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Registration number: 3813568

Heathfield Square Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Heathfield Square Management Limited

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account and Statement of Retained Earnings

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 7

Detailed Profit and Loss Account

8 to 9

Accountants' Report

10

 

Heathfield Square Management Limited

Company Information

Directors

Stephen Charles William Loring

Robert Lee Martin

Mr Richard David Mellor

Ms Rachel Foster

Company secretary

DMG Property Management Limited

Registered office

Suite 7 Aspect House
Pattenden Lane
Marden
Kent
TN12 9QJ

Bankers

NatWest Maidstone
3 High Street
Maidstone
Kent
ME14 1HJ

Accountants

Manningtons
Victoria House The Moor
Hawkhurst
Cranbrook
Kent
TN18 4NR

 

Heathfield Square Management Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Julie Ann Rodham (deceased 20 February 2024)

Stephen Charles William Loring

Robert Lee Martin

Mr Richard David Mellor (appointed 23 August 2023)

Ms Rachel Foster (appointed 23 August 2023)

Principal activity

The principal activity of the company is residential property management of property known as Heathfield Square, Wandsworth, SW18 3HY

Small companies provision statement

This report has 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.

This company is not considered a trading company and there is no liability to tax.


Bank information
Account name: DMG Property Management Limited Heathfield Square Management Designated Client Account
Sort code: 60 60 08 Account number: 56107447
Interest bearing

Account name: DMG Property Management Limited Heathfield Square Mgt (Reserve) Designated Client Account
Sort code: 60 60 08 Account number: 56115164
Interest bearing

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
DMG Property Management Limited
Company secretary

 

Heathfield Square Management Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024

Note

2024
£

2023
£

Service charges

 

40,200

26,399

Administrative expenses

 

(30,382)

(29,621)

Operating profit/(loss)

 

9,818

(3,222)

Other interest receivable and similar income

 

30

13

 

30

13

Profit/(loss) before tax

9,848

(3,209)

Profit/(loss) for the financial year

 

9,848

(3,209)

Retained earnings brought forward

 

8,636

11,845

Retained earnings carried forward

 

18,484

8,636

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Heathfield Square Management Limited

(Registration number: 3813568)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1

1

Current assets

 

Debtors

5

20,239

10,746

Creditors: Amounts falling due within one year

6

(1,736)

(2,091)

Net current assets

 

18,503

8,655

Net assets

 

18,504

8,656

Capital and reserves

 

Called up share capital

20

20

Retained earnings

18,484

8,636

Shareholders' funds

 

18,504

8,656

For the financial year ending 31 March 2024 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.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
Stephen Charles William Loring
Director

 

Heathfield Square Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 7 Aspect House
Pattenden Lane
Marden
Kent
TN12 9QJ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Service charges comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Service charges is shown net of sales/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.

 

Heathfield Square Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

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 property

None

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Service charge arrears

Service charge arrears are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Service charge arrears are recognised at the transaction price, less provision for impairment. A provision for the impairment of service charge arrears is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Service charges paid in advance

Service charges paid in advance are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Service charges paid in advance are recognised at the transaction price.

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.

 

Heathfield Square Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 April

1

At 31 March

1

There has been no valuation of investment property by an independent valuer.

5

Debtors

2024
£

2023
£

Service charge arrears

785

270

Prepayments

7,813

7,687

Other debtors

11,641

2,789

20,239

10,746

Other debtors includes a sum of £11,641 (2023 - £2,789) held in the name of the company in a client account of the appointed agent for the leaseholders.

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Service charges paid in advance

616

1,109

Other creditors

1,120

982

1,736

2,091

 

Heathfield Square Management Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

Service charges (analysed below)

40,200

26,399

Gross profit (%)

100%

100%

Administrative expenses

General administrative expenses (analysed below)

(30,466)

(29,636)

Finance charges (analysed below)

84

15

(30,382)

(29,621)

Operating profit/(loss)

9,818

(3,222)

Other interest receivable and similar income (analysed below)

30

13

Profit/(loss) before tax

9,848

(3,209)

 

Heathfield Square Management Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

   

Service charges

Service charges

40,200

26,399

   

General administrative expenses

Light, heat and power

1,014

711

Insurance - Building

11,594

10,636

Insurance - Directors

102

97

Reports

3,138

720

Repairs and maintenance

4,039

4,234

Electrical repairs

1,011

-

Sundry expenses

13

13

Cleaning

2,280

2,280

Gardening

1,610

1,610

Tree work

-

3,980

Pest control

234

240

Accountancy fees

516

480

Management fees

4,915

4,635

30,466

29,636

   

Finance charges

Bank charges

(84)

(15)

   

Other interest receivable and similar income

Bank interest receivable

(30)

(13)

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Heathfield Square Management Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Heathfield Square Management Limited for the year ended 31 March 2024 as set out on pages 3 to 7 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Heathfield Square Management Limited, as a body, in accordance with the terms of our engagement letter dated 25 April 2019. Our work has been undertaken solely to prepare for your approval the accounts of Heathfield Square Management Limited and state those matters that we have agreed to state to the Board of Directors of Heathfield Square Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heathfield Square Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Heathfield Square Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Heathfield Square Management Limited. You consider that Heathfield Square 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 accounts of Heathfield Square 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 accounts.

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

Manningtons
Victoria House The Moor
Hawkhurst
Cranbrook
Kent
TN18 4NR

19 September 2024