Company Registration No. 04182222 (England and Wales)
98 Salusbury Road Limited
Unaudited accounts
for the year ended 31 March 2023
98 Salusbury Road Limited
Unaudited accounts
Contents
98 Salusbury Road Limited
Company Information
for the year ended 31 March 2023
Directors
Dr Rosa Hanks
Mr Martin Hanks
Ms Niharika Chalana
Mr Nitesh Prakash
Mr Ben Tisdall
Company Number
04182222 (England and Wales)
Registered Office
98 Salusbury Road
London
NW6 6PB
Accountants
Atmos Bookkeeping Ltd
32 Aconbury Close
Worcester
WR5 1JD
98 Salusbury Road Limited
Statement of financial position
as at 31 March 2023
Cash at bank and in hand
906
1,554
Creditors: amounts falling due within one year
(906)
(1,554)
Total assets less current liabilities
-
-
Creditors: amounts falling due after more than one year
(22,794)
(22,794)
Net liabilities
(22,794)
(22,794)
Profit and loss account
(22,794)
(22,794)
Members' funds
(22,794)
(22,794)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by
Dr Rosa Hanks
Director
Company Registration No. 04182222
98 Salusbury Road Limited
Notes to the Accounts
for the year ended 31 March 2023
98 Salusbury Road Limited is a private company, limited by guarantee, registered in England and Wales, registration number 04182222. The registered office is 98 Salusbury Road, London, NW6 6PB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Fees requested from the residents of 98 Salusbury Road to cover the cost of freehold management expenses are recognised in turnover in the period in which the corresponding expenses are incurred.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments, and arrangements constituting financing transactions consisting of a loan to the company from a person who is within a director's group of close family members that contains at least one shareholder, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. Basic financial instruments classified as payable or receivable within one year are not amortised.
All other arrangements constituting financing transactions are measured at the present value of the future payments or receipts discounted at a market rate of interest.
The financial statements have been prepared on a going concern basis.
98 Salusbury Road Limited
Notes to the Accounts
for the year ended 31 March 2023
Correction of prior period errors
The opening balances of assets, liabilities and reserves for the earliest prior period presented, ended 31 March 2022, have been restated below due to material errors that occurred before this period:
Fixed assets: £0 (Previously £22,797)
The previous figure was too high due to the freehold value of 98 Salusbury Road being recorded at historical cost. Shortly after the freehold was purchased by the company, each company member was granted a lease extension of 999 years subject to a peppercorn rent for a nominal fee of £1. As no future economic benefits were subsequently expected from the use or disposal of the freehold, it should have been derecognised.
Current assets: £1,747 (Previously £1,747)
Creditors: amounts falling due within one year: £1,747 (Previously £1,747)
Net current assets: £0 (Previously £0)
Total assets less current liabilities: £0 (Previously £22,797)
The previous figure was too high due to the freehold value being recorded incorrectly, as explained above.
Creditors: amounts falling due after more than one year: £22,794 (Previously £22,797)
This decrease is due to the £3 total nominal fees paid by the members for their lease extensions. These were funded via a corresponding deduction to the loan repayments due back to them for the money they advanced to the company to fund the initial freehold purchase.
Net liabilities: £22,794 (Previously £0)
This increase is a combination of the aforementioned £22,797 freehold value previously included under 'Fixed assets' being derecognised and the £3 deduction made to loans due to members included under 'Creditors: amounts falling due after more than one year'.
Profit and loss account: (£22,794) (Previously £0)
Members' funds: (£22,794) (Previously £0)
These decreases are a result of the combined effects of the aforementioned corrections made to assets and liabilities.
4
Creditors: amounts falling due within one year
2023
2022
Loans from directors
786
1,422
5
Creditors: amounts falling due after more than one year
2023
2022
Loans from directors
22,794
22,794
6
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
98 Salusbury Road Limited
Notes to the Accounts
for the year ended 31 March 2023
7
Transactions with related parties
Amounts due to related parties:
At the reporting date, the total funds held in members' current accounts amounted to £786 (2022: £1,422).
Each member's current account balance was as follows:
98A: £128 (2022: £400)
98B: £188 (2022: £460)
98C: £470 (2022: £562)
These amounts are interest-free, unsecured and only repayable if the company holds sufficient funds in reserve after accounting for all necessary expenses.
At the reporting date, the total loans repayable to members amounted to £22,794 (2022: £22,794)
Each member's loan balance was as follows:
98A: £7,598 (2022: £7,598)
98B: £7,598 (2022: £7,598)
98C: £7,598 (2022: £7,598)
These amounts are interest-free, unsecured and only repayable if the company holds sufficient funds in reserve after accounting for all necessary expenses.
8
Average number of employees
During the year the average number of employees was 0 (2022: 0).