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REGISTERED NUMBER: 01305030 (England and Wales)















Financial Statements for the Year Ended 25 March 2024

for

Cholmley Gardens Limited

Cholmley Gardens Limited (Registered number: 01305030)






Contents of the Financial Statements
for the Year Ended 25 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Cholmley Gardens Limited

Company Information
for the Year Ended 25 March 2024







DIRECTORS: A C Penfold
K Moffitt
W A Lashley
D C Briscoe
F Osman
S S Bhatia
G M Nahmias
M Silk


REGISTERED OFFICE: 118a Cholmley Gardens
Fortune Green Road
London
NW6 1AA


REGISTERED NUMBER: 01305030 (England and Wales)


AUDITORS: Kingly Jones LLP
Chartered Accountants
Statutory Auditors
414 Linen Hall
162-168 Regents Street
London
W1B 5TE


BANKERS: Barclays Bank plc
Swiss Cottage Branch
135 Finchley Road
London
NW3 6JA


SOLICITORS: Jaffe Porter Crossick
Omni House
252 Belsize Road
Kilburn
London
NW6 4BT

Cholmley Gardens Limited (Registered number: 01305030)

Balance Sheet
25 March 2024

25.3.24 25.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,049 17,049
Investment property 5 5,605,235 5,553,235
5,622,284 5,570,284

CURRENT ASSETS
Debtors 6 23,629 9,663
Cash at bank 132,478 83,088
156,107 92,751
CREDITORS
Amounts falling due within one year 7 100,724 98,533
NET CURRENT ASSETS/(LIABILITIES) 55,383 (5,782 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,677,667

5,564,502

CREDITORS
Amounts falling due after more than one year 8 (60,033 ) (73,198 )

PROVISIONS FOR LIABILITIES 10 (1,050,669 ) (1,052,134 )
NET ASSETS 4,566,965 4,439,170

CAPITAL AND RESERVES
Called up share capital 157 157
Fair value reserve 11 4,385,746 4,333,746
Retained earnings 11 181,062 105,267
SHAREHOLDERS' FUNDS 4,566,965 4,439,170

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





D C Briscoe - Director


Cholmley Gardens Limited (Registered number: 01305030)

Notes to the Financial Statements
for the Year Ended 25 March 2024

1. STATUTORY INFORMATION

Cholmley Gardens Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements reflect the transactions of the company in respect of its own activities. The financial statements do not reflect the transactions undertaken in the name of the company in respect of service charges payable by the leaseholders of Cholmley Gardens. The directors have adopted this treatment having determined that the company is acting as agent in respect of such transactions. The service charge transactions are disclosed in separate statements distributed to the leaseholders.

Turnover
Turnover consists of rents receivable and derives wholly from the principal activity of the company.

Tangible fixed assets
Fixed assets other than investment properties are recorded at cost.

Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life.

Freehold property is maintained to ensure that the value does not diminish over time. Maintenance costs are charged to the profit and loss account in the year incurred. In the opinion of the directors, the residual value of the freehold property is greater than cost and therefore depreciation has not been charged.

Investment property
Although this revised policy is in accordance with the applicable accounting standard, Financial Reporting Standard 102 "The Financial reporting Standard applicable in the UK and Republic of Ireland" , it is a departure from the general requirements of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the accounts to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this, which might otherwise have been charged, cannot be separately identified or quantified.

The company's properties are held to earn rental income and capital appreciation and are stated at fair value at the balance sheet date. The value, reflecting market conditions is determined at each reporting date by the directors and any gain or loss arising from the change in value is reflected in the Profit and Loss account and transferred to the fair value reserve in the Balance Sheet.


Cholmley Gardens Limited (Registered number: 01305030)

Notes to the Financial Statements - continued
for the Year Ended 25 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

On revaluations of investment properties, deferred tax is recognised on the gain in value and the deferred tax set against the fair value reserve up to the amount included in the fair value reserve.

Significant judgements and estimates
In the process of preparing the financial statements the directors have make judgements and estimates when applying the accounting policies. Any judgements or estimates used in the preparation of the financial statements are based on the best information available to the directors at the time. The directors consider that significant judgements have been applied to the valuation of Investment Properties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 26 March 2023
and 25 March 2024 17,049
NET BOOK VALUE
At 25 March 2024 17,049
At 25 March 2023 17,049

Cholmley Gardens Limited (Registered number: 01305030)

Notes to the Financial Statements - continued
for the Year Ended 25 March 2024

5. INVESTMENT PROPERTY

Investment properties relate to those flats from which the company derives rental income.


The directors reviewed and updated the valuation as at 25 March 2024 on a fair value basis using estate agents and property value, with the exception of Flat 119 (office space). The directors felt it was prudent to leave the value of flat 119 unchanged given the continuing aftermath of the pandemic, office prices continue to be unsettled.


The valuations given for the investment properties were as follows:
£
Flat 561,169,000
Flat 123743,000
Flat 125770,000
Flat 1481,086,000
Flat 158798,000
Flat 162A691,000
Flat 119 (office space)348,235
Total5,605,235

On an historical cost basis these would have been included at an original cost of £167,355.

Fair value at 25 March 2024 is represented by:
£   
Valuation in 2024 52,000
Valuation in 2022 88,500
Valuation in 2021 254,000
Valuation in 2017 230,000
Valuation in 2015 747,110
Valuation in 2014 1,946,675
Valuation in 2006 2,119,595
Cost 167,355
5,605,235

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
25.3.24 25.3.23
£    £   
Trade debtors 19,293 7,179
Other debtors 4,336 2,484
23,629 9,663

Cholmley Gardens Limited (Registered number: 01305030)

Notes to the Financial Statements - continued
for the Year Ended 25 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
25.3.24 25.3.23
£    £   
Bank loans and overdrafts 6,500 6,540
Trade creditors 3,294 10,938
Taxation and social security 37,130 16,875
Other creditors 53,800 64,180
100,724 98,533

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
25.3.24 25.3.23
£    £   
Bank loans 60,033 73,198

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments 20,033 33,198
20,033 33,198

9. SECURED DEBTS

The following secured debts are included within creditors:

25.3.24 25.3.23
£    £   
Bank loans 66,533 79,698

The bank loan is secured by a charge over 56 Cholmley Gardens dated 16 January 2006.

10. PROVISIONS FOR LIABILITIES
25.3.24 25.3.23
£    £   
Deferred tax 1,050,669 1,052,134

Deferred
tax
£   
Balance at 26 March 2023 1,052,134
Credit to Income Statement during year (1,465 )
Balance at 25 March 2024 1,050,669

Deferred tax on revaluation for investment property is taken to the Fair value reserve.

Cholmley Gardens Limited (Registered number: 01305030)

Notes to the Financial Statements - continued
for the Year Ended 25 March 2024

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 26 March 2023 105,267 4,333,746 4,439,013
Profit for the year 127,795 127,795
Net movement from revaluation (52,000 ) 52,000 -
At 25 March 2024 181,062 4,385,746 4,566,808

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin N Jones (Senior Statutory Auditor)
for and on behalf of Kingly Jones LLP

13. CONTINGENT LIABILITIES

Following the discovery of asbestos in the roof and one of the flats the directors took advice regarding the liability of the company for removal costs. Since the directors are advised that the asbestos poses no threat to health, as long as it is left undisturbed, they are of the opinion that costs of removal would rest with the leaseholder choosing to carry out work in the affected areas. Should this not prove to be the case, the company could be liable for the costs of removal, the extent of which is not currently quantifiable.

14. SERVICE CHARGE ACCOUNT

The Service Charge Account is managed by the company.

During the course of the company's management of the Cholmley Gardens Estate it advances funds to the Service Charge Account.

The balance outstanding due from the Company to the Service Charge Account at 25 March 2024 was £2,944 (2023 £3,794 was due from the Company to the Service Charge Account).