REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
270-296 FULHAM ROAD MANAGEMENT LTD |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
270-296 FULHAM ROAD MANAGEMENT LTD |
270-296 FULHAM ROAD MANAGEMENT LTD (REGISTERED NUMBER: 07160247) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 |
270-296 FULHAM ROAD MANAGEMENT LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 Melcombe Place |
London |
NW1 6JJ |
270-296 FULHAM ROAD MANAGEMENT LTD (REGISTERED NUMBER: 07160247) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The company's activities comprise the control, supervision and management, on behalf of the lessees, of the site known as 270-296 Fulham Road. Finborough Investments Limited owns the reversionary freehold interest. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
The company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for directors and officers of the company in respect of liabilities they may incur in defending certain proceedings against them. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
270-296 FULHAM ROAD MANAGEMENT LTD |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 270-296 Fulham Road Management Ltd for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of 270-296 Fulham Road Management Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 270-296 Fulham Road Management Ltd and state those matters that we have agreed to state to the Board of Directors of 270-296 Fulham Road Management Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 270-296 Fulham Road Management Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that 270-296 Fulham Road Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 270-296 Fulham Road Management Ltd. You consider that 270-296 Fulham Road Management Ltd 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 financial statements of 270-296 Fulham Road Management Ltd. 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 financial statements. |
12 Melcombe Place |
London |
NW1 6JJ |
270-296 FULHAM ROAD MANAGEMENT LTD (REGISTERED NUMBER: 07160247) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
270-296 FULHAM ROAD MANAGEMENT LTD (REGISTERED NUMBER: 07160247) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
270-296 FULHAM ROAD MANAGEMENT LTD (REGISTERED NUMBER: 07160247) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
270-296 Fulham Road Management Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are also prepared in accordance with the Institute of Chartered Accountants in England and Wales ("ICAEW") Technical Release "Tech 03/11" and taking account of subsequent legal counsel's opinion obtained separately by both ICAEW and the Financial Reporting Council in determining whether a management company acts as principal when contracting with third party suppliers to the property's service charge. |
Turnover |
Turnover comprises ground rents and service charges receivable from the tenants of 270-296 Fulham Road. |
Ground rents are charged annually to the tenants and recognised on an accruals basis. |
Service charges receivable is recognised in the financial statements concurrently with the recognition of the service charge expenditure that is being funded. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | OPERATING PROFIT |
The directors received no remuneration in respect of their services to the company for the year. |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
270-296 FULHAM ROAD MANAGEMENT LTD (REGISTERED NUMBER: 07160247) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | PRIOR YEAR ADJUSTMENT |
In prior years the service charge expenditure recognised has included contributions to the Reserve Fund as they were made, rather than when they were spent. These accounts reflect the expenditure deployed during the year (i.e. excluding contributions to the Reserve Fund, but including expenditure funded therefrom). In line with the recognition of income accounting policy, the income recognised is altered by the same amount, with no resulting change in the profit for the year or any figures included in the balance sheet. |
The constituent comparative figures included in the Income Statement have been re-stated on a consistent basis. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
Included within other debtors is a balance of £27,345 (2022: £16,553) due from the service charge fund which is held in trust by the company for the benefit of the lessees of 270-296 Fulham Road. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Trade creditors |
Other creditors |
9. | HEAD LEASE |
The company holds the head lease of 270-296 Fulham Road, and has granted sub-leases of equal length. Ground rental income receivable from the tenants is equal to the ground rent payable under the head lease. The company's interest in the property is therefore not included in the financial statements as an asset. |
10. | ULTIMATE CONTROLLING PARTY |
The company is controlled by a voting majority of its shareholders and accordingly there is no controlling related party. |