Company registration number 06920674 (England and Wales)
10 RALEIGH CLOSE FREEHOLD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
10 RALEIGH CLOSE FREEHOLD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
10 RALEIGH CLOSE FREEHOLD LIMITED
BALANCE SHEET
AS AT
23 JUNE 2024
23 June 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
52,548
52,548
Current assets
Cash at bank and in hand
-
0
577
Creditors: amounts falling due within one year
4
(10,330)
(10,189)
Net current liabilities
(10,330)
(9,612)
Net assets
42,218
42,936
Capital and reserves
Called up share capital
5
9
9
Freehold contribution reserve
54,086
54,086
Profit and loss reserves
(11,877)
(11,159)
Total equity
42,218
42,936

For the financial year ended 23 June 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 year 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 20 November 2024 and are signed on its behalf by:
M Zysblat
Director
Company registration number 06920674 (England and Wales)
10 RALEIGH CLOSE FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 JUNE 2024
- 2 -
1
Accounting policies
Company information

10 Raleigh Close Freehold Limited is a private company limited by shares incorporated in England and Wales. The registered office is Egale 1, 80 St Albans Road, Watford, Herts, WD17 1DL.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
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.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

10 RALEIGH CLOSE FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 23 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received.

1.6

Status

During the year the company has acted as agent for the lessees of the property at Cadogan Court, 10 Raleigh Close, Hendon, London, NW4 2TD. The funds in relation to the maintenance of the property are held in trust. As at 23 June 2024 the cash balance held on behalf of the lessees amounted to £42,534.

 

The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from 10 Raleigh Close Freehold Limited.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Land and buildings
£
Cost
At 24 June 2023 and 23 June 2024
52,548
Depreciation and impairment
At 24 June 2023 and 23 June 2024
-
0
Carrying amount
At 23 June 2024
52,548
At 23 June 2023
52,548
10 RALEIGH CLOSE FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 23 JUNE 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
10,330
10,189
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9
9
9
9
6
Prior period adjustment

It was resolved that the contribution from the shareholders to purchase the freehold was not a loan but a non-repayable contribution to purchase the freehold and therefore has been disclosed as such in capital and reserves.

 

Furthermore, the provision in respect of a sinking fund to fund long-term projects is a service charge fund provision and not a company provision.

 

On this basis, a prior year adjustment has been made to remove these amounts as shown below.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 23 Jun 2023
£
£
£
Creditors due within one year
Other creditors
(8,771)
(1,418)
(10,189)
Creditors due after one year
Other creditors
(54,086)
54,086
-
0
Provisions for liabilities
Other provisions
(1,418)
1,418
-
0
Net assets
(11,150)
54,086
42,936
Capital and reserves
Freehold contribution reserve
-
54,086
54,086
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