REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24TH DECEMBER 2022 |
FOR |
MULBERRY CLOSE PROPERTIES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24TH DECEMBER 2022 |
FOR |
MULBERRY CLOSE PROPERTIES LTD |
MULBERRY CLOSE PROPERTIES LTD (REGISTERED NUMBER: 01526362) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24TH DECEMBER 2022 |
Page |
Balance Sheet | 1 |
MULBERRY CLOSE PROPERTIES LTD (REGISTERED NUMBER: 01526362) |
BALANCE SHEET |
24TH DECEMBER 2022 |
2022 | 2021 |
as restated |
£ | £ | £ | £ |
FIXED ASSETS |
CURRENT ASSETS |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES | ( |
) | ( |
) |
NOTES TO THE FINANCIAL STATEMENTS |
1. | STATUTORY INFORMATION |
Mulberry Close Properties Ltd is a |
Registered number: |
Registered office: |
2. | PRIOR YEAR ADJUSTMENT |
In December 2021, the company entered into arrangements with a developer through a development lease, for the development of a villa and penthouse apartments in the airspace above Thurlby Court, Pembroke Hall and Courtney House in Mulberry Close, Hendon. |
As part of these arrangements, the company granted its wholly owned subsidiary the legal (but not beneficial) ownership of a headlease over the land relating to the villa and airspace in the three buildings. |
On completion of the development, both the headlease and the development lease will be surrendered so that new leases of the newly constructed residential units will be held as new leases under the freehold interest held by the company, thereby reflecting the company's ownership. |
In view of the above, all the transactions relating to the development are recorded in the company's accounts. |
A prior year adjustment had been carried out to ensure consistency with the accounting treatment of the development arrangements in 2022. Freehold property and improvements to property have been reclassified as investment property.Moreover, the company's liability to the Community Infrastructure Levy in respect of the development has now been recognised, as has the developer's commitment to undertake freeholder works to the value of £111,061. |
The effect of the prior year adjustment is to decrease fixed assets by £193,964, increase current assets by £111,061, increase creditors due within one year by £77,097 and to reduce the profit and loss reserve by £160,000. |
MULBERRY CLOSE PROPERTIES LTD (REGISTERED NUMBER: 01526362) |
BALANCE SHEET - continued |
24TH DECEMBER 2022 |
NOTES TO THE FINANCIAL STATEMENTS |
3. | AVERAGE NUMBER OF EMPLOYEES |
The average number of employees during the year was |
4. | CAPACITY AS TRUSTEE |
The company also holds funds in its capacity as trustee for the service charge for the properties at Courtney House, Pembroke Hall and Thurlby Croft, all of Mulberry Close, London . Full details can be found in the separately prepared service charge accounts. |
Included within creditors due within one year is a loan of £347,353 (2021 £315,405) from service charge reserve funds. |
5. | OVERAGE |
As a party to the development agreement, the company has an overage right to a share of any eventual gains. The amount of any such deferred consideration is currently unascertainable. The directors are of the opinion that the prospect of realising any overage was poor at the time the development agreement was signed due to serious delays in the project and a lack of availability of building contractors following the Covid pandemic. As a result, no value has been recognised in relation to the overage in the accounts. |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |