Company Registration No. 03842186 (England and Wales)
10 BELSIZE PARK GARDENS
MANAGEMENT COMPANY LIMITED
(A company limited by guarantee)
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
10 BELSIZE PARK GARDENS MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
10 BELSIZE PARK GARDENS MANAGEMENT COMPANY LIMITED
Company Registration No. 03842186
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,500
4,500
Current assets
Debtors
4
16,285
20,026
Cash at bank and in hand
15,084
12,426
31,369
32,452
Creditors: amounts falling due within one year
5
(14,235)
(14,089)
Net current assets
17,134
18,363
Net assets
21,634
22,863
Reserves
Revaluation reserve
4,500
4,500
Income and expenditure account
17,134
18,363
Members' funds
21,634
22,863
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
10 BELSIZE PARK GARDENS MANAGEMENT COMPANY LIMITED
Company Registration No. 03842186
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 March 2024 and are signed on its behalf by:
S Dodge
R Klug
Director
Director
R Hinkel-Pevzner
Director
10 BELSIZE PARK GARDENS MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
10 Belsize Park Gardens Management Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Flat A, 10 Belsize Park Gardens, London, NW3 4LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income comprises of service charges and is recognised in the period it is receivable.
Expenses are inclusive of VAT and are recognised in the period they are due.
1.3
Freehold properties
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
10 BELSIZE PARK GARDENS MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
4,500
Depreciation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
4,500
At 31 December 2022
4,500
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
14,863
15,179
Other debtors
1,422
4,847
16,285
20,026
10 BELSIZE PARK GARDENS MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Service charges in advance
12,236
12,236
Accruals and deferred income
1,999
1,853
14,235
14,089
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
7
Related party transactions
During the year the director R Hinkel-Pevzner received £4,549 (2022 - £2,721) relating to management costs.