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COMPANY REGISTRATION NUMBER: 00566250
NUMBER SEVEN PROPRIETORS' COMPANY LIMITED
Filleted Unaudited Accounts
25 March 2024
NUMBER SEVEN PROPRIETORS' COMPANY LIMITED
Statement of Financial Position
25 March 2024
2024
2023
Note
£
£
£
Current assets
Debtors
5
112,533
85,196
Creditors: amounts falling due within one year
6
( 112,438)
( 85,101)
---------
--------
Net current assets
95
95
----
----
Total assets less current liabilities
95
95
----
----
Net assets
95
95
----
----
Capital and reserves
Called up share capital
8
95
95
----
----
Shareholders funds
95
95
----
----
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 25 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;
- 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 were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
Mrs S Mahtani
Director
Company registration number: 00566250
NUMBER SEVEN PROPRIETORS' COMPANY LIMITED
Notes to the Accounts
Year ended 25 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the income and expenditure account represents amounts receivable from residents in respect of the service charge expenditure incurred in the period.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
This is a flat management company and there were no employees in the period.
5. Debtors
2024
2023
£
£
Other debtors
112,533
85,196
---------
--------
A Service Charge Trust was established under Section 42 of the Landlord & Tenants Act 1987, whereby all transactions in the year relating to maintenance of the common parts of 7 Grosvenor Square, London W1K 4AG are shown in separate Service Charge accounts for this Trust. Other debtors relate to amounts recoverable from the Service Charge Trust in relation to period end liabilities with third party suppliers where the company has acted as principal in discharging their duty to manage and arrange maintenance of 7 Grosvenor Square.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,406
7,024
Other creditors
92,032
78,077
---------
--------
112,438
85,101
---------
--------
7. Contractual commitments
The company contracts with third parties in its own name for the supply of services to the property for maintenance of the common parts of 7 Grosvenor Square, London W1K 4AG in accordance with the terms of the lease. At the balance sheet date the company had not entered into any non-cancellable contractual commitments (2023: none).
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
95
95
95
95
----
----
----
----
9. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
10. Controlling party
The company is owned by the lessees who are shareholders of the company. There is no one overall controlling party.
11. Service charge transactions
Service charge transactions reported in the income and expenditure account relate to the maintenance of the common parts of the property at 7 Grosvenor Square, London W1K 4AG. Income and expenditure arising from these transactions has been recognised in the company financial statements on the basis that the company acts as principal when discharging its duty to manage and arrange the maintenance of the property.