FINANCIAL PERIOD DATA REFRESH REQUIRED
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Registration number:
Heathfield Square Management Limited
for the Year Ended 31 March 2024
Heathfield Square Management Limited
Contents
Company Information |
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Directors' Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
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Accountants' Report |
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 |
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Bankers |
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Accountants |
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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:
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
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Heathfield Square Management Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024
Note |
2024 |
2023 |
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Service charges |
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Administrative expenses |
( |
( |
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Operating profit/(loss) |
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( |
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Other interest receivable and similar income |
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30 |
13 |
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Profit/(loss) before tax |
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( |
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Profit/(loss) for the financial year |
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( |
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Retained earnings brought forward |
8,636 |
11,845 |
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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 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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• |
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
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Heathfield Square Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2024 |
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At 1 April |
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At 31 March |
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There has been no valuation of investment property by an independent valuer.
Debtors |
2024 |
2023 |
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Service charge arrears |
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Prepayments |
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Other debtors |
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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.
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Service charges paid in advance |
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Other creditors |
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Heathfield Square Management Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2024
2024 |
2023 |
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Service charges (analysed below) |
40,200 |
26,399 |
Gross profit (%) |
100% |
100% |
Administrative expenses |
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General administrative expenses (analysed below) |
(30,466) |
(29,636) |
Finance charges (analysed below) |
84 |
15 |
(30,382) |
(29,621) |
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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 |
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Service charges |
40,200 |
26,399 |
General administrative expenses |
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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 |
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Bank charges |
(84) |
(15) |
Other interest receivable and similar income |
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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.
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Hawkhurst
Cranbrook
Kent
TN18 4NR