Registration number:
33 Stanhope Gardens Residents Company Limited
for the Year Ended 31 December 2023
33 Stanhope Gardens Residents Company Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
33 Stanhope Gardens Residents Company Limited
Company Information
Directors |
A H Campbell F J Smith C T Whitbread |
Company secretary |
D U Campbell |
Registered office |
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Accountants |
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33 Stanhope Gardens Residents Company Limited
(Registration number: 02684061)
Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Receivables |
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Cash at bank |
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Payables: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Payables: Amounts falling due after more than one year |
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Net assets |
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Equity |
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Called up share capital |
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Capital reserve |
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Maintenance reserve |
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Service charge reserve |
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Total equity |
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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:
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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 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
33 Stanhope Gardens Residents Company Limited
(Registration number: 02684061)
Statement of Financial Position as at 31 December 2023 (continued)
The financial statements of 33 Stanhope Gardens Residents Company Limited were approved and authorised for issue by the
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Director
33 Stanhope Gardens Residents Company Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
General information |
33 Stanhope Gardens Residents Company 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.
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 pounds sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).
Departure from requirements of FRS 102
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. |
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.
33 Stanhope Gardens Residents Company Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
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. Service charge income represents variable service charges receivable from the leaseholders for the year.
Tax
The company acts as a trustee in respect of funds held to manage 33 Stanhope Gardens. In consequence, service charge income and service charge expenditure items are neither taxable nor allowable for corporation tax purposes and therefore there is no liability to UK corporation tax. Income tax payable is provided on investment income at the current rate of tax.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank and are subject to an insignificant risk of change in value.
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.
Property, plant and equipment
Tangible fixed assets comprises the freehold land at 33 Stanhope Gardens, London, SW7 5QY.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land |
No depreciation provided. |
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
33 Stanhope Gardens Residents Company Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)
Property, plant and equipment |
Freehold land |
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Cost |
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At 1 January 2023 and 31 December 2023 |
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At 31 December 2023 |
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Net book value |
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At 31 December 2023 |
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At 31 December 2022 |
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Receivables |
2023 |
2022 |
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Prepayments |
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Cash |
2023 |
2022 |
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Cash at bank |
62,571 |
56,189 |
Payables |
2023 |
2022 |
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Due within one year |
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Receipts in advance |
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Accrued expenses |
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Due after one year |
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Other creditors |
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Other creditors represents shareholders' funds introduced to the company for the purchase of the freehold interest in 33 Stanhope Gardens, London, SW7 5QY.
33 Stanhope Gardens Residents Company Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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6 |
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6 |
Reserves |
Service charge reserve |
Maintenance reserve |
Capital reserve |
Total |
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£ |
£ |
£ |
£ |
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At 1 January 2023 |
1,051 |
51,637 |
57,500 |
110,188 |
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Surplus for the year |
5,510 |
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5,510 |
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Contribution to maintenance reserve |
(5,000) |
5,000 |
- |
- |
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Transfer net interest to maintenance reserve |
(105) |
105 |
- |
- |
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At 31 December 2023 |
1,456 |
56,742 |
57,500 |
115,698 |