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Registration number: 07372775

Madeleine Terrace Management Company Limited

Unaudited Financial Statements

for the Year Ended 30 September 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Madeleine Terrace Management Company Limited
Company Limited by Guarantee

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 5

 

Madeleine Terrace Management Company Limited
Company Limited by Guarantee

Company Information

Director

H Green

Registered office

6 Colville Place
London
W1T 2BJ

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Madeleine Terrace Management Company Limited
Company Limited by Guarantee

Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1

1

Current assets

 

Debtors

5

989

1,089

Creditors: Amounts falling due within one year

6

(990)

(1,090)

Net current liabilities

 

(1)

(1)

Net assets/(liabilities)

 

-

-

Reserves

 

Surplus/(deficit)

 

-

-

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 24 September 2024
 

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

H Green

Director

Company registration number: 07372775

 

Madeleine Terrace Management Company Limited
Company Limited by Guarantee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a company limited by guarantee, incorporated in United Kingdom, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
6 Colville Place
London
W1T 2BJ

The principal activity of the company is property management.

2

Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant 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 company made neither a profit or a loss for the year and had no net assets at the year end.

The company manages the communal land for a group of residential properties and recharges all expenses to the leaseholders of the properties. The properties remain fully occupied and the company has been fully reimbursed for all expenses incurred to date.

Furthermore, the company employs a management company which has agreed to take on any losses, should any be incurred in respect of the recharge of expenses. Nothing has come to the director’s attention to suggest that this agreement won't continue with acceptable terms for the foreseeable future.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

 

Madeleine Terrace Management Company Limited
Company Limited by Guarantee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

As at 30 September 2023, the company's sole fixed asset was Freehold land purchased at historic cost of £1. Therefore there has been no depreciation charged in the financial statements for the year ended 30 September 2023.

Asset class

Depreciation method and rate

Freehold land

No depreciation charged

3

Staff numbers

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

 

Madeleine Terrace Management Company Limited
Company Limited by Guarantee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Freehold land
£

Total
£

Cost or valuation

At 1 October 2022

1

1

At 30 September 2023

1

1

Depreciation

Carrying amount

At 30 September 2023

1

1

At 30 September 2022

1

1

5

Debtors

2023
£

2022
£

Other debtors

989

1,089

989

1,089

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Accruals and deferred income

990

1,090

7

Company Limited by Guarantee

In the event of the company being wound up, every member or person who has been a member within the twelve months immediately preceding the date of the winding up order undertakes to contribute up to £1 if the assets of the company are insufficient to meet its liabilities in full.