REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
OSSULTON WAY FLATS LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
OSSULTON WAY FLATS LIMITED |
OSSULTON WAY FLATS LIMITED (REGISTERED NUMBER: 05357074) |
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 |
OSSULTON WAY FLATS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 Melcombe Place |
London |
NW1 6JJ |
OSSULTON WAY FLATS LIMITED (REGISTERED NUMBER: 05357074) |
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 owns the reversionary freehold title of 117 - 139 Ossulton Way, London N2 0JS. The company's principal activities comprise the control, supervision and management, on behalf of the lessees, of this property. |
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 |
OSSULTON WAY FLATS 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 Ossulton Way Flats Limited 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 Ossulton Way Flats 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 Ossulton Way Flats Limited and state those matters that we have agreed to state to the Board of Directors of Ossulton Way Flats 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 Ossulton Way Flats Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Ossulton Way Flats 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 Ossulton Way Flats Limited. You consider that Ossulton Way Flats 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 Ossulton Way Flats 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 |
OSSULTON WAY FLATS LIMITED (REGISTERED NUMBER: 05357074) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ |
TURNOVER |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
OSSULTON WAY FLATS LIMITED (REGISTERED NUMBER: 05357074) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
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 |
OSSULTON WAY FLATS LIMITED (REGISTERED NUMBER: 05357074) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Ossulton Way Flats Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Service charge funds |
The company receives contributions towards property outgoings from the lessees to the service charge fund. However, as set out in Section 42 of The Landlord & Tenant Act 1987, the company holds these funds in trust for the lessees and therefore it is the opinion of the directors that these contributions along with the assets and liabilities of the service charge fund should not be reflected in the accounts. |
Depreciation |
No depreciation has been provided on the reversionary freehold interest as the asset is held at £Nil cost. |
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 |
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. | PRIOR YEAR ADJUSTMENT |
The financial statements for year ended 31 December 2022 were prepared recognising service charge expenditure deployed by the company along with the corresponding service charges receivable. This accounting policy reflected the fact that the company acts as principal when contracting with third party suppliers on behalf of the service charge. |
However, as set out in section 42 of the Landlord & Tenant Act 1987, the company holds service charge funds in trust for the lessees and it is the opinion of the directors that contributions of service charges and service charge funds held should therefore not be recognised in the accounts. The accounting policy in respect of service charge funds has been adopted to reflect this and the prior year figures have been restated accordingly. |
7. | TANGIBLE FIXED ASSETS |
The company owns the reversionary freehold interest in 117-139 Ossulton Way, London N2 0JS which was purchased for nil consideration. In the directors’ opinion the property does not qualify as an Investment Property as defined by the provisions of Section 16 of FRS102 as the property is held for administrative purposes and as no rentals are being earned. Therefore the property is held on the balance sheet at at £Nil, being the cost to the company of the freehold interest. |
OSSULTON WAY FLATS LIMITED (REGISTERED NUMBER: 05357074) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Other debtors |
9. | ULTIMATE CONTROLLING PARTY |
The company is controlled by a voting majority of its shareholders and accordingly there is no controlling related party. |