Company Registration No. 03723911 (England and Wales)
145 Drury Lane (Management) Limited
A company limited by guarantee
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
145 Drury Lane (Management) Limited
A company limited by guarantee
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
145 Drury Lane (Management) Limited
A company limited by guarantee
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
74,620
60,202
Cash at bank and in hand
337,333
400,557
411,953
460,759
Creditors: amounts falling due within one year
5
(247,622)
(45,964)
Net current assets
164,331
414,795
Reserves
General reserves
6
164,331
414,795
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
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 20 April 2024 and are signed on its behalf by:
Hin Yan Wong
Director
Company Registration No. 03723911
145 Drury Lane (Management) Limited
A company limited by guarantee
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information
145 Drury Lane (Management) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 145 Drury Lane, Covent Garden, London, WC2B 5TA.
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
Income and expenditure
Income and expenses are included in the financial statements on the accruals basis. Income represents amounts receivable from third parties in respect of property management services.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
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.
1.4
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 statement of financial position 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, 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.
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.
145 Drury Lane (Management) Limited
A company limited by guarantee
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
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.
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.
1.5
Taxation
Service charge monies are held on trust in accordance with section 42, Landlord and Tenant Act 1987. Interest earned on service charge monies held on deposit is taxable at the basic rate of income tax.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
145 Drury Lane (Management) Limited
A company limited by guarantee
Notes to the financial statements (continued)
For the year ended 31 December 2023
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
4
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
General reserves
General reserves are held by the company in order to cover any major works on the property entered into in future years. This estimate and the associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The fund is reviewed on an annual basis when determining the budget for the following year. This is subsequently approved at the Annual General Meeting.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
7,396
2
Other debtors
67,224
60,200
74,620
60,202
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
166,505
700
Trust and estate income tax
2,537
Other taxation and social security
746
768
Other creditors
77,834
44,496
247,622
45,964
145 Drury Lane (Management) Limited
A company limited by guarantee
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
6
General reserve
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.
Schedule 1
Schedule 2
Schedule 3
Total
£
£
£
£
Balance at 1 January 2023
116,517
266,571
31,707
414,795
Add:
Provision for future expenditure
20,000
40,000
1,000
61,000
Transfer net interest to reserves
1,226
2,754
294
4,274
Less: Expenditure in year
(1,572)
(286,075)
(28,091)
(315,738)
Balance at 31 December 2023
136,171
23,250
4,910
164,331
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Ross Lomas
Statutory Auditors:
Saffery LLP