Company registration number 02441302 (England and Wales)
ST HILDA'S WHARF (WAPPING) MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ST HILDA'S WHARF (WAPPING) MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ST HILDA'S WHARF (WAPPING) MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
380,114
352,333
Creditors: amounts falling due within one year
4
(75,100)
(124,515)
Net current assets
305,014
227,818
Provisions for liabilities
5
(304,624)
(227,428)
Net assets
390
390
Capital and reserves
-
-
Called up share capital
390
390

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 31 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 16 July 2024 and are signed on its behalf by:
Mr Kenneth Titchen
Director
Company registration number 02441302 (England and Wales)
ST HILDA'S WHARF (WAPPING) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

St Hilda's Wharf (Wapping) Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is D & G Block Management Limited, 4th Floor, 192-198 Vauxhall Bridge Road, London, England, SW1V 1DX.

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.

Service charge accounts

The company exists to manage and administer on a non profit making basis, the communal areas relating to St Hilda's Wharf at 160 and 170 Wapping High Street on behalf of the lessees. Service charges are held in trust for the lessees benefit. The company's financial statements reflect a summary of the Service Charge Accounts which are separately presented to the lessees.

1.2
Turnover

Turnover represents service charges receivable.

1.3
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as 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 taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other 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 and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset 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 and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ST HILDA'S WHARF (WAPPING) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Cash held by agent
376,909
352,286
Amount due from Freehold Company
47
47
Deficit for the year
3,158
-
0
380,114
352,333

The cash held by agents is held by way of two statutory trusts, in designated Client Bank Accounts at the National Westminster Bank in accordance with Section 42 and Section 42A of the Landlord & Tenant Act 1987. In addition to the Service Charge Client Account, the cash held by agents at the year end included £304,624 (2022 - £227,428) in respect of the Sinking Fund (see note 5) in the Sinking Fund Client Account.

4
Creditors: amounts falling due within one year
2023
2022
£
£
Service charge in advance
59,409
46,881
Surplus for the year
-
0
1,480
Other creditors and accruals
15,691
76,154
75,100
124,515

The service charge surplus or deficit is separately presented and analysed in the Service Charge Accounts as referred to in Note 1 Accounting Policies.

5
Provisions for liabilities (Sinking fund)
2023
2022
£
£
Sinking Fund
304,624
227,428

The Sinking Fund has been established to provide funds in order to contribute to the cost of major works which are expected to arise in the future. The present level of the fund may prove insufficient, given the uncertainty as to when such costs may arise. Due to the uncertainty of timing of works and their extent and costs, the amount included within the financial statements as a Sinking Fund should not be regarded as the full sum to meet future costs but merely a contribution to such costs.

ST HILDA'S WHARF (WAPPING) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Provisions for liabilities (Sinking fund)
(Continued)
- 4 -
Movements on provisions:
Sinking Fund
£
At 1 January 2023
227,428
Contribution for the year
100,000
Net interest receivable
5,825
Utilised - major works
(39,703)
Previous year surplus credited to sinking fund
1,480
Lessees payments for EVC Switch on
9,594
At 31 December 2023
304,624
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