Registered number |
02133932 |
ELGIN MANSIONS MANAGEMENT LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD FROM 1 JANUARY 2023 TO 24 DECEMBER 2023 |
PAGES FOR FILING WITH REGISTRAR |
ELGIN MANSIONS MANAGEMENT LIMITED | |||
CONTENTS | |||
Page | |||
Balance sheet | 1 | ||
Notes to the financial statements | 2 - 5 | ||
Balance Sheet | |||||||
as at |
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Company Registration No. | 02133932 | ||||||
Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Current assets | |||||||
Cash at bank and in hand | |||||||
Net current assets | |||||||
Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Share premium | |||||||
Profit and loss account | 5 | ( |
( |
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Shareholders' funds | |||||||
………………………………….. | |||||||
E J Costalas | |||||||
Director | |||||||
Approved by the board on |
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NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE PERIOD FROM 1 JANUARY 2023 TO 24 DECEMBER 2023 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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 convention. The principal accounting policies adopted are set out below. |
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Going concern | ||||||||
The validity of this assumption depends on the company being able to trade profitably in the future and the continued support of the company's directors who are also shareholders. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholders and directors have expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis. |
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Turnover | ||||||||
Tangible fixed assets | ||||||||
Freehold land is shown at historic cost and comprises Elgin Mansions, Maida Vale, London W9 under Title Number NGL184273. Freehold land is not depreciated. The carrying values of tangible fixed assets are reviewed for impairment when there are indications that the carrying value may not be recoverable. |
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Financial instruments | ||||||||
The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
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Basic financial assets | ||||||||
Derecognition of financial assets | ||||||||
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. | ||||||||
Basic financial liabilities | ||||||||
Derecognition of financial liabilities | ||||||||
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. | ||||||||
Cash and cash equivalents | ||||||||
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and 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. | ||||||||
Taxation | ||||||||
The tax expense represents the sum of the tax currently payable and deferred tax. | ||||||||
Current tax | ||||||||
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit 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. | ||||||||
Deferred tax | ||||||||
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority. |
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2 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Tangible fixed assets | |||||||
Land and buildings | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2023 | ||||||||
At 24 December 2023 | ||||||||
Depreciation | ||||||||
At 24 December 2023 | - | |||||||
Net book value | ||||||||
At 24 December 2023 | ||||||||
At 31 December 2022 | ||||||||
4 | Service Charge Accounts | |||||||
Income and expenditure arising from these transactions is shown in separate service charge accounts for Elgin Mansions that do not form part of the annual accounts of the company and are not filed at Companies House. All service charge monies received from the residents of Elgin Mansions are held on trust for the residents. The cash held in trust is as follows: 31 December 2023 :£418,182 (31 December 2022: £272,870) Service charge money was held in trust at Bank of Scotland, 3rd Floor, 39 Threadneedle Street, London, EC2R 8AU under the title Elgin Mansions Management Ltd and number 06573829 and at HSBC, 50-52 Kilburn High Road, Kilburn, London, NW6 4HJ under the title Elgin Mansions Management Ltd and numbers 21710664 and 21710672. |
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5 | Related Party Disclosures | |||||||
The company's ground rent is payable by the leaseholders of the company. The leaseholders are considered to be the shareholders of the company. Ground rent is collected as part of Elgin Mansions service charges. Any monies outstanding at the year end is considered payable by Elgin Mansions service charges. During the year, ground rents totalling £3,000 (2022 - £3,000 have been collected by Elgin Mansions service charges. The outstanding balance due at the year end was £ NIL (2022 - £ NIL). Accounting fees totalling £3,000 (2022 - £3,000) have been cross charged from Elgin Mansions to the company. The outstanding balance at the year end was £ NIL (2022 - £ NIL). |
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5 | Ultimate Controlling Party | |||||||
The directors consider that there was no ultimate controlling party during this year or the previous year. | ||||||||
6 | Other information | |||||||
Elgin Mansions Management Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD. |