Company registration number 13517364 (England and Wales)
CLARENCE GATE GARDENS (FREEHOLD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CLARENCE GATE GARDENS (FREEHOLD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CLARENCE GATE GARDENS (FREEHOLD) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
594,671
594,671
Current assets
Debtors
4
8,551
24,696
Cash at bank and in hand
413,912
391,224
422,463
415,920
Creditors: amounts falling due within one year
5
(7,239)
(7,436)
Net current assets
415,224
408,484
Total assets less current liabilities
1,009,895
1,003,155
Creditors: amounts falling due after more than one year
6
(974,529)
(974,529)
Net assets
35,366
28,626
Capital and reserves
Called up share capital
7
171
171
Other reserves
8
2,485
2,485
Profit and loss reserves
9
32,710
25,970
Total equity
35,366
28,626

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

CLARENCE GATE GARDENS (FREEHOLD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
Mr J K J Swallow
Director
Company registration number 13517364 (England and Wales)
CLARENCE GATE GARDENS (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Clarence Gate Gardens (Freehold) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Porters Office, Block 3, Clarence Gate Gardens, Glentworth Street, London, United Kingdom, NW1 6QR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover represents rental income receivable and ground rents receivable in the period.

1.3
Tangible fixed assets

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

 

Freehold property
None

Freehold property is recognised at the transaction cost including directly attributable costs of acquisition. Freehold property is subsequently measured at cost less depreciation and impairment.

 

The freehold property is not depreciated as it reflects the carrying value of the freehold property at 30 June 2024.

 

1.4
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

CLARENCE GATE GARDENS (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

There were no staff costs for the year ended 30 June 2024 and 30 June 2023. All staff related costs are dealt by the property Managing Agent HML PM Ltd and charged to the Service Charge.

 

The average number of employees during the year was 2 (2023 - 2).

 

No Directors received any emoluments during the year for their services as Directors.

 

 

3
Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2023 and 30 June 2024
594,671
Depreciation and impairment
At 1 July 2023 and 30 June 2024
-
0
Carrying amount
At 30 June 2024
594,671
At 30 June 2023
594,671

The value of the Tangible Fixed Assets as at 1 July 2023 has been re-stated by a reduction of £428,457 from the previous value of £1,023,138. This represents a correction to the carrying value in the accounts for the previous year of that part of the consideration which was paid for the acquisition of the freehold for those leaseholders who become shareholders. This follows the leases of the participating shareholders being extended to 999 years and their Ground Rent being reduced to a peppercorn which reduced the value attributable to the reversionary interest of those leases to zero. There is no change to the value of the remaining Tangible Fixed Assets which remain at the price paid at the time of the acquisition.

 

 

CLARENCE GATE GARDENS (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
8,551
24,696
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,672
4,396
Other creditors
5,567
3,040
7,239
7,436
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Shareholders' Loans
974,529
974,529

The shareholders' loans are interest free and repayable at the Directors discretion. The loans were originally raised in line with the terms of the Participating Agreement and have been adjusted for the £171 subscribed shares.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
171
171
171
171
8
Other reserves
2024
2023
£
£
At the beginning of the year
2,485
430,942
Write down of fixed assets
-
(428,457)
At the end of the year
2,485
2,485

The amounts previously received from shareholders in connection with the reversionary interests of the leases were credited to other reserves in the account for the year ended 30 June 2022.

 

Following the correction in the carrying value of the reversionary interests of those shareholders who were granted leases of 999 years at a peppercorn, as set out in Note 3, the value of Other Reserves has been re-stated by the same amount. There is no effect to Profit and Loss Reserves.

CLARENCE GATE GARDENS (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
9
Profit and loss reserves
2024
2023
as restated
£
£
At the beginning of the year
25,970
7,227
Profit for the year
6,740
18,743
At the end of the year
32,710
25,970
10
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2022
2023
£
£
Adjustments to prior year
Other reserves
8
-
(428,457)
Equity as previously reported
438,340
457,083
Equity as adjusted
438,340
28,626
Analysis of the effect upon equity
Other reserves
-
(428,457)
11
Ultimate controlling party

There is no individual who holds a majority of the shares in the company.

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