REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
FOR |
LBR MANAGEMENT COMPANY LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
FOR |
LBR MANAGEMENT COMPANY LIMITED |
LBR MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 10631516) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
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 |
LBR MANAGEMENT COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 Melcombe Place |
London |
NW1 6JJ |
LBR MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 10631516) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 28 February 2024. |
PRINCIPAL ACTIVITY |
The company's principal activities comprise the control, supervision and management, on behalf of the lessees, of the site known as Beck Square, Lea Bridge Road, Leyton E10. Adriatic Land 11 Limited owns the reversionary freehold interest. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 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 surplus or deficit 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 |
LBR MANAGEMENT COMPANY LIMITED |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LBR Management Company Limited for the year ended 28 February 2024 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 LBR Management Company Limited, 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 LBR Management Company Limited and state those matters that we have agreed to state to the Board of Directors of LBR Management Company Limited, 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 LBR Management Company Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that LBR Management Company Limited 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 LBR Management Company Limited. You consider that LBR Management Company 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 financial statements of LBR Management Company 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 financial statements. |
12 Melcombe Place |
London |
NW1 6JJ |
LBR MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 10631516) |
INCOME STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
28.2.24 | 28.2.23 |
Notes | £ | £ |
TURNOVER |
OPERATING SURPLUS and |
SURPLUS BEFORE TAXATION |
Tax on surplus | 5 |
SURPLUS FOR THE FINANCIAL YEAR |
LBR MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 10631516) |
BALANCE SHEET |
28 FEBRUARY 2024 |
28.2.24 | 28.2.23 |
£ | £ |
CURRENT ASSETS |
Cash at bank |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
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 surplus or deficit 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 |
LBR MANAGEMENT COMPANY LIMITED (REGISTERED NUMBER: 10631516) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
LBR Management Company Limited is a |
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. |
Service charges receivable |
The company receives contributions towards property outgoings from the lessees ('service charge funds'). However, as set out in Section 42 of The Landlord & Tenant Act 1987, the company holds the funds received in respect of residential accommodation in trust for the lessees. In respect of service charges for the commercial areas of the development , the directors are informed that the funds are held in trust by the managing agent. Therefore, it is the directors' opinion that no service charge contributions should be reflected in the company's accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | OPERATING SURPLUS |
The directors received no remuneration in respect of their services to the company for the year. |
5. | TAXATION |
Service charge funds are held by the company in trust for the tenants and hence any income tax chargeable at the rate applicable to such trusts is not reflected in these accounts. |
6. | LIMITED BY GUARANTEE |
The company is limited by guarantee and hence does not have a share capital. |
Under the company's Memorandum of Association, each member of the company undertakes to contribute such amount as may be required (not exceeding £1) to the company's assets if it should be wound up. |
7. | ULTIMATE CONTROLLING PARTY |
The company's ultimate controlling party throughout the year was Lea Bridge Hill LLP. |