Hide Tower Resident Management Board Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

10% on straight line

Fixtures and fittings

25% on straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Hide Tower Resident Management Board Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

40,000

2,407

42,407

At 31 March 2023

40,000

2,407

42,407

Depreciation

At 1 April 2022

4,000

2,407

6,407

Charge for the year

4,000

-

4,000

Impairment

23,000

-

23,000

At 31 March 2023

31,000

2,407

33,407

Carrying amount

At 31 March 2023

9,000

-

9,000

At 31 March 2022

36,000

-

36,000

Impairment

Leasehold improvements
The amount of impairment loss included in profit or loss is £23,000 (2022 - £Nil). The impairment loss is included in depreciation expenses. The impairment has been caused by flood damage to the lobby and ground floor office from broken external stacks. Whilst it is expected that the damage will be repaired in the 23-24 year and reclaimed on insurance the value of the assets are impaired as at the balance sheet date (31 March 2023).

5

Debtors

 

Hide Tower Resident Management Board Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Current

2023
£

2022
£

Trade debtors

11,935

-

Prepayments

675

2,080

Other debtors

10,034

-

 

22,644

2,080

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

676

2,320

Taxation and social security

582

5,132

Accruals and deferred income

1,953

9,983

Other creditors

276

82

3,487

17,517

7

Parent and ultimate parent undertaking

The company is limited by guarantee and does not have a share capital.

 The ultimate controlling party is the board of directors..

8

APB Ethical Standards relevant circumstances

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements