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REGISTERED NUMBER: 02542553 (England and Wales)















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: Mrs P L Frost
N J Meyohas
Dr N Nikbakht





SECRETARY: Carter Backer Winter Trustees Limited





REGISTERED OFFICE: 3a Palace Green
Kensington Palace Gardens
London
W8 4TR





REGISTERED NUMBER: 02542553 (England and Wales)





AUDITOR: Paul Hartley FCA
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 1 1

CURRENT ASSETS
Debtors 5 20 20
Cash at bank 34,427 32,469
34,447 32,489
CREDITORS
Amounts falling due within one year 6 34,427 32,469
NET CURRENT ASSETS 20 20
TOTAL ASSETS LESS CURRENT
LIABILITIES

21

21

CAPITAL AND RESERVES
Called up share capital 7 21 21
SHAREHOLDERS' FUNDS 21 21

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 4 October 2023 and were signed on its behalf by:





Dr N Nikbakht - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents ground rent due from residents.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 11 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Long
leasehold
£   
COST
At 1 April 2022
and 31 March 2023 1
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 1

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 20 20

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 34,427 32,469

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary A 1 1 1
20 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.

Paul Hartley FCA

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.