Company registration number 01329589 (England and Wales)
LORD STREET MANAGEMENT (REGENT COURT) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
LORD STREET MANAGEMENT (REGENT COURT) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LORD STREET MANAGEMENT (REGENT COURT) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,977
19,977
Current assets
Debtors
4
17,648
26,398
Cash at bank and in hand
81,241
44,494
98,889
70,892
Creditors: amounts falling due within one year
5
(98,852)
(70,855)
Net current assets
37
37
Net assets
20,014
20,014
Capital and reserves
Called up share capital
37
37
Other reserves
19,977
19,977
Total equity
20,014
20,014

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 31 October 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 15 April 2024 and are signed on its behalf by:
S P Tinsley
D Warnock
Director
Director
Company registration number 01329589 (England and Wales)
LORD STREET MANAGEMENT (REGENT COURT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Lord Street Management (Regent Court) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Regent Court, Lord Street, Southport, PR9 0QQ.

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 is recognised at the fair value of the consideration received or receivable for service charge and is shown net of VAT and other sales related taxes.

Income from service charge is recognised when the service charge expenditure can be recovered from individual leaseholders under the terms of the lease. The service charge received on account in excess of service charge expenditure is recorded as amounts due to leaseholders and included in creditors amounts falling due within one year.

Rental income is recognised, when income is due under the terms of the lease.

1.3
Tangible fixed assets

Tangible fixed assets consist wholly of freehold land that was initially measured at cost and is not depreciated.

1.4
Cash at bank and in hand

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’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

LORD STREET MANAGEMENT (REGENT COURT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
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, including creditors 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends are not payable on equity instruments.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

Corporation tax is only payable on income not derived from the leaseholders which comprises ground rent and interest received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
LORD STREET MANAGEMENT (REGENT COURT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
3
Tangible fixed assets
Freehold land
£
Cost
At 1 November 2022 and 31 October 2023
19,977
Depreciation and impairment
At 1 November 2022 and 31 October 2023
-
0
Carrying amount
At 31 October 2023
19,977
At 31 October 2022
19,977
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charge arrears
5,302
8,474
Other debtors
9,618
15,670
Prepayments and accrued income
2,728
2,254
17,648
26,398
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts due to leaseholders
70,972
55,482
Trade creditors
2,924
2,109
Corporation tax
1,445
2,949
Service charge paid in advance
4,232
1,712
Accruals and deferred income
19,279
8,603
98,852
70,855
LORD STREET MANAGEMENT (REGENT COURT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
6
Related party transactions

The directors are related parties and are required to pay the same service charge as all other leaseholders the amount paid was £1,780 (2022 £2,514).

 

£8,888 (2022 £3,137) was paid to leaseholders/directors for services provided and reimbursement of expenses.

7
Contingent liabilities

Major repairs provision

Agreements entered into by the company, the individual shareholders and the freehold owner of the property (the company), lay down that annual provision be made in order to equalise the cost of major repairs to the structure and fittings of the property which are expected to be incurred at irregular intervals. The directors considered this is satisfied by the annual contributions to service charge, the amounts due to leaseholders under the terms of the lease amounts to £70,972 (2022 £55,482) at the balance sheet date.

 

Counterpart deed of variation

Under a deed of variation dated 23rd February 1996 the company has a right to claim for a contribution to structural repairs to the fabric of the building. The directors have sought legal advice on the interpretation of the deed. These financial statements include an amount due under the deed of £3,436 (2022 £15,670). At the balance sheet date £3,436 (2022 £15,670) is due under the deed.

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