Company Registration No. 08654990 (England and Wales)
3 WESTBOURNE CRESCENT FREEHOLD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 DECEMBER 2023
ACCOUNTS FOR FILING WITH REGISTRAR
3 WESTBOURNE CRESCENT FREEHOLD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
3 WESTBOURNE CRESCENT FREEHOLD LIMITED
BALANCE SHEET
AS AT
25 DECEMBER 2023
25 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
101,340
101,340
Current assets
Debtors
4
105
105
Creditors: amounts falling due within one year
5
(100)
(100)
Net current assets
5
5
Total assets less current liabilities
101,345
101,345
Capital and reserves
Called up share capital
6
5
5
Freehold contribution reserves
101,340
101,340
Total equity
101,345
101,345
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 25 December 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 8 March 2024 and are signed on its behalf by:
J Hale
Director
Company Registration No. 08654990
3 WESTBOURNE CRESCENT FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
3 Westbourne Crescent Freehold Limited is a private company limited by shares incorporated in England and Wales. The registered office is 68 Queens Gardens, London, W2 3AH.
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
The company receives rental income from the lessees who did not participate in the purchase of the freehold.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Nil
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and other loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
3 WESTBOURNE CRESCENT FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
During the year the company has acted as agent for the lessees of the property at 3 Westbourne Crescent, London, W2 3DB. The funds in relation to the maintenance of the property are held in trust. As at 25 December 2023 the cash balance held on behalf of the lessees amounted to £58,647.
The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from 3 Westbourne Crescent Freehold Limited.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost
At 26 December 2022 and 25 December 2023
101,340
Depreciation and impairment
At 26 December 2022 and 25 December 2023
Carrying amount
At 25 December 2023
101,340
At 25 December 2022
101,340
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
105
105
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
100
100
3 WESTBOURNE CRESCENT FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2023
- 4 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
5
5
5
5