Registered number
04144597
5 Garrett Street Limited
Filleted Accounts
30 September 2023
5 Garrett Street Limited
Registered number: 04144597
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 216 216
Current assets
Debtors 4 35,257 33,626
Creditors: amounts falling due within one year 5 (434) (382)
Net current assets 34,823 33,244
Net assets 35,039 33,460
Capital and reserves
Called up share capital 48 48
Profit and loss account 34,991 33,412
Shareholders' funds 35,039 33,460
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S J Feldman
Director
Approved by the board on 24 November 2023
5 Garrett Street Limited
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Owenership of assets and transactions
The company owns the freehold reversionary interest in land and buildings at 5 Garrett Street, London, and manages the property on behalf of the leaseholders on a non-profit basis. The lessees are the shareholders of the company. Although the company is owned entirely by the lessees of the property, currently it is generally considered that the collection of service charges (but not ground rent), service charge expenses, the attributable cash at bank, receivables and payables, including sinking fund reserves and current and future financial commitments legally belong to the lessees not the company and the company only acts as an agent for the lessees. To reflect this the service charges, expenses and attributable assets and liabilities have been excluded from the profit and loss account and balance sheet of the company and cash at bank in the name of the company treated as held on trust for the lessees; services charge expenditure for the year was £99,087 (2022: £89,973), excluding amounts paid into or withdrawn from the sinking fund reserves. In addition to the normal service charge expenditure, £36,271 (2022: more than £120,000) was incurred on behalf of lessees on fire safety costs emanating from cladding issues with the building. Further costs are expected but these are unable to be quantified with any reasonable accuracy, nor can the extent, if any, to which contributions towards these costs will be provided by third parties . Further information on this may be available from the directors or the managing agent who is also the Company Secretary.
Other operating income
Other operating income represents the ground rent receiveable on the freehold property from lessees.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
No depreciation is charged on freehold land and buildings on the grounds that it would be immaterial.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 October 2022 216
At 30 September 2023 216
Depreciation
At 30 September 2023 -
Net book value
At 30 September 2023 216
At 30 September 2022 216
4 Debtors 2023 2022
£ £
Other debtors 35,257 33,626
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 434 382
6 Contingent liabilities
As mentioned in Note 1 - Accounting policies - ownership of assets and transactions, significant costs have been incurred, with more expected, on fire safety due to cladding issues with the building. The lessees are bearing these costs and it is not known the extent to which any contribution will be provided by third parties. The company owns the freehold reversion of the property but does not expect to be required to make a contribution.
7 Other information
5 Garrett Street Limited is a private company limited by shares and incorporated in England. Its registered office is:
Tey House
Market Hill
Royston
SG8 9TN
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