IRIS Accounts Production v24.1.4.33 03433019 Board of Directors 1.1.23 31.12.23 31.12.23 0 0 false true false false true false 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh034330192022-12-31034330192023-12-31034330192023-01-012023-12-31034330192021-12-31034330192022-01-012022-12-31034330192022-12-3103433019ns15:EnglandWales2023-01-012023-12-3103433019ns14:PoundSterling2023-01-012023-12-3103433019ns10:Director12023-01-012023-12-3103433019ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103433019ns10:SmallEntities2023-01-012023-12-3103433019ns10:AuditExemptWithAccountantsReport2023-01-012023-12-3103433019ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103433019ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103433019ns10:FullAccounts2023-01-012023-12-3103433019ns10:Director32023-01-012023-12-3103433019ns10:CompanySecretary12023-01-012023-12-3103433019ns10:RegisteredOffice2023-01-012023-12-3103433019ns10:Director22023-01-012023-12-3103433019ns5:CurrentFinancialInstruments2023-12-3103433019ns5:CurrentFinancialInstruments2022-12-3103433019ns5:ShareCapital2023-12-3103433019ns5:ShareCapital2022-12-3103433019ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103433019ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 03433019 (England and Wales)










REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

2 FINBOROUGH ROAD MANAGEMENT LIMITED

2 FINBOROUGH ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03433019)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Report of the Directors 2

Chartered Accountants' Report 4

Income Statement 5

Balance Sheet 6

Notes to the Financial Statements 7


2 FINBOROUGH ROAD MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: H Winstanley
M R Winstanley





SECRETARY: Michaelides Warner & Co Ltd





REGISTERED OFFICE: 102 Fulham Palace Road
London
W6 9PL





REGISTERED NUMBER: 03433019 (England and Wales)





ACCOUNTANTS: Websters
12 Melcombe Place
Marylebone
London
NW1 6JJ

2 FINBOROUGH ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03433019)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The company's principal activities comprise the control, supervision and management, on behalf of the lessees, of the site known as 2 Finborough Road, London SW10 9EQ. Finborough Investments Limited owns the reversionary freehold interest.

DIRECTORS
H Winstanley has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

M R Winstanley was appointed as a director after 31 December 2023 but prior to the date of this report.

P Hamilton ceased to be a director after 31 December 2023 but prior to the date of this report.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for directors and officers of the company in respect of liabilities they may incur in defending certain proceedings against them.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


2 FINBOROUGH ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03433019)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





H Winstanley - Director


16 September 2024

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
2 FINBOROUGH ROAD MANAGEMENT LIMITED


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 2 Finborough Road Management Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of 2 Finborough Road Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 2 Finborough Road Management Limited and state those matters that we have agreed to state to the Board of Directors of 2 Finborough Road Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 2 Finborough Road Management Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that 2 Finborough Road Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 2 Finborough Road Management Limited. You consider that 2 Finborough Road Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of 2 Finborough Road Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Websters
12 Melcombe Place
Marylebone
London
NW1 6JJ


16 September 2024

2 FINBOROUGH ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03433019)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
as restated
Notes £    £   

SERVICE CHARGES RECEIVABLE 18,428 21,070

Service charge expenditure (18,428 ) (21,070 )
GROSS PROFIT - -

OPERATING PROFIT and
PROFIT BEFORE TAXATION - -

Tax on profit 5 - -
PROFIT FOR THE FINANCIAL YEAR - -

2 FINBOROUGH ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03433019)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
as restated
Notes £    £   
CURRENT ASSETS
Debtors 7 2,208 12,223

CREDITORS
Amounts falling due within one year 8 (2,203 ) (12,218 )
NET CURRENT ASSETS 5 5
TOTAL ASSETS LESS CURRENT
LIABILITIES

5

5

CAPITAL AND RESERVES
Called up share capital 5 5
SHAREHOLDERS' FUNDS 5 5

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





H Winstanley - Director


2 FINBOROUGH ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03433019)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

2 Finborough Road Management 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.

The financial statements are also prepared in accordance with the Institute of Chartered Accountants in England and Wales ("ICAEW") Technical Release "Tech 03/11" and taking account of subsequent legal counsel's opinion obtained separately by both ICAEW and the Financial Reporting Council in determining whether a management company acts as principal when contracting with third party suppliers to the property's service charge.

Service charges receivable
Service charges receivable comprises the reimbursement of service charge expenditure deployed by the management company on behalf of the service charge fund for 2 Finborough Road.

Recognition of income
Service charges receivable is recognised in the financial statements concurrently with the recognition of the service charge expenditure that is being funded.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. OPERATING PROFIT

The directors received no remuneration in respect of their services to the company for the year.

5. TAXATION

Service charge funds are held by the company in trust for the tenants and hence any income tax chargeable at the rate applicable to such trusts is not reflected in these accounts.

6. PRIOR YEAR ADJUSTMENT

In prior years the service charge expenditure recognised has included contributions to the Reserve Fund as they were made, rather than when they were spent. These accounts reflect the expenditure deployed during the year (i.e. excluding contributions to the Reserve Fund, but including expenditure funded therefrom).

In line with the recognition of income accounting policy, the prior year income recognised is altered by the same amount, with no resulting change in the profit for the year or any figures included in the balance sheet. The constituent comparative figures included in the Income Statement have been re-stated on a consistent basis.

2 FINBOROUGH ROAD MANAGEMENT LIMITED (REGISTERED NUMBER: 03433019)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Other debtors 2,208 12,223

Included within other debtors is a balance of £1,575 (2022: £11,577) due from the service charge fund which is held in trust by the company for the benefit of the lessees of 2 Finborough Road, London SW10 9EQ.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade creditors 234 7,126
Other creditors 1,969 5,092
2,203 12,218

9. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party throughout the period was Finborough Investments Limited.