REGISTERED NUMBER: |
Financial Statements for the Year Ended 25 March 2024 |
for |
Cholmley Gardens Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
414 Linen Hall |
162-168 Regents Street |
London |
W1B 5TE |
BANKERS: |
Swiss Cottage Branch |
135 Finchley Road |
London |
NW3 6JA |
SOLICITORS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 26 March 2023 |
and 25 March 2024 |
NET BOOK VALUE |
At 25 March 2024 |
At 25 March 2023 |
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 56 | 1,169,000 |
Flat 123 | 743,000 |
Flat 125 | 770,000 |
Flat 148 | 1,086,000 |
Flat 158 | 798,000 |
Flat 162A | 691,000 |
Flat 119 (office space) | 348,235 |
Total | 5,605,235 |
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 |
Other debtors |
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 |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
25.3.24 | 25.3.23 |
£ | £ |
Bank loans |
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 |
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 |
Credit to Income Statement during year | ( |
) |
Balance at 25 March 2024 |
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 | 4,439,013 |
Profit for the year |
Net movement from revaluation | (52,000 | ) | 52,000 | - |
At 25 March 2024 | 4,566,808 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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). |