REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
3A Palace Green Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
3A Palace Green Limited |
3A Palace Green Limited (Registered number: 02542553) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
3A Palace Green Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
Statutory Auditor |
PO Box 27075 |
London |
N2 0FZ |
3A Palace Green Limited (Registered number: 02542553) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
SHAREHOLDERS' FUNDS |
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 |
3A Palace Green Limited (Registered number: 02542553) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
3A Palace Green Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents ground rent due from residents. |
Tangible fixed assets |
Pensions |
The company operates a defined contribution pension scheme for employees engaged in the management of the property. These contributions are invested separately from the company's assets. Pension contributions are charged to the service charge income and expenditure account as incurred |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Long |
leasehold |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
This represents a 99 year lease commencing 6 September 1991 and was assigned for £1 from Regalian Homes Limited. The unencumbered lease is held by the company solicitors. Freehold owners are the Crown Estate Commissioners. |
BUILDING INSURANCE |
The property is insured with Aviva. The policy number is 100517051CPO and the sum insured, £130,336,500 from 1 October 2022 to 30 September 2023. |
3A Palace Green Limited (Registered number: 02542553) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | 1 | 1 | 1 |
Ordinary B | 1 | 20 | 20 |
21 | 21 |
A and B shares carry equal voting rights. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditor was unqualified. |
3A Palace Green Limited (Registered number: 02542553) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | SERVICE CHARGE INCOME AND EXPENDITURE ACCOUNT |
2023 | 2022 |
£ | £ |
SERVICE CHARGES RECEIVABLE Note 2 | 1,394,000 | 1,323,000 |
EXPENDITURE |
Porterage and general manager |
Wages & salary | 475,774 | 444,031 |
Private medical insurance | 15,189 | 13,435 |
Pension scheme | 33,864 | 32,005 |
Uniforms and cleaning | 3,721 | 4,449 |
Other payments | 3,684 | 3,276 |
Planned Building & Plant maintenance | 72,031 | 59,071 |
Air conditioning | 12,577 | 12,659 |
General repairs & maintenance | 51,717 | 5,367 |
Lift expenses | 14,040 | 8,013 |
Security systems & answerphone | 2,518 | 594 |
Maintenance of automatic gate | 6,605 | 1,685 |
Electricity | 75,717 | 65,496 |
Gas | 34,130 | 41,915 |
Garden maintenance | 33,508 | 32,898 |
Telephone | 5,900 | 3,523 |
Window and sundry cleaning | 5,910 | 5,496 |
Refuse removal | 261 | 250 |
Health and safety testing | 6,704 | 2,865 |
Satellite television and aerial | 450 | 0 |
Sundry expenses | 28,195 | 18,479 |
Water charges | 5,215 | 11,117 |
Insurances | 113,090 | 98,450 |
Interest receivable net of tax | (230 | ) | (3,075 | ) |
Legal and professional fees | 4,917 | 2,023 |
Audit and accountancy fees | 4,380 | 4,380 |
Managing agent's fee | 20,000 | 20,000 |
Crown estate charge | 138,399 | 151,373 |
Non-annual expenditure |
refurbishment of staff flat | 94,000 | 0 |
Upgrade heating & cooling system | 0 | 47,268 |
Upgrade Automatic Gate | 22,275 | 0 |
TOTAL EXPENDITURE | 1,284,541 | 1,087,043 |
Excess of service charges over expendituretransferred to fund for future expenditure |
109,459 |
235,957 |
FUND FOR FUTURE EXPENDITURE B/F | 750,401 | 514,444 |
FUND FOR FUTURE EXPENDITURE C/F | 859,960` | 750,401 |
3A Palace Green Limited (Registered number: 02542553) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | SERVICE CHARGE ACCOUNT BALANCE SHEET |
2023 | 2022 |
£ | £ | £ | £ |
CURRENT ASSETS |
Debtors (Note 12) | 92,449 | 99,334 |
Cash at Bank and in Hand (Note 13) | 1,311,421 | 1,235,048 |
1,403,870 | 1,334,382 |
CREDITORS (Note 14) | (544,010 | ) | (583,981 | ) |
NET ASSETS | 859,860 | 750,401 |
RESERVE FUND FOR FUTURE EXPENDITURE (Note 15) |
859,860 |
750,401 |
11. | DEBTORS |
2023 | 2022 |
£ | £ |
Due from company 3A Palace Green Limited | 15,571 | 15,571 |
Prepayments | 76,878 | 82,767 |
Taxation | 0 | 996 |
92,449 | 99,334 |
12. | CASH AT BANK AND IN HAND |
All service charge monies are required to be held on trust for the residents in accordance with Section 42 of the Landlord and Tenant Act 1987. £1,213,628 was held in a designated trust bank account and £1,000 in cash giving total monies held on trust of £1,214,627 (2022 £1,234,048 in trust bank account and a further £1,000 held in cash giving a total held in trust of £1,235,048) |
13. | CREDITORS |
2023 | 2022 |
£ | £ |
Due to lessees | 456,008 | 344,666 |
Other creditors | 20 | 20 |
Operating creditors | 65,871 | 33,361 |
Accruals | 22,111 | 205,934 |
544,010 | 583,981 |
3A Palace Green Limited (Registered number: 02542553) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
14. | RESERVE FUNDS FOR FUTURE EXPENDITURE |
2023 | 2022 |
£ | £ |
Balance brought forward at 1 April 2022 | 750,401 | 514,444 |
Transfer to/(from) |
Service charges | 109,459 | 235,957 |
Balance carried forward at 31 March 2023 | 859,860 | 750,401 |
These amounts should not be regarded as sum required to meet future costs in | full, but only as a contribution to such costs. |