REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DOWN STREET FREEHOLD COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DOWN STREET FREEHOLD COMPANY LIMITED |
DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
DOWN STREET FREEHOLD COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Other reserves | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
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 |
DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Down Street Freehold Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and activities |
The company is the freehold owner of the property known as 22&23 Down Street and 12 &12 A Brick Street, W1J, London. Its activities are exclusively dedicated to the ownership of the freehold title and carrying out the responsibilities related thereto. |
Its revenues comprise the ground rents and other receipts relating to the property's 29 long-term leasehold units and a management charge to the property's service charge fund in order to recover expenses incurred for independent professional services related to the governance of the company. This is recognised in the period to which it relates. |
The company does not pay fees to any of its directors. The company's treasury operations (cash and bank movements and balances) are handled by First Port Group Limited, the managing agent of the property. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from any changes in fair value since the introduction of FRS 102 Section 1A "Small Entities" will be recognised in the Income Statement. |
Taxation |
Taxation for the year comprises current and deferred tax if applicable. A substantial part of the company's profits and losses, arising from activities with its members, is exempt from taxation. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's freehold is subject to residential and commercial leases. |
The valuation of £50,000 is based on the directors' assessment of the freehold title´s value in use to the company at the date it was acquired, which is based on the capitalisation of future receipts of ground rent and assumes there is no cost of collection because such process is carried out by the property´s managing agent together with the collection of service charges.The directors consider that the valuation of the freehold at 31 December 2023 is unchanged. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
At 31 December 2023 debtors included £655 owed to the Down Street Freehold Company by the Service Charge Account, as managed by First Port Property Services Limited. |
6. | CASH AT BANK |
2023 | 2022 |
£ | £ |
Bank account no. 1 | 100,954 | 93,760 |
At 31 December 2023, the £100,954 is held in trust by First Port Property Services Limited on behalf of Down Street Freehold Company Limited. In September 2024, the funds were transferred to a separate client account held in trust for the company at Barclays Bank. |
At 31 December 2022, £93,760 of funds were held by Blenheims Estate and Asset Management Limited on behalf of the company. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 130,397 | 130,397 |
9. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 January 2023 | 8,877 |
Profit for the year | - |
Transfer of reserves | 4,617 | (4,617 | ) | - |
At 31 December 2023 | 16,305 |
10. | SERVICE CHARGE FUNDS |
Assets and liabilities relating to service charges are held by the company in trust for the leaseholders, under s.42 of the Landlord and Tenants Act 1987 and so are excluded from these accounts. |