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Registration number: 02684061

33 Stanhope Gardens Residents Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

33 Stanhope Gardens Residents Company Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 7

 

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

Flat 3
33 Stanhope Gardens
South Kensington
London
SW7 5QY

Accountants

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

 

33 Stanhope Gardens Residents Company Limited

(Registration number: 02684061)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

4

65,604

65,604

Current assets

 

Receivables

5

4,787

4,281

Cash at bank

 

62,571

56,189

 

67,358

60,470

Payables: Amounts falling due within one year

7

(9,448)

(8,070)

Net current assets

 

57,910

52,400

Total assets less current liabilities

 

123,514

118,004

Payables: Amounts falling due after more than one year

7

(7,810)

(7,810)

Net assets

 

115,704

110,194

Equity

 

Called up share capital

8

6

6

Capital reserve

9

57,500

57,500

Maintenance reserve

9

56,742

51,637

Service charge reserve

9

1,456

1,051

Total equity

 

115,704

110,194

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 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 Board on 27 August 2024 and signed on its behalf by:

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

A H Campbell
Director

 

33 Stanhope Gardens Residents Company Limited

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

1

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.

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 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

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).

 

33 Stanhope Gardens Residents Company Limited

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

4

Property, plant and equipment

Freehold land
£

Cost

At 1 January 2023 and 31 December 2023

65,604

At 31 December 2023

65,604

Net book value

At 31 December 2023

65,604

At 31 December 2022

65,604

5

Receivables

2023
£

2022
£

Prepayments

4,787

4,281

4,787

4,281

6

Cash

2023
£

2022
£

Cash at bank

62,571

56,189

7

Payables

2023
£

2022
£

Due within one year

Receipts in advance

9,016

7,650

Accrued expenses

432

420

9,448

8,070

Due after one year

Other creditors

7,810

7,810

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)

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

6

6

6

6

         

9

Reserves

Service charge reserve

Maintenance reserve

Capital reserve

Total

£

£

£

£

At 1 January 2023

1,051

51,637

57,500

110,188

Surplus for the year

5,510

-

-

5,510

Contribution to maintenance reserve

(5,000)

5,000

-

-

Transfer net interest to maintenance reserve

(105)

105

-

-

At 31 December 2023

1,456

56,742

57,500

115,698