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REGISTERED NUMBER: 02542553 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

3A Palace Green Limited

3A Palace Green Limited (Registered number: 02542553)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


3A Palace Green Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs P L Frost
Dr N Nikbakht





SECRETARY: Carter Backer Winter Trustees Limited





REGISTERED OFFICE: 3a Palace Green
Kensington Palace Gardens
London
W8 4TR





REGISTERED NUMBER: 02542553 (England and Wales)





AUDITOR: Paul Hartley FCA
Statutory Auditor
PO Box 27075
London
N2 0FZ

3A Palace Green Limited (Registered number: 02542553)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1 1

CURRENT ASSETS
Debtors 5 20 20
Cash at bank 29,133 34,427
29,153 34,447
CREDITORS
Amounts falling due within one year 6 29,133 34,427
NET CURRENT ASSETS 20 20
TOTAL ASSETS LESS CURRENT
LIABILITIES

21

21

CAPITAL AND RESERVES
Called up share capital 7 21 21
SHAREHOLDERS' FUNDS 21 21

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 2 October 2024 and were signed on its behalf by:





Dr N Nikbakht - Director


3A Palace Green Limited (Registered number: 02542553)

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

1. STATUTORY INFORMATION

3A Palace Green Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents ground rent due from residents.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Pensions
The company operates a defined contribution pension scheme for employees engaged in the management of the property. These contributions are invested separately from the company's assets. Pension contributions are charged to the service charge income and expenditure account as incurred

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Long
leasehold
£   
COST
At 1 April 2023
and 31 March 2024 1
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

This represents a 99 year lease commencing 6 September 1991 and was assigned for £1 from Regalian Homes Limited. The unencumbered lease is held by the company solicitors. Freehold owners are the Crown Estate Commissioners.

BUILDING INSURANCE
The property is insured with Aviva. The policy number is 100517051CPO and the sum insured, £153,411,063 from 1 October 2023 to 30 September 2024.

3A Palace Green Limited (Registered number: 02542553)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 20 20

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 29,133 34,427

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary A 1 1 1
20 Ordinary B 1 20 20
21 21

A and B shares carry equal voting rights.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Paul Hartley FCA

3A Palace Green Limited (Registered number: 02542553)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. SERVICE CHARGE INCOME AND EXPENDITURE ACCOUNT

2024 2023
£    £   
SERVICE CHARGES RECEIVABLE 1,452,000 1,394,000

EXPENDITURE
Porterage and general manager
Wages & salary 522,172 475,774
Private medical insurance 15,448 15,189
Pension scheme 28,054 33,864
Uniforms and cleaning 6,236 3,721
Other payments 3,730 3,684

Planned Building & Plant maintenance 70,743 72,031
Air conditioning 14,993 12,577
General repairs & maintenance 64,442 51,717
Lift expenses 11,829 14,040
Security systems & answerphone 3,160 2,518
Maintenance of automatic gate 4,712 6,605
Electricity 78,027 75,717
Gas 27,209 34,130
Garden maintenance 37,970 33,508
Telephone 6,405 5,900
Window and sundry cleaning 7,422 5,910
Refuse removal 277 261
Health and safety testing 11,472 6,704
Satellite television and aerial 180 450
Sundry expenses 39,104 28,195
Water charges 13,860 5,215
Insurances 129,125 113,090
Interest receivable net of tax (10,868 ) (230 )
Legal and professional fees 6,303 4,917
Audit and accountancy fees 4,740 4,380
Managing agent's fee 20,000 20,000
Crown estate charge 226,425 138,399
Non-annual expenditure

Refurbishment of staff flat 24,920 94,000
Balcony works 35,800 0
Metal railings works 15,701 0
Roof terrace 14,400 0
Upgrade Automatic Gate 0 22,275
TOTAL EXPENDITURE 1,433,991 1,284,541
Excess of service charges over expendituretransferred to
fund for future expenditure

18,009

109,459

FUND FOR FUTURE EXPENDITURE B/F 859,860 750,401
FUND FOR FUTURE EXPENDITURE C/F 877,869 859,860

3A Palace Green Limited (Registered number: 02542553)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024



10. SERVICE CHARGE ACCOUNT BALANCE SHEET

2024 2023
£    £    £    £   
CURRENT ASSETS

Debtors (Note 13) 110,966 92,449
Cash at Bank and in Hand (Note 14) 1,212,664 1,311,421
1,323,630 1,403,870

CREDITORS (Note 15) (445,761 ) (544,010 )

NET ASSETS 877,869 859,860

RESERVE FUND FOR FUTURE
EXPENDITURE (Note 16)


877,869


859,860

11. DEBTORS

2024 2023
£    £   
Due from company 3A Palace Green Limited 15,571 15,571
Prepayments 95,395 76,878
Taxation 0 0
110,966 92,449

12. CASH AT BANK AND IN HAND

All service charge monies are required to be held on trust for the residents in accordance with Section 42 of the Landlord and Tenant Act 1987. £1,112,664 was held in a designated trust bank account and £1,000 in cash giving total monies held on trust of £1,212,664 (2023 £1,211,421 in trust bank account and a further £1,000 held in cash giving a total held in trust of £1,311,421)

3A Palace Green Limited (Registered number: 02542553)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. CREDITORS

2024 2023
£    £   
Due to lessees 350,189 456,008
Other creditors 20 20
Operating creditors 25,027 65,871
Accruals 70,525 22,111
445,761 544,010



14. RESERVE FUNDS FOR FUTURE EXPENDITURE

2024 2023
£    £   
Balance brought forward at 1 April 2023 859,860 750,401
Transfer to/(from)
Service charges 18,009 109,459
Balance carried forward at 31 March 2024 877,869 859,860
These amounts should not be regarded as sum required to meet future costs in full, but only as a contribution to such costs.