Company registration number 06435565 (England and Wales)
ALBERT HALL MANSIONS (BLOCK 5) FREEHOLD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ALBERT HALL MANSIONS (BLOCK 5) FREEHOLD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ALBERT HALL MANSIONS (BLOCK 5) FREEHOLD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Investment property
3
322,000
322,000
Current assets
Debtors
4
78,241
78,241
Cash at bank and in hand
306
5,240
78,547
83,481
Creditors: amounts falling due within one year
5
(514,196)
(529,515)
Net current liabilities
(435,649)
(446,034)
Net liabilities
(113,649)
(124,034)
Capital and reserves
Called up share capital
40
40
Profit and loss reserves
(113,689)
(124,074)
Total equity
(113,649)
(124,034)
For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
M A Ahearne
S Malhotra
Director
Director
Company registration number 06435565 (England and Wales)
ALBERT HALL MANSIONS (BLOCK 5) FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Albert Hall Mansions (Block 5) Freehold Limited is a private company limited by shares incorporated in England and Wales. The registered office is 843 Finchley Road, London, United Kingdom, NW11 8NA.
1.1
Reporting period
The accounts are prepared for the 9 months period ended 31 March 2024 (2023 - 12 months period to the year ended 30 June 2023).
1.2
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Going concern
The company is only able to trade with the continuing support of the shareholders and they have indicated that they will not withdraw their support. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support.true
1.4
Turnover
Revenue is recognised by the company in respect of the sale of areas or for licenses issued for use of, or alterations to, facilities within the building. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.5
Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
ALBERT HALL MANSIONS (BLOCK 5) FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
5
5
3
Investment property
2024
£
Fair value
At 1 July 2023 and 31 March 2024
322,000
The 2022 valuation were made by the directors in the previous year, on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Deferred taxation
45,257
45,257
Other debtors
32,984
32,984
78,241
78,241
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts due to AHM Block 5 RTM Company Limited
39,661
38,920
Trade creditors
46,186
46,186
Other creditors
428,349
444,409
514,196
529,515
ALBERT HALL MANSIONS (BLOCK 5) FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
6
Security deposits and funds withdrawn from the company
Over the course of the years, substantial security deposit funds held by the managing agents (of Albert Hall Block 5 ) were transferred to Albert Hall Mansions (Block 5) Freehold Limited with a view of repayments to the respective leaseholders. |
It has come to the attention of the directors that such funds might have been misappropriated. The accounts do not include any monies that might be recoverable as the amounts involved has yet to be quantified. There is currently a legal review to ascertain the events that led to the balance shown under Other Creditors and the Company is seeking legal redress. |