Company registration number 03740720 (England and Wales)
WORDSWORTH PLACE (KENTISH TOWN) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
WORDSWORTH PLACE (KENTISH TOWN) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WORDSWORTH PLACE (KENTISH TOWN) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investment property
3
23,310
23,310
Current assets
Debtors
4
1,086
421
Cash at bank and in hand
44,558
49,729
45,644
50,150
Creditors: amounts falling due within one year
5
(5,243)
(2,929)
Net current assets
40,401
47,221
Net assets
63,711
70,531
Capital and reserves
Called up share capital
6
37
37
Share premium account
3,873
3,873
Head Lease contribution reserve
22,820
22,820
Profit and loss reserves
36,981
43,801
Total equity
63,711
70,531
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 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.
The financial statements were approved by the board of directors and authorised for issue on 2 April 2024 and are signed on its behalf by:
AH Faulkner
TS P Scotney
Director
Director
Company registration number 03740720 (England and Wales)
WORDSWORTH PLACE (KENTISH TOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information
Wordsworth Place (Kentish Town) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28 Wordsworth Place, London, NW5 4HG.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents ground rent and car parking income receivable during the year.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents 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
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received.
WORDSWORTH PLACE (KENTISH TOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
During the year the company has acted as agent for the lessees of the property at 1 to 39 Wordsworth Place, London, NE5 4HG. The funds in relation to the maintenance of the property are held in trust. As at 30 April 2023 the cash balance held on behalf of the lessees amounted to £101,001.
Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from Wordsworth Place (Kentish Town) Limited.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
23,310
Investment property comprises the Head Lease of 1 to 39 Wordsworth Place, London, NW5 4HG.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
100
Other debtors
986
421
1,086
421
WORDSWORTH PLACE (KENTISH TOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,669
Other creditors
5,243
1,260
5,243
2,929
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
37
37
37
37
7
Prior period adjustment
It was noted that in the 2000 to 2006 accounts, there was a general reserve, which the directors believe was the contribution from the shareholders to purchase the head lease rather than a share premium arising on shares issued. Therefore a prior year adjustment has been made. There is no impact on the profit and loss account.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Apr 2022
£
£
£
Net assets
70,531
-
70,531
Capital and reserves
Share premium
26,693
(22,820)
3,873
Head Lease contribution reserve
-
22,820
22,820
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 April 2022
£
£
£
Loss for the financial period
(6,995)
-
(6,995)