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Registration number: 06530098

27 Holland Park Gardens Kensington Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

27 Holland Park Gardens Kensington Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

27 Holland Park Gardens Kensington Limited

Company Information

Directors

D McGill

P North

Company secretary

Willmotts (Ealing) Limited

Registered office

Willmott House
12 Blacks Road
Hammersmith
London
W6 9EU

Accountants

Service Charge Assurance Limited
Chartered Accountants
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

27 Holland Park Gardens Kensington Limited

(Registration number: 06530098)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Receivables

4

2,864

2,542

Cash at bank

5

6,532

7,130

 

9,396

9,672

Payables: Amounts falling due within one year

6

(3,682)

(4,295)

Net assets

 

5,714

5,377

Equity

 

Called up share capital

7

4

4

Revenue reserve

8

5,710

5,373

Total equity

 

5,714

5,377

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

For the financial year ending 31 December 2023 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; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

The financial statements of 27 Holland Park Gardens Kensington Limited were approved and authorised for issue by the Board on 12 July 2024 and signed on its behalf by:
 

.........................................

D McGill
Director

 

27 Holland Park Gardens Kensington Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

1

General information

27 Holland Park Gardens Kensington Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Departures from Companies Act requirements

The financial statements depart from the standard format of the Companies Act 2006 in that turnover has been replaced by service charge income, cost of sales has been replaced by service charge expenditure and profit/(loss) has been replaced by surplus/(deficit). This departure, as permitted by s396 of the Companies Act 2006, has arisen because the directors consider that this presentation is more appropriate given the nature of the company's activity. The result for the year is unaffected by the accounting treatment adopted.

 

27 Holland Park Gardens Kensington Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements

There are no critical judgements made by the directors in the process of applying the company’s accounting policies which have the most significant effect on the amounts recognised in the financial statements.

Revenue recognition

Service charge income represents variable service charges receivable from the leaseholders for the year. Service charges collected are held on trust for the purpose of meeting the relevant costs in relation to the property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987.

Taxation

The company acts as a trustee in respect of funds held to manage 27 Holland Park Gardens. In consequence, service charge contributions and service charge expenditure items are neither taxable nor allowable for corporation tax purposes and therefore there is no liability to UK corporation tax.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and are subject to an insignificant risk of change in value.

Receivables

Service charge arrears and major works arrears are amounts due at the financial year end from the leaseholders.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

27 Holland Park Gardens Kensington Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

4

Receivables

2023
£

2022
£

Prepayments

2,864

2,542

2,864

2,542

5

Cash and cash equivalents

2023
£

2022
£

Cash at bank

6,532

7,130

Funds are held in trust at National Westminster Bank Plc in a designated client account maintained by Willmotts (Ealing) Limited, the managing agent.

6

Payables

2023
£

2022
£

Due within one year

Service charge creditors

1,152

1,350

Major works creditors

1,856

2,201

Accrued expenses

674

744

3,682

4,295

7

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

         

8

Reserves

Revenue reserve
The revenue reserve represents cumulative surpluses or deficits. (Refer to page 11 for further details)
 

 

27 Holland Park Gardens Kensington Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

9

Related party transactions

There were no other related party transactions to disclose.