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Registered number: 11616885









40 CHESTER SQUARE FREEHOLD COMPANY LIMITED







UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 MARCH 2023

 
40 CHESTER SQUARE FREEHOLD COMPANY LIMITED
 
 
COMPANY INFORMATION


Directors
I M B Ettedgui 
T Khan 
A Kyriazi 
R Middleton 
P O Migliano 
C L A Waddington 
M C Weil 
H H Horn (appointed 1 April 2022)




Company secretary
Principia Estate & Asset Management Limited



Registered number
11616885



Registered office
The Studio
16 Cavaye Place

London

SW10 9PT




Accountants
Gibson Appleby

1-3 Ship Street

Shoreham-by-Sea

West Sussex

BN43 5DH





 
40 CHESTER SQUARE FREEHOLD COMPANY LIMITED
 

CONTENTS



Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4


 
40 CHESTER SQUARE FREEHOLD COMPANY LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 25 MARCH 2023

The directors present their report and the financial statements for the year ended 25 March 2023.

Principal activity

The principal activities of the company is the ownership and management of the property known as 40/41 Chester Square, London SW1. The whole of the service and management expenses are recoverable from the lessees in accordance with the terms of their respective leases.
The company acts as a trustee in respect of service charge monies collected in connection with the above property. In accordance with accounting recommendations from ARMA (Association of Residential Managing Agents), details of service charge monies have been excluded from the accounts as the company acts only in a trustee capacity in this connection. Separate service charge accounts are prepared and certified.


On 7 August 2020, the company purchased the freehold of 40/41 Chester Square for £8,368,610. The purchase was funded by contributions from 9 shareholders/participants and a 'White Knight' investor. The company subsequently extended the length of the leases which have been granted to the shareholders. Taking account of the loss of value following these lease extensions and the value attributable to the 'White Knight', the freehold interest is now valued at £174,233 in these financial statements. This comprises the value of the porters flat and parking spaces on short leases.

Directors

The directors who served during the year were:

I M B Ettedgui 
T Khan 
A Kyriazi 
R Middleton 
P O Migliano 
C L A Waddington 
M C Weil 
H H Horn (appointed 1 April 2022)

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 22 January 2024 and signed on its behalf.
 





L Laptiste (for and on behalf of Principia Estate & Asset Management Limited)
Secretary

Page 1

 
40 CHESTER SQUARE FREEHOLD COMPANY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 40 CHESTER SQUARE FREEHOLD COMPANY LIMITED
FOR THE YEAR ENDED 25 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 40 Chester Square Freehold Company Limited for the year ended 25 March 2023 which comprise the Income statement, the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of 40 Chester Square Freehold Company Limited, as a body, in accordance with the terms of our engagement letter dated 3rd November 2020Our work has been undertaken solely to prepare for your approval the financial statements of 40 Chester Square Freehold Company Limited  and state those matters that we have agreed to state to the Board of directors of 40 Chester Square Freehold Company Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 40 Chester Square Freehold Company Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that 40 Chester Square Freehold Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 40 Chester Square Freehold Company Limited. You consider that 40 Chester Square Freehold Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of 40 Chester Square Freehold Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Gibson Appleby
 
1-3 Ship Street
Shoreham-by-Sea
West Sussex
BN43 5DH
22 January 2024
Page 2

 
40 CHESTER SQUARE FREEHOLD COMPANY LIMITED
 
 
INCOME STATEMENT
FOR THE YEAR ENDED 25 MARCH 2023

2022
2021
£
£

LTA Fees
  
2,500
-

Other income
  
91
-

Expenditure
  
(6,050)
(22,102)

Loss
  
(3,459)
(22,102)

Page 3

 
40 CHESTER SQUARE FREEHOLD COMPANY LIMITED
REGISTERED NUMBER: 11616885

STATEMENT OF FINANCIAL POSITION
AS AT 25 MARCH 2023

2023
2022
£
£


Fixed assets
174,233
174,233

Current assets
35,859
32,264

Creditors: amounts falling due within one year
(250,618)
(243,564)

Net current liabilities
 
 
(214,759)
 
 
(211,300)

Total assets less current liabilities
(40,526)
(37,067)


Net liabilities
(40,526)
(37,067)



Capital and reserves
(40,526)
(37,067)


Notes


General information

40 Chester Square Freehold Company Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is The Studio, 16 Cavaye Place, London, SW10 9PT.


Average number of employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 0).


Directors' confirmations

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

These financial statements have been prepared in accordance with the provisions applicable to entities subject to the micro-entities' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



C L A Waddington
Director

Date: 22 January 2024

 
Page 4